by Richard Smith

Created on: August 25, 2008

For many people the ultimate dream is to run their own business, to escape from the corporate treadmill, to emulate those business giants like Trump and Gates or maybe to realise a dream to turn a passionate hobby into a cosy little business. For some people this dream may very well get realised and certainly being your own boss and running your own business can be very enjoyable, my time spent working as a self employed consultant was immensely enjoyable and profitable however that period in my life also exposed me to some of the negatives that comes with owning your own business and I will share these with you now.

Stress

The first downside is that running your own business can be incredibly stressful, sure stress exists in many work places but the stress of running your own business can really mount up. You have the pressure of needing to be successful to generate an income to support yourself and your family, if your product does not sell then you have no income, if your skills are actually the product that is being sold then you also have the added pressure of ensuring these are maintained and suitable to meet any changes in the market.

For many business starts ups often the owners capital can be at risk in the form of savings or the family home may be mortgaged and thus the business continued success is even more important.

Work / Home Divide

One of the benefits for any people of running their own business is that they believe it will offer them a more flexible approach to working and in many cases this is the outcome however owning your own business can also work in the opposite direction with work encroaching on home life. In a business that has to be customer focused it is often customer demand and expectations that will drive the hours worked rather than the other way around.

With the increase in communication technology not only is it easier to choose when you work it can also be more tempting to work longer hours, the desire to just check your e-mails before going to bed and the ease in which customers can contact you via mobile communications.

My own brother in law is a classic example of this and although he is the boss and employs others he often finds himself having to be on call during the weekends and at the big holidays like Christmas, this restricts his movement and enjoyment of these events as he is only a phone call away from having to go out on business.

Responsibility

A further downside is the responsibility that comes with owning a business.

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