Benefits of Being Your Own Boss
More Control. You Make The Decisions
As a business owner, you have the freedom to get make all the important decisions. Imagine the satisfaction of being able to act on hunches, take the risks, and just be in complete control. You own the business, you run it, and that is a great deal. You get to make decisions that not only affect your business, but also your long term career, and even your family in some cases.
Flexible Work Hours and Location.
This is perhaps most people’s favorite perk: choosing your own hours. It’s no secret that when you’re the boss, you get to decide when and/or if you come into work. You also have the choice of working from home, only going into the office when it’s necessary. The beauty of modern technology is that with just a phone, laptop, and Wi-Fi, you can work from practically anywhere.
Long Commute? Ditch It!
For those who prefer going into an office, this provides the opportunity for another perk – choosing your location that is as close as you want it to be. With the right location, you can drastically cut your commute, thereby giving you additional time to do whatever you want.
Setting Your Work Style and Workplace Environment
One of the best perks about being your own boss is that you get to create an amazing job and work environment, both for yourself and your employees. Give them that experience that you longed for yourself. An add bonus? By creating your own company and hiring staff, you’re giving back to others.
Extensive Learning Experience.
No matter what kind of business you start, you’ll need to pick up a new skill or two on the journey to becoming your own boss. You’ll need to learn invaluable lessons about accounting, micro-management, consumer psychology, increasing productivity, and countless other topics related to business management. These skill sets and expertise will help prepare you to figure out what type of boss you want to be.
Part of being the boss means that you have the ability and power to make your financial decisions regarding your business. You get to decide how much you earn, meaning that you can set your own salary. You’re also in charge of setting how much your employees earn (remember, employee satisfaction!).
Satisfaction in What You Do
As an employee, you would usually get a minimal response to a job well, such as an “employee of the month” acknowledgment or even just a pat on the back, only on rare occasions getting a ‘bonus.’ But as your own boss, both you and your company get to reap the rewards of a job well done. Your income gradually increases, and you feel a greater sense of satisfaction because you know the blood, sweat, and tears that what put into getting you up to that point.
This is arguable the best perk of all – early retirement. With a self-employed retirement plan, you have the freedom to make higher contributions towards your solo 401(k) account than you could with a retirement account provided by an employer. Also, self-employment gives you more opportunities to generate the type of money needed to fund an early retirement.
All in all, serving as your own boss could come with some risks, but it also offers some incredible rewards. We’ve all dreamed about it, but isn’t it time you really take the leap? Start your own company today and control your professional destiny.