Being your own boss can be a thrilling and rewarding experience, but it can also be quite challenging. Impact started as an idea over 20 years ago between two passionate people looking to change the face of recruitment. Today, Jules and Nick have created an award-winning, ethical business where ED&I is embedded into its DNA, proudly making a difference we are making in the media industry.
However, creating a successful business for over two decades doesn’t come without its challenges. Here are some of the pros and cons to consider before embarking on this journey.
Pros
Creative Freedom: Make your side hustle your full-time job. Starting your own business gives you the creative freedom to start your business on your terms, you have the freedom to choose what products or services you want to offer, and exactly how to market them.
Flexible Schedule: You can set your own schedule and work whenever you want. If you need to take some time off, it’s entirely up to you.
Earning Potential: There is no limit to how much you can earn as an entrepreneur. If you have a successful product or service and have the right strategies set in place, the sky’s the limit!
Personal Fulfilment: It brings a great sense of satisfaction and accomplishment to building your business from a basic concept, into a successful venture.
Cons
Financial Risk: Starting a business requires a significant financial investment, and there is no guarantee of success. Not only is there a risk of losing money, but you may also have to invest a lot of your own time and resources into the business.
Solo Journey: Entrepreneurs often work alone or with a small team, which can lead to isolation and burnout. When you are your own boss, it can be easy to slip into work mode at any time of day. It’s important to set boundaries and take time to recharge to keep burnout at bay.
Responsibility: As the owner of a business, you are responsible for everything from marketing to legal issues. It will come as little surprise that being an entrepreneur, you’ll be wearing more than one hat, and need to be knowledgeable about a wide range of structures when it comes to the daily running of your business.
Uncertainty: Your business may run into hurdles and become unpredictable at times. You may face unexpected challenges, setbacks, or shifts in the market that can impact your success. Being aware that there my challenges and working out what does and doesn’t work for your business is an important factor in making progress.
Starting your own business and becoming your own boss can be an exciting and fulfilling journey. However, it is important to carefully consider the pros and cons before leaping. With the right mindset and preparation, you can succeed as an entrepreneur and build a thriving business!
If you’re looking for some insider details on running your own business, read our IWD interview with Impact co-owner Jules Dosne.