Drawbacks of Own business

  1. You will work more hours than you have ever worked before, there is no paid time off, no vacation, no health benefits...you have to pay for all of that yourself.
  2. some of your judgments may be wrong
  3. Your family’s willingness to support your dream may not be compatible with being your own boss.
  4. Electricity problems
  5. Internet problems
  6. risk associated with business failure
  7. Working from home usually means working alone
  8. There will not be any socializing at this job.
  9. You can sacrifice your family, loss of more small joys.
  10. You need to be very self-motivated.
  11. Health care may become unaffordable.
  12. You can conduct your own research to gather enough knowledge about proper startup
  13. Start-up businesses are typically more costly and risky since there is no proven formula.
  14. In order to obtain capital to fund the business, a lengthy detailed business plan must be put together.
  15. All of the details of starting the business, including licenses, marketing, naming the business, finding product sources, etc. are the responsibility of the own
  16. customers may leave when a new operator takes over the business
  17. staff may not remain with the new owner and critical staff need to be comfortable with the new owner
  18. the equipment may be inefficient or obsolete requiring costs to make it effective
  19. the business premises may be inappropriate or the lease terms may be non commercial
  20. the business may be overpriced
  21. material contracts may be lost with change in ownership
  22. new competitors may emerge making the business marginal
  23. major clients may, for any number of reasons, cease using the business,
  24. longer working hours are generally associated with business ownership relative to employment
  25. income can vary far more so than under an employment scenario
  26. you have legal risk and exposures that you would not have had as an employee
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