The Pros and Cons of Being Your Own Boss

Running your own business is not just another job; it’s a lifestyle. With employers demanding more and giving less, many consider the trade-off worth it. What one person perceives as a burden, another relishes as an opportunity, but this is not to say that owning and running your own business is necessarily for everyone.

We encourage you to look at some of the Pros and Cons and to talk to acquaintances, friends and family members who have experience owning a New Mexico business for a well-rounded idea of what the reality of running your own company is like.


Advantages

  • Job Security. While there is always some risk involved, many consider putting your fate in the hand’s of an employer as ultimately more precarious.
  • Direct relationship between your efforts and the value received
  • The opportunity to put your ideas in to practice
  • The satisfaction from running and growing a successful business
  • Ability to participate in every aspect of the business
  • Contributing to and becoming part of the local community


Disadvantages

  • Your own money is at stake
  • Potentially long hours and little free time
  • Inconsistent income, especially with seasonal businesses
  • Taking on unpleasant tasks, such as firing an employee
  • Learning new disciplines, such as bookkeeping, advertising, marketing, inventory control and general management