Are you sick and tired of working for someone else? Putting in long hard hours just to benefit the owner of the company and shareholders? Working the 9 to 5 grind week after week with no end in sight? Yup, we’ve been in your shoes. We know how it feels. Depending on the culture of the place you work at, you feel like just another cog in the wheel. So, are your finally ready to be your own boss and start your own company? GREAT!
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The first thing you need to know about being your own boss is that it isn’t all rainbows, glitter, and unicorns. It is liberating and exciting, but it has its pros and cons just like anything else. Before you ride off into the sunset to start your own company, make sure you know what you’re in for.
Setting Your Own Schedule. I think this is one of the biggest draws to being your own boss. You have the freedom to create your own schedule. However, you may find that like so many other business owners, you are working longer hours than you anticipated. You still have the flexibility to determine when your day starts and ends, when you take vacations, and handle all your personal obligations.
Creative Freedom. You determine what your products and services will look liked, when they will be available, and how you want to deliver them. If something isn’t working, you have the power to revise those offerings to ones that customers may respond better to or terminate them if they no longer interest you in providing them anymore.
Creating Your Own Core Values. You get to set the tone for how your company is see. What’s most important. You can align it with your own personal values and infuse it into every aspect of the company.
Money. You don’t draw a regular paycheck, not like you would if you were an employee of someone else. You get paid with what is left after expenses, taxes, etc. And you are solely responsible for generating your income. If your business idea flops or you don’t follow the right steps to create a successful business, you could lose your entire initial investment. BUT you also aren’t limited to what you can earn. If you work hard and set yourself up for success, it’s possible to generate great wealth when you run your own enterprise.
Tax Benefits. Business owners can take advantage of a range of tax benefits despite paying higher Social Security and Medicare rates. They are allowed to accelerate or delay particular expenditures, hire family members and write off a greater variety of business expenses. These options can dramatically reduce the tax burden.
Health Benefits and Retirement. You’ll have to pay for your own health insurance unless you have a spouse who works at a company who provides them. If you are purchasing them yourself, you’ll find that you are paying higher premiums vs. what you paid as an employee. You’ll also be responsible for contributing to your own retirement account without any employer match.
Being your own boss can be both satisfying and terrifying. If you put in the hard work and dedication, you can achieve success in being your own boss. Just remember that it does come with its advantages and disadvantages – and you have to look at them all. The best way to make sure you start out on the right foot, is to have a mentor or coach, who can help you set yourself up for success and make sure you are ready to take the leap. Being your own boss can be far more rewarding than you can imagine.