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The Pros and Cons of Running a One-Person Business

October 13, 2020 253 views

Running a One-Person Business

In this post, you’ll find a large collection of hand-picked articles. Offering insights on the pros and cons of running a business on your own vs. hiring staff to help you manage and run your business. But first, let’s go over a few of the issues to consider. 

The Pros and Cons of Running a One-Person Business

When it comes to running a business, there are many strategies involved. One of those strategies is whether to run the business on your own or hire employees.

There are some businesses where you’re able to run it all on your own. Then there are those businesses that you won’t have the option, for example, large retail establishments, manufacturing plants, etc.

Below you’ll find a few of the pros and cons related to running a business on your own.

PROS

Reduced Operating Expenses

The cost of hiring employees is one of the major factors involved when deciding on hiring.

Hiring an employee at an entry-level position can cost you around $500 per week multiply that by 52 weeks, and you’re well over $26,000. That doesn’t include benefits, payroll tax, insurance, etc.

No Payroll to Deal With:

When you hire an employee, you must deal with payroll taxes as well as other costs involved. When you’re running the business as a sole proprietorship, you don’t have to deal with payroll. When you pay yourself, you’re subtracting from the income of the business.

No Employee Management:

When you have employees, you must manage them. Managing employees takes time and effort. When running the business on your own, the time and effort you put into managing employees can be used for other tasks.

Easier to Run Things Your Way:

Whenever you’re running a business with a large staff and changes come into the workplace, it’s usually challenging to get your team to adapt to the new changes.

Running a business as a one-person operation allows you to make changes without the time and effort to get your team to adapt.

When Business Is Slow, Less to Worry About:

Business fluctuates; there are slow times and busy times. As a business owner, one of the issues that come to mind when business is slow is the cost of keeping people employed. When revenue is low, you may need to consider layoffs. As a one-person operation during slow times, you don’t have to worry about the extra cost of paying your workforce.

CONS

No Time Off:

When you’re the only one running a business, you may find it difficult to take time off. There’s no one there to take over when you need to be away from the business.

Working Longer Hours:

Because you’re the only one running your business, to finish all the necessary tasks. You will probably be working longer hours.

Limited Productivity:

When you’re the only one running your operation, productivity is limited. There’s only so much you can do in a day, especially if you provide a service or produce a product. One person can only produce so much per day. Compare that to having 10 people working, and you would have 10 times the productivity.

Limited Creativity:

When you work with a group of people, you can brainstorm, ask others for their opinion, gather ideas, etc. If you’re the only one working, your creativity is limited to what you have to offer.

A Collection of Resources Related to Running a One-Person Business

For more on the pros and cons of running a business on your own vs. hiring staff, see the resource section below, offering a collection of hand-picked articles from various authors.

Running a One-Person Business

How to Successfully Run a One-Person Business

How to Run a One-Person Business | Inc.com

The Myth of the Successful One-Person Business

Running a One-Person Business – Tom Peters

7 Ways To Master The Art Of Running A One-Person Business – Young Upstarts | Young Upstarts

How To Start A One-Person Business Without Fear

These Are the Reasons Not to Run Your Business Alone – MORNING BUSINESS CHAT

The Dangers Of Running A One-Person Business

When to Hire Employees for Small Business

How to Tell When your Small Business is Ready to Make a Hire

13 Red Flags That It’s Time to Hire Your Company’s First Employee

How to Know When It’s Time to Hire Your First Employee

Hiring Your First Employee

When To Hire New Employees: Smart Tips for Growing Your Small Business

How to Hire Your First Employees – Small Business – WSJ.com

How to Hire Employees for Startup

7 Keys to Hiring Your Start-up’s First Employee | The Muse

How To Hire Your First 10 Employees | AngelList

9 Ways to Recruit the Best Talent for Your Startup

Wondering Who to Hire for Your First Startup? | Monster.com

Startup Recruitment Strategies | How to Hire Employees for a Startup

How (and Who) to Hire For a Startup | SocialTalent

The Ultimate Startup Hiring Guide: How to Build A Winning Team

How Much Does Each Employee Cost

The true cost of employees: The 101 guide for hiring employers

Labor Cost – Employee Cost Calculator – How Much Does an Employee Cost?

How Much Does Your Employee Actually Cost? – CPA in Erie, CO

Employee Cost Calculator | QuickBooks

At the end of the day, how much does an employee cost? – Hourly

How much does an employee cost? – Clockify Blog

What Is The Cost Of An Employee In 2020?

One Person Business Ideas

One Person Business Ideas: 10 Startups You Can Run Yourself.

54 Small Business Ideas for Anyone Who Wants to Run Their Own Business

One Person Business Ideas For Aspiring Founders

100 Profitable One-Person Business Ideas (2020) – Starter Story

6 Profitable One Man Business Ideas

50 Small Businesses You Can Start on Your Own – The Simple Dollar

Books

Books from Amazon Related to Running a One-Person Business

Google Book Search Related to Running a One-Person Business

The Latest about Running a One-Person Business

In this section, you’ll be able to stay up to date on the latest related to One-Person Businesses including videos, news, the latest Google search results, what people are tweeting, and more.

Google Searches

Latest Searches Related to Running a One-Person Business

Latest Image Searches Related to Running a One-Person Business

News

Latest News Related to Running a One-Person Business

Twitter

Tweets Related to Running a One-Person Business

YouTube

Videos Related to Running a One-Person Business