3 Reasons I Like (and Don't Like) Owning a Small Business

It really is a love-hate sort of thing.

Years ago, I made the decision to go from a salaried employee to a freelance worker. My goal was to give myself more freedom and control over my schedule, among other things.

After meeting with an accountant several years into that arrangement, it became clear to me that starting a small business made sense. But since going that route, it hasn't been nonstop smooth sailing. There are a number of challenges I've faced by virtue of having a business that have, at times, prompted me to question my decision.

Why I like owning a small business

First, let's talk through some of the positive aspects of being a small business owner.

1. I get to call the shots

I've always hated being micromanaged and told what to do professionally. A big part of the reason is that I'm a very motivated worker who's good at managing her time. And owning my own business gives me the opportunity to benefit from that mindset and avoid the annoyance of having to report to someone else.

2. I get to set my own hours

As a mom of school-aged children (and a sometimes-needy dog), I need flexibility in my schedule. I must have the option to cut out of work early if my kids have a half-day at school, or if my dog needs an unplanned trip to the vet. And I also like being involved in my kids' schools and in my community, so I need a setup that allows me to volunteer. Having a small business makes all of that possible.

3. There are certain tax breaks I'm able to benefit from

There are certain tax benefits you get to enjoy when you take the leap into business ownership. For example, I pay less Social Security tax on my earnings now than I did when I didn't have a registered business.

Why I don't like owning a small business

Owning a small business isn't all rosy, though. And it can definitely be a source of frustration because…

1. I have to do everything

Owning a small business means I don't just have to do the work clients pay me for. I also have to deal with accounting matters, buy my own office supplies, and manage a lot of moving parts. Granted, I could reduce some of that burden by hiring an employee, but it's hard to justify the cost.

2. Taking time off has consequences

Whenever I'm out of my office, whether due to vacation, an obligation, or feeling under the weather, nothing gets done. That often leaves me scrambling to meet deadlines. It also means not getting paid a dime. And at times, I've had to dip into my savings after unexpectedly needing to take time off and forgo a paycheck.

3. There are added costs and requirements to deal with

The fees and regulations you'll face as a small business owner may largely hinge on the state you do business in. But for me, opening my business has meant taking on a host of added expenses. Even though I'm the only employee at my company, I still have to pay for workers compensation insurance. And there are certain reports I have to file with my state that cost money.

At this point, I have no plans to shut my business down. But I do have to admit that despite the perks I get to enjoy, I also have my share of hassles.

If you're thinking of starting a small business, you should read up on the pros of doing so as well as the cons. That way, you'll have a better sense of what you're getting into.