Being your own boss requires taking a risk, lots of planning, and commitment to your goals. Choosing a niche or passion that you are passionate about or finding an opportunity that will allow you to be successful in what you want to do. Being your own boss means working hard and taking full responsibility.
Business Ideas – Being Your Own Boss
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Being your own boss allows you to work when and how you want to and build upon something which is yours. All of the work you do will benefit you. On the other hand, there is no sick leave or annual leave and little protection if something doesn’t go to plan. On top of this, you’ve got to ensure that your employees are always kept happy and safe in their roles, without the need for a workers’ compensation attorney due to injuries or illness caused by their working environment.
Pros
You Oversee your Earnings
There is no limit on how much you are paid, the more successful you are and the harder you work, the more you can raise your pay! You are also in control over how much you invest back into the business, sometimes your investments won’t pay off, and sometimes they will. That can be what’s so exciting!
You Control your Decisions
You get to make all the decisions when it comes to your business. You get to choose what work you accept and what you want to be paid for it.
You are Accountable
Only you are accountable for your achievements as well as any missed deadlines. When you work for a big corporation, it can feel like your presence doesn’t make much of a difference. When you are self-employed, it is all about you maximizing your potential.
You Choose your Working Hours
You can create a schedule that fits you. Do you work better in the early morning or late at night? You need to be productive and put the hours in, but you can also work around your own life. If you want to go to a gym class in the middle of the day or you need to go to a dentist appointment, you don’t have to fit in with anyone else’s timetable.
Cons
No Financial Security
Probably the biggest concern for most people when they become their own boss is not having the security of a steady paycheck. This is where the real risk comes in. Many businesses make a loss for the first couple of months, so you may need to have some money saved.
Hard Work
Being your own boss is hard work, especially at first. You may be working day and night to meet deadlines. You will need to build up clients, advertise, manage anyone who works for you, source materials, and manage your finances. This might all be new to you, and it can be hard to manage to
begin with.
There is no sick pay or annual leave, which may result in you having to work while sick.
Bad Service Means Reduced Profits
If you get something wrong, you may not be able to try again the next day. Furthermore, there might be no one to ask for help when you struggle with something. If you get something wrong, it could lose you clients and money. The responsibility is all on you.