Yes! You get your dream job after months of waiting, and everything seems to be going fine. Three years down the line and you feel like giving up your supposed dream job to start your own business. Probably it was until you got into the system that you realized working for someone else was not for you – this is one scenario.

Another scenario that plays out in many employees’ lives is striking a balance between working as an employee and having another side hustle. With the bills piling up and the salary not covering all the expenses, the only alternative would be getting another side gig.

Interestingly, these two possibilities have their pros and cons; some people find it pleasing to have their own business, shoulder the risks and live freely like a boss. In comparison, others enjoy the opportunities their business and work provide for them. However, it is important to choose the area that best suits your kind of person before venturing into these practices. Therefore, this article will help you choose the best option tailor-made for you.

Here are the pros and cons of being a business owner versus  having a side hustle while working.

BUSINESS OWNER

The thrill of having a business registered in a name that resonates deeply with you is what many people crave. The independence, freedom, and control of the company’s activity or business is the most rewarding feeling for some people. Ironically, people start as employees having a side hustle before shifting focus to being a business owner full-time. Here are some advantages of having a business of your own.

Enough time to devote to your business

Imagine working at an Immigration consultancy firm, and your phone keeps buzzing because of people making orders of your products. However, this situation will not arise when you are a boss in your own right.  As much as you can delegate duties, you would still feel hard done by that you cannot attend to the orders first hand. By being a business owner, you become on top of situations; you can devote all of your efforts, money, and time to the business. Hence, it is rewarding when the business starts to flourish.

Confidence Boost

Watching your business grow from your only customers being your immediate family members to people outside your state clamoring for your products can feel anyone with goosebumps. The confidence boost you get from seeing how hard you have worked and the rewards are truly showing is one of the greatest feelings you can get. Seeing your brand being advertised on TV, Social media and getting the recognition it deserves is sure to be an impetus even to do much more while being a business owner.

Flexibility

With you fully devoted to one particular area of your life, there will be room for more things to focus on. Being the business owner allows you to do things independently without any external pressure from a boss. You decide the time, activities, and mode of operation of the business.

BUSINESS OWNERS’ CONS

Your Eggs are in One Basket

You are hoping for the best with your business after devoting everything you have to it. Furthermore, there is nothing else to fall back on if it does not work out. This is not being a prophet of doom, but in reality, there can be issues that could hinder the business’s early rise. Ultimately leaving you stuck in one position. This is why entrepreneurs advise other enthusiasts that being a business owner takes an incredible amount of passion.

Pressure

Now that you are a business owner, you have many responsibilities to take care of. You have to consider the employees under you; the payroll is a significant aspect that determines your business’s success. As a business owner, you bear the risks of a failed campaign or strategy without much consolation from people. Also, the pressure to always out-do your competition is always looming. Hence, being a business owner can be a bit stressful, especially in the formative years. So, be prepared to have your fair share of pressure and weather the storm to become a force to reckon with in your industry.