So you think you want to run your own business. It sounds amazing. All the freedom, all the money, be your own boss, be everyone else's boss. What could be better?

This isn't a downer post on running a business, quite the opposite. It's an incredibly rewarding experience that I genuinely think more people should try. What I want is for you to know the honest facts about what it's like. Here are some of the pros and cons.

The pros

  1. It's rewarding. There's no other professional situation where you'll have a more direct impact on your work.
  2. It's flexible. Over time you can shape your own role, hiring others to do the work you don't want to do, or aren't good at. The hours are flexible too. You can work whatever 12 hours of the day you want.
  3. It can be lucrative. You can make more money when things go well, and you build equity you can sell down the road.
  4. You own the direction. Nobody gets to override your values, your strategy, or the path you're on. As the owner, you decide what the business stands for, who it serves, and where it's going.

The cons

  1. The risk. I'm not just talking about the money you put in. Owners and directors are personally liable for unpaid taxes and payroll-related costs. If you go under, it's on you.
  2. The weight on your shoulders. Thirty employees walking your halls are thirty families those people bring paycheques home to. Your clients run businesses that depend on what you provide. They all depend on the decisions you make. That's weight you carry around all the time.
  3. You're the end of the line. It's great to be in charge, but it means the big decisions wind up at your feet. Cuts, letting people go, the hard conversations, the financial obligations. It's you. There's no one else.
  4. It isn't always successful. When things aren't going well, and there will be times like that, the cons outweigh the pros twenty to one, and you're the one who has to figure out how to turn it around.

The people who thrive at this aren't the ones who lucked into it. They're the ones who saw the cons clearly and decided the pros were worth it. If that sounds like you, go do it.