Preparing to Launch

Why Should You Start Your Own Business?

While owning a business can be one of the most rewarding (and lucrative) decisions you can make, it is always good to look at both the pros and cons of business ownership before opening a company.
Updated January 19, 2023
Share this guide

Owning and operating your own business has both positive and negative aspects. While it can be one of the most rewarding (and lucrative) decisions you can make, being your own boss can be a stressful and demanding experience. It is always good to look at both the pros and cons of business ownership before running headlong into opening a company.

Read ahead for a quick summary of the ways that owning your own business will change your life… both the good and the bad.

The good

Starting a business of your own can lead to:

Financial security Many entrepreneurs make the decision to start a business to generate a new source of income, or in hopes of making more money than they do at their current job. While it is true that many companies take a while to turn a strong profit, a financially sound business can mean big things for an individual’s income potential.

Feeling accomplished Knowing that your decisions and hard work are the reason for your success can be very personally rewarding. There are few experiences that provide such a dynamic set of challenges than business ownership does.

A flexible schedule Many business owners are motivated by the fact that they are able to work when and where they want to. The fact that you can take care of your business responsibilities on your own terms is a huge benefit, especially for those with family obligations.

Controlling your own destiny Few lifestyles offer the type of freedom than that of a business owner. Knowing that you are the one making all the day-to-day decisions, and completely in charge of what you do (or do not do) is an attractive reality for many personality types.

Making a difference in your community Running a successful business provides the opportunity to positively impact the lives of others. Whether it is through creating jobs, operating a business that meets a need in your area, or via philanthropy, talented entrepreneurs are an asset to their community..

The bad

All of these benefits come at a cost. Many people find that being a business owner is:

Demanding Business owners have to be versatile and knowledgeable individuals, especially when their companies are young. When first starting your business, you will likely need to work hard to keep up with your organization’s marketing, sales, accounting, and day-to-day operational aspects—and that is just a few of the things you will need to pay attention to.

Risky No matter how you break the numbers down, a majority of new businesses fail. While it is possible to enter any market successfully, it requires hard work, talent, and a great deal of knowledge. Due to the increasingly competitive nature of business, you can do many things well, but still have a hard time becoming successful.

A huge time commitment As long as your business is open you will need to keep an eye on its operations, and emergency  situations are bound to come up. As a business owner, you are likely going to be the one to solve any urgent problems. Do not expect to ever be able to completely take time away from running your new company.

A lifestyle It is likely going to take time to turn a strong profit, no matter what industry your business serves. With that in mind, no widely successful business was built overnight, and creating a profitable business in order to sell it is not easy either. If you decide to pursue business ownership, be ready to put in a great deal of effort over a long period of time.

A heavy responsibility As a business owner, there is never going to be anyone to turn to when you can’t find an obvious solution to a problem. You are the boss, for better or for worse. This can put a great deal of pressure on anybody, no matter his or her personality type. If you are going to run a business, be ready to be the one your employees look to for answers.

What’s right for you?

Only you can decide if the possibility of substantial rewards is worth responsibility of business ownership. With careful planning and through utilization of other professionals to guide you, the chances of success will skyrocket.

Swyft can help!

Would you like more information on one the many aspects of business ownership? The experienced professionals at Swyft are here to help.Contact us today!

Originally published on November 22, 2022, and last edited on January 19, 2023.

Frequently Asked Questions

Looking for answers? You came to the right place. To learn more about our company mission and culture, click the link below.

How much does it cost to form a Corporation or LLC?

Swyft Filings charges only $49 + state filing fees to incorporate your business. Filing fees vary from state to state. If you have a question about a specific state, feel free to email or contact us at 877-777-0450.

After completing my order, will I have to pay additional fees to your company?

No. For business filings, you paid the total price for your order at the time you placed it. 

However, if you signed up for the Swyft Filings Registered Agent Service, you will be charged for this service when the state grants your company a Certificate of Formation. This recurring fee will be automatically charged to your account for each period the service is active unless you change your Registered Agent with the State or dissolve your company.

When will my order be processed?

Orders are processed as they are received. However, clients that select Express Processing or Same Day Processing will have their orders processed before Standard Processing orders.

How long does the incorporation process take?

Incorporation times vary from state to state. Feel free to contact us by email or at 877-777-0450 for information on specific state processing times.

Swyft Blog

Everything you need to know about starting your business.

Each and every one of our customers is assigned a personal Business Specialist. You have their direct phone number and email. Have questions? Just call your personal Business Specialist. No need to wait in a pool of phone calls.

Should Artists Start an LLC?
Managing Your Business

Should Artists Start an LLC?

Your business credit score is an essential figure to estimate the creditworthiness of your business. Let us walk you through the credit scoring process.
Blog Card Image
Preparing to Launch

5 LegalZoom Alternatives for Entrepreneurs

If you’ve considered forming a Limited Liability Company (LLC), corporation, or nonprofit, you’ve probably heard of LegalZoom. This service has helped entrepreneurs with business formation since 2001.
Blog Card Image
Managing Your Business

Quoi Business Duo Focuses on Accessible Sustainable Healing & Community Outreach

Your business credit score is an essential figure to estimate the creditworthiness of your business. Let us walk you through the credit scoring process.
Blog Card Image
Preparing to Launch

The Responsibilities of a Registered Agent

Naming an individual as your business’s registered agent is a necessary part of incorporating any business.
Blog Card Image
Preparing to Launch

Why Should You Start Your Own Business?

While owning a business can be one of the most rewarding (and lucrative) decisions you can make, it is always good to look at both the pros and cons of business ownership before opening a company.
Blog Card Image
Preparing to Launch

Ready to start a business? Get it right from day one.

While running a business can be a very rewarding experience, there are several essential steps that need to be taken to ensure that your company is primed for a successful launch.

Do what you love. We'll handle the paperwork.

Trusted by over 250,000 businesses since 2015. Start your business with confidence. Affordable. Fast. Simple.

Incorporate now
Dummy Switchback Image