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

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.