3 Things I Love (and Hate) About Running My Own Business

Pro: My earnings are in my control 

Another major benefit of running my own company is that I have direct control over my earnings. I don’t just earn a set salary — the amount of money I make is based directly on the volume and types of work I produce. So, if I decide I need to increase my income, I have the opportunity to easily do that.

I also like that if I work harder or put in more hours, I see an immediate increase in the amount of money I bring home. If I worked for a traditional employer, my extra efforts might eventually lead to a raise or bonus, but I wouldn’t get a financial reward immediately for doing more. 

Pro: I can choose to work with people I like

Finally, one of my most favorite things about running my own business is that I can choose to work with people I like. If I have a bad experience with a particular client, I don’t have to work with them again. It’s great to be able to work closely with people who you respect and admire, and not have to deal with the hassles of having a bad boss or unpleasant office politics. 

Con: It’s hard to apply for a loan when I’m self-employed

Getting a mortgage loan has proved to be difficult every time I have applied, despite the fact I have plenty of money to pay for the loans I have wanted to take out. Many lenders are nervous about working with self-employed borrowers, and I have to provide a lot more documentation in order to get approved for my loans, including business profit and loss statements, balance sheets, and business tax returns. 

Con: There’s no benefits provided to me

Because I don’t have a traditional employer, I also do not have workplace benefits. I have no 401(k) and no company-provided health insurance, nor do I have paid time off for vacations or maternity leave. I have to maintain my own retirement accounts and insurance policies, and build in time off for myself. 

Con: It’s hard to set work/life boundaries 

Finally, the last big downside is that it’s hard for me to set a boundary as to when I shouldn’t be working. After all, I can just pick up my computer any time and earn extra income.

Ultimately, the pros outweigh the cons by a big margin. But it is important to think about the advantages and disadvantages when deciding if running a business is right for you.