Shania Brenson is a co-founder and financial expert of 15M Finance company. Her main goal is to help individuals get loans for their purposes. After graduating in economics and accounting at Texas State University, she worked as a financial advisor at the American National Bank of Texas and the Greater Central Credit Union. Her previous jobs provided a large experience to Shania, helping her launch her own company. Thanks to the founding of 15M Finance, Shania brought her financial assistance to people to a new level.
Shania Brenson understands well that running your own business may sound like an excellent option for your well-being, where you are your own boss and enjoy all the benefits of being an entrepreneur. However, you should remember that small business ownership also has drawbacks. In the interview, Shania will present all the advantages and disadvantages of small business. She is sure that knowing all the pros and cons will help you make the right decision and assess the financial risk of launching a new business venture.
Shania, thank you for agreeing to the interview. What are the advantages of a small business for you?
Shania: Thank you for inviting me to this interview. I will be happy to answer your questions! In general, small business ownership is an excellent idea for everyone who wants to make more money and start an exciting and challenging career path. You need to decide which of the following is an advantage of starting your own business: the lifestyle that you get from it, independence, new opportunities, or maybe even lower taxes.
Could you please describe how running a company impacts the lifestyle and independence of small business owners?
Shania: Of course. One of the main benefits you can get as a business owner is small business ownership independence. Small business owners decide how to spend money in their company, can plan their free time independently, and can’t be fired. After you become a small business owner, you are your own boss.
Another small business advantage is that, unlike work in corporations, business ownership means you can plan your day as you want. You don’t need to stick to the forty-hour workweek. As a business owner, you can determine the working model for you and your employees and introduce more flexibility in your working hours.
Furthermore, flexible working hours can help attract top-level corporate executives to your company.
Do you think the risks associated with start-ups are worth the financial gain?
Shania: Definitely, yes, if an entrepreneur understands how companies work. While launching your own business is often connected with a high financial risk, it can bring you large financial rewards. Many entrepreneurs have more significant income than people working for someone else.
Moreover, business owners determine on their own how much their salary will be, which serves as a significant driving force for overcoming all difficulties.
Is it true that running a business brings its owner personal satisfaction? Or is it more about stress?
Shania: Running your own business can bring you more money than working in a corporation, and gain personal satisfaction in what you are doing. Entrepreneurs generally run their small businesses with love and are interested in their development. The entrepreneurs’ top satisfaction survey conducted by the Wall Street Journal and Cicco and Associates showed that many business owners are more satisfied with their lives than others.
Another significant advantage of small business ownership is the creative freedom to introduce new ideas and improvements as you see fit. Small business ownership helps people feel free and take a financial risk if necessary. When individuals start businesses, they are ready to spend long hours creating new strategies and business plans, and nobody limits their creativity.
How does launching a business impact your self-development?
Shania: Being a small business owner requires knowledge in different areas. It motivates people to develop and regularly get new skills. Furthermore, you need to grow your expertise in the field your new business functionates.
What tax benefits do business owners get?
Shania: Numerous tax benefits are one of the advantages of owning a small business. Since small businesses positively impact the local economy, many governments reduce taxes for entrepreneurs, making most business expenses deductible. It simplifies owning a small business and makes your business succeed sooner.
And I want to add that one of the main benefits of owning a company is equity, as you can use your business however you wish. You can pass it on to future generations to continue your business for years. Alternatively, you can sell your company to launch the new one.
From your words, launching a start-up sounds like a perfect idea. Could you tell us about the disadvantages of a small business?
Shania: As one boy said after his first roller coaster ride: “I like the ups but not the downs!” There are both advantages and disadvantages to business ownership. Unfortunately, small business owners encounter many problems, such as more time and financial commitment, high risk, health issues, etc.
First, launching a business is always costly, and individuals use their life savings and ask their close people for help. However, not everyone has a savings account, and borrowing money may be challenging. But if owning a small business is your goal, there are always solutions.
Many small business owners apply for additional capital through various financial organizations to launch start-ups. One such company is 15M Finance, connecting people with reliable direct lenders and helping everyone to get the necessary loan amount. Our low requirements for clients and focus on creditworthiness and income instead of credit history can help borrowers get cash to launch their big businesses.
Second, every potential business owner should understand that it may be necessary to take many steps for their business’s success. This time commitment may be a significant challenge for many entrepreneurs, as they must repay the debts they took for launching a start-up.
What are the most unpleasant tasks in running your own business?
Shania: One of the most unpleasant tasks for me as a business owner is firing people and looking for staff. This process is often stressful, so it is important to be prepared. You may also solve minor issues like late deliveries and equipment breakdowns.
What is the most common mistake people make launching their own company?
Shania: Striving for their American dream, people often see only many advantages of small business, neglecting the risk of substantial financial loss. Even if you try to separate your personal assets from your business, there is always a high risk of losing everything. Furthermore, if you are a business owner, you take responsibility for cash flow, hiring and firing people, solving customer problems, etc. Many individuals are sure they need only control the working process in the start-up.
Is launching a business a good option for those who want to spend more time with their families?
Shania: Definitely no, at least at the first stages. Owning small and big companies requires significant effort and may take the time you could spend with your family. You may receive calls on your cell phones, days and nights, making separating your private and working life complicated.
What is your conclusion about running your own business?
Shania: As you can see, being self-employed is a dream of many individuals, bringing numerous benefits, such as independence, freedom, and many opportunities. However, it is important to consider all the advantages and disadvantages of small business to understand this process. Take into account all the financial risks, financial and time commitment, health issues, and other factors to achieve business success, and be prepared for financial losses and stress. These are necessary steps to get all the benefits of being an entrepreneur in the future.
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