What are the pro's and con's to having your own business?

Thanks for all of the answers. Just wanted to add would it be wise to also keep a part-time job while starting a business or should all of your energy be concentrated on making the business work?

It really depends on the type of business. First many people do not plan properly you need to know how much it is REALLY going to cost you. Most businesses do not make a profit in the beginning therefore it is imperative to know what the real costs will be.

Most people think that starting a business of their own is easy and that they will be really able to do what they want, well that's why so many start up businesses fail in the first year.

Business is hard it is allot of work, and allot of stress but if you work hard I think that any one can be successful.

Nearly everything had been done before so finding someone who has started the same type of business is a great way for getting information.

If you have an accountant or know someone who had there own business talk to them about your ideas, you will get good info on the financial side.

America is the land of opportunity and there have been tons of great entrepreneurs.

Pro: You are the boss and answer to yourself. Profit potential is not limited like a paycheck.

Con: More responsibility and risk.

As said in the previous answer Pro's would be your own boss and payroll is not limited to just pay check. There is your profit.

I have found there is more cons to owning my own business.

More responsibility

Your business is chained too you, you never can seem to catch a break (of course this depends on what kind of business your talking about)

There are greater risks
It's harder to get personal financial means if you own your own business. Most banks want AT LEAST 2 years (full years) of corporation taxes.

It's difficult to get financial means for the company.

The sacrifices you make for you investment may fail and that is the biggest risk of it all. If I had to do it all over again I would have never started my own company. Don't get me wrong my Company is thriving very well and makes money, but the stress is not worth it.

Overall owning your own business is positive experience for you and your family, personally and professionally.

However, you and your family have to make a real commitment that you live to service the company, the company can never service you. The company is the most important thing in your life. You success will be in private and your failures will be in public.

Cheers and good luck!