3 Things I Love (and Hate) About Running My Own Business

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

I love the freedom and flexibility that comes with running my own business. Keep reading to learn what I hate about being self-employed. 

I have been running my own small business for over a decade now. I have grown my company over time, and there are many things I adore about being an entrepreneur. But there are also some downsides to being solely in control of my earnings and daily business operations.

Here are some of the biggest pros and cons of operating a business of my own.

Pro: I have freedom due to running my own company

The single best thing about running my own business is that it has provided me with a ton of freedom. Because of the nature of my business, I can work anywhere. I don’t have to be at any office at any particular time, and I can work whatever hours I want. This has enabled me to travel a ton, arrange my work schedule around caring for my children, and work more or less at various times based on my financial needs.

Pro: My earnings are in my control

Another major benefit of running my own company is that I have direct control over my earnings. I don’t just earn a set salary — the amount of money I make is based directly on the volume and types of work I produce. So, if I decide I need to increase my income, I have the opportunity to easily do that.

I also like that if I work harder or put in more hours, I see an immediate increase in the amount of money I bring home. If I worked for a traditional employer, my extra efforts might eventually lead to a raise or bonus, but I wouldn’t get a financial reward immediately for doing more.

Pro: I can choose to work with people I like

Finally, one of my most favorite things about running my own business is that I can choose to work with people I like. If I have a bad experience with a particular client, I don’t have to work with them again. It’s great to be able to work closely with people who you respect and admire, and not have to deal with the hassles of having a bad boss or unpleasant office politics.

Con: It’s hard to apply for a loan when I’m self-employed

Getting a mortgage loan has proved to be difficult every time I have applied, despite the fact I have plenty of money to pay for the loans I have wanted to take out. Many lenders are nervous about working with self-employed borrowers, and I have to provide a lot more documentation in order to get approved for my loans, including business profit and loss statements, balance sheets, and business tax returns.

Con: There’s no benefits provided to me

Because I don’t have a traditional employer, I also do not have workplace benefits. I have no 401(k) and no company-provided health insurance, nor do I have paid time off for vacations or maternity leave. I have to maintain my own retirement accounts and insurance policies, and build in time off for myself.

Con: It’s hard to set work/life boundaries

Finally, the last big downside is that it’s hard for me to set a boundary as to when I shouldn’t be working. After all, I can just pick up my computer any time and earn extra income.

Ultimately, the pros outweigh the cons by a big margin. But it is important to think about the advantages and disadvantages when deciding if running a business is right for you.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

 Read More