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The ups and downs of owning a business

Many people dream of owning their own business, and it's not surprising given the benefits that come with company ownership. However, entrepreneurship isn't as easy as some people believe, and it also comes with some fairly serious downsides that should be weighed before you form a business.

Let's do the good news first. The common upsides of business ownership include more control, more pride and more money. Obviously your business has to be somewhat successful for the last one to work in your favor, but when you own the company, more of the profit can go into your pocket. That means more of your hard work turns into actual benefits for you, but it also means that less work can mean less benefit.

Control is usually the top reason people decide to start their own business. Even above money matters, people want to be able to set their own schedules and make decisions about their future. Owning your own company does put you more in control of your day and it also lets you make decisions according to your own sense of ethics, which isn't always possible when you work for a corporation.

While control is great, it's not infinite for you even if you own your own business. Many people find that they have some control over their schedule on a daily basis, but that they lose the ability to take time off easily. People who work for themselves don't always have sick time or paid vacation, because if they aren't working, they aren't generating money. The goal should be to grow the business so that it makes money while you take some time off with a paycheck.

Before you can get to that level of success, however, you must lay a good foundation. One aspect of that foundation is making the right legal decisions regarding business formation and management, which is one reason to involve a legal professional in your business consultations.

Source: Entreprenuer, "What it Means to Own your Own Business," Harry Welby-Cooke, accessed Sep. 23, 2016

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