There are plenty of us who contemplate the idea of running our own business and while a certain percentage don’t take it any further than that, there will be some who decide to that that entrepreneurial leap of faith and start their own business.

There are lots of things to consider when contemplating branching out on your own, besides coming up with a winning idea for your business venture.

Sometimes you might need legal help from someone like Slater and Gordon to deal with certain aspects of your business, and you certainly need to weigh up all the pros and cons attached to becoming a business owner, so that you are ready for the road ahead.

What in it for me?

Starting off with the positives, if you have decided to seriously explore the possibility of starting your own business, you will probably be contemplating the personal and professional benefits that may well be attached to that decision.

There is no doubt that in theory, running your own business gives you an element of freedom and flexibility that you would not otherwise enjoy most of the time, if you were working for someone else.

You can dictate the amount of hours you put into your business venture and when you are exercising that sort of level of control, you will often be able to take much greater control of your own financial destiny and not be held back by any salary limitations.

There are plenty of positives and genuine reasons for a degree of cautious optimism, and when you consider that self-employed business people have a greater chance of becoming millionaires than those holding an employed position, there is good reason to be excited by seemingly endless possibilities attached to becoming your own boss.

Not always as you imagined

It often pays to douse your flames of extreme optimism with a healthy dose of realism, so that you keep your feet firmly on the ground when you launch your new business.

You have to adopt the right mindset and there is little room for pessimism in the psyche of a successful entrepreneur, you do however have to understand the risks and implications attached to quitting your regular job and going it alone.

Launching a new business can be rewarding not just from a financial perspective, but it can also be very tiring and very challenging, with numerous challenges to overcome in the early years of your business venture.

You may well get to the point where you work less hours and earn more money in that time than you did in your old job, but for the majority of newly self-employed people, the decision to go it alone means putting in more hours rather than less, and numerous headaches, from managing cashflow to finding enough sales to cover your overheads.

Related: Practical Advice for Making The Leap From a Well Paying Job to Full-time Entrepreneur

As long as you are prepared for all of the cons as well as the pros of running your own business, there is every chance that you will have the tenacity and toughness of mind and spirit, to make a success of your new direction in life.

Isaac Pickering has always been an entrepreneur, even at school he was the kid making money from the latest craze. He now has fingers in many pies; his own internet marketing company, as well as venturing into the world of real estate investment.