These days, with jobs becoming increasingly difficult to get hold of, it makes sense that many would-be choosing to avoid employment and instead trying to start their own company. There are numerous reasons why people will want to do so.
But today, I want you to think twice. Here are some of the reasons why you may wish to think twice before venturing into business.
When you sometimes hear people talking about running their own company, they will say “You get to start work whenever you want”. But I’m afraid that isn’t really true.
Whilst you could wake up at one in the afternoon every day, good luck running a successful business like that. Most business owners will work for 12 hours days regularly, and they’ll be lucky if they manage to get one day off a week.
If something were to go wrong, the only person who can be held responsible is you. And that is intense pressure.
You can go bankrupt
Whilst millions of people attempt to start their own business, the blunt reality is that most of them will fail within the first three years.
To even start a company, you’re going to have to invest a lot of money, for most people, this money will be all that they have. Should your business fail to turn a profit, you may have no option but to file for bankruptcy.
Should this happen to you, taking out a mortgage is going to be impossible, and saving for retirement will be a struggle.
By starting a business, you’re risking your future if it fails.
There are more laws to follow
If your business focuses on products or services such as gambling, alcohol, Relaxation CBD, or tobacco, there are going to be extra laws that you need to follow.
To be able to sell certain products, you will need to obtain a licence. On top of that, there are going to be more laws that you need to be made aware of. Such laws will include customer rights laws, employee laws, and the whole variety of extra taxes that you’re going to have to pay as a business owner.
It will impact your social life
When you see business owners in the media, you often see them laughing with their friends, or partying. But this is only possible because of the years of hard work they put in.
Before they managed to get to this stage, most of them would have worked for so many hours, when they did finally get some free time, they wouldn’t have been able to spend it partying.
Running a business will have a severe impact on your social and romantic life. Gone will be the days that you spend your weekends dancing with your bros, and you will need to reduce time with your significant other rapidly.
You’ll fall out of love with your passions
One very common theme that you see with many business owners is that they no longer love what they’re doing.
When they start, they will have decided to start a company so they can share what they love with the rest of the world. But as time goes on, they find that being exposed to it for so many hours and having to study it hard means that the passion they once had for it will go away.
It’s during this breaking point that most businesses will start to lose their money.
I’m not here to tell you whether you should or shouldn’t start your own business. Some people will accept the challenges, take them on, and become a success.
But if you think that running a business is easy, I’m afraid I have some very bad news for you.