Whether you are starting out a business or still planning to do so, take time and ask yourself: is being your own boss more beneficial than a hassle for you? Now that you’ve got this million-dollar idea to be an independent entrepreneur, are you ready and willing to take on the risks? Before you venture into being a boss yourself, or if you are already and are having second thoughts about it, then it’s not too late to weigh the pros and cons of being self-employed.
YOU are the boss
That’s a good enough reason to start your own business. But aside from that obvious benefit, when you are your own boss, the profits your company makes are all yours. You won’t have to work your ass off on some project and yet only make the same salary as everyone else in the office.
Other than that, you set your own rules. You set your own hours to some degree as well. Most importantly, your good ideas will not be put to waste since there will be no one to restrain you from revealing your creativity. There will be no management to ignore the proposals you’ve spent weeks to conceptualize. And when you are the boss, you just have this certain power over your accolades. The great thing about it is that you are not working for anyone – and there is just a satisfying feeling that comes with that.
Getting all the work
Although you don’t have to work on shifts, it still does not guarantee that you won’t be working longer hours at work. The bad thing about being your own boss is that you are always on call. As an employee, you could work for about 40 hours in a week, but if you’re self-employed, expect to work twice that number of hours. Moreover, you don’t get to be paid unless your business is actually earning. Be reminded that small businesses don’t start out good in the first year when it comes to profit.
You’re not only getting all the work, being the employer will most likely get you worked up as well. Statistics show that four out of five new businesses fail. Remind yourself that you could be one of those four, and prepare yourself for that. Moreover, when you’re the boss, you just feel like you are carrying the entire load. You would definitely be always the one to be anxious and worried about how your business will go all the time. If you can’t handle stress well, you should think twice about starting your own business instead of working for a company.
Can you handle it?
If you think you are going to enjoy being the employer than otherwise despite the cons, being self-employed might be the right road for you. Just remember that the road to success will be tough, but as long as you make the right decisions, and you reflect over these decisions carefully, it will all be worth it.