Many people look down on small businesses. How? They often think that small businesses are easy to operate. They feel that small business owners only have to bother with "small problems".
Some people, on the other hand, assume that once a business is no longer small, all its problems are gone. They feel that a big business has all it needs to keep itself running.
Well, these are people's varying opinions which are not entirely correct but can not be said to be accurate either. When it comes to running small businesses, there are ups and downs. This article focuses on the pros and cons of such small businesses.
What is a small business?
A small business according to Wikipedia is any partnership, cooperation or enterprise that has fewer employees and lesser revenue than a regular-sized business.
In other words, it is any enterprise that is privately owned, consists of only a handful of workers and generates less revenue than other companies in the same niche.
Pros of being a small business owner.
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Oversight and control: as a small business owner, your business is entirely under your control. You get to make all the decisions. You also perform oversight functions of all activities that go on in your company. One aspect of control you need to master is how to say NO to your customers. https://smartsmssolutions.com/blog/121-sms-marketing/business-communication/1605-how-to-say-no-to-a-customer-without-saying-no
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Smaller risks: small business translates into small risks.
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Financial rewards: This is one of the biggest benefits of running your small business. You do not have to share the profit with anyone. And small business does not always mean small profits.
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Growth opportunities: As you manage your small business, you get to allow yourself to grow which you may otherwise not have. You can see your deficiencies and put in the effort to improve and get better, especially as you know that you are the only one responsible for your personal and company growth. See how you can also grow your business reputation.
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Time: Running a small business means you have time to yourself. No one tells you 'when' to do anything. You work when it's convenient for you
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Sense of fulfilment: job satisfaction and an immense sense of fulfilment are two things that you get to experience as a small business owner.
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Boosts confidence and ego: running your enterprise also helps to build your confidence and ego and justifiably so. After all, not everyone is capable of doing what you have done or getting to the heights you have achieved.
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Something to pass on to your kids: a business no matter how small is something that you can always pass on to your children when you decide to retire. One of the biggest things parents can do for their children is to give them something that fetches them income without them having to slave and labour for it.
Cons of being a small business owner
Whatever has an advantage, is almost always sure to have a disadvantage. Consider the following disadvantages of running a small business
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Limited capital for growth: in many cases, small business means small capital and this is always a hindrance to growth and expansion.
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Less time for leisure: most small business owners spend most of their time working to make the business grow beyond its present level. Running a small business involves working beyond 9-5 all week and working even on weekends and through holidays.
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Increased stress levels: the oversight duties that a small business owner has is a tasking. Having to monitor and supervise employees alongside others taking care of other issues may arise would result in stress and sometimes burnout
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The threat of relegation by bigger competitors: bigger companies are a serious threat to small businesses. Bigger companies have the funds, manpower and in most cases more experience. All of this makes it easy for them to take small businesses out of the picture.
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The business would always require your presence: You play the role of the CEO, managing director, supervisor and other administrative duties, and your business would always demand your presence.
There you have it, the pros and cons of owning a small business. It is now up to you to weigh and carefully consider the cons against the pros, keeping in mind your situation and present realities before deciding to or to not start a small business. If you decide to start a small business here are ideas on tips on how to go about it.
https ://smartsmssolutions.com/blog/118-sms-marketing/small-business/1515-how-to-start-a-small-business
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