Professionals sometimes get to a point in their career when they examine possible avenues that they can pursue in order to maintain the right work-life balance, and one option that constantly gets thrown around is the possibility of a startup.
Many people are moving towards this in the modern age, and the benefits can seem overwhelming. However, according to the Wall Street Journal, three out of four startups actually fail. But, should you overcome that dreaded first year, then it could be a major success. But, what aspects must anybody consider before starting up?
Pros
Flexibility and Freedom
The most crucial aspects that startups have in their favour is the ability to give yourself the reigns and have complete control of when and how often you work. This enables you to create the perfect work-life balance and ensures that you can work the hours that suit you best.
The Mission
Most startups are purpose-built to solve a gap they believe is in the market. For example, you could look at Birmingham based EVezy, who are transforming the ease at which people can hire cars. Not only that, but their subscription package is centred around electric vehicles, which means users are also doing their bit for the environment.
Learning
If you’re somebody that thrives when they are learning, then a startup is the obvious choice. You will learn more about yourself and the industry by going at it by yourself. Not only that, but you will also learn how to deal with employees and become a leader.
Cons
The Risk
Undoubtedly the biggest concern beginning a startup is the risk that you are taking. The possibility of failure could be a realistic one, and you may need to pay out more than you earn for a short time. You could also give up a regular paycheck in order to start, and then you may not make as much money as you were hoping for.
Work-Life Balance
The dream for most startups is centred around the ability to have a good work-life balance. However, it could go in the opposite direction, and you could end up spending more time at work amending issues with your company than at home doing the things that you really want to be doing. The hours when starting up can be odd and sometimes unsociable and could take a while before you can maintain the correct work-life balance.
Financial Security
When starting out, the ambition will be to earn more than you previously were. However, because of what you will need to put aside to pay for staff and other expenses could mean that you are more in the red. You will also leave a regular paycheck to go out by yourself, and what you earn will be determined by how well you do in the month prior. Not only that, but you can also lose a lot of benefits that were offered by a previous employee such as bonuses and other perks that may have come in a previous position.
People who are thinking about beginning their startup journey must carefully consider all the options before pursuing because it could change almost every element of your life. It isn’t a decision that should be taken lightly.