Pros of being your own boss
One of the perks of starting your own business, which is also one of the things that motivate people to start their own business, is being your own boss.
Being your own boss of course has both its advantages and disadvantages. The reason for this is not hard to see, being your own boss means you have to take a lot of risks, take your time to plan as well as muster a great deal of self-motivation to achieve the goals you want to achieve in your business.
In addition, starting and running your business can sometimes be overwhelming however with great patience and determination, you can make your business successful.
If you have been thinking of the pros and cons of quitting your day-to-day job and starting a business of your own, here are some of the pros and cons of being your own boss.
You control your earnings
If there is any advantage of starting your business, it’s that there is no limit to what you are paid. It can also be a disadvantage which we will talk about later in this write-up.
However, this does not change the fact that nobody is deciding how much of your business’s profit you decide to keep for yourself. Furthermore, you are also the first one that gets paid!
You make decisions of how your business is run
This is another advantage of owning a business. You are the boss hence you are tasked with making any decisions concerning the success of your business. So, you can make decisions that you are comfortable with.
In other words, you do not have to listen to any boss or co-worker telling you how to execute and do your job.
You decide how your workplace looks
Running your business gives you the privilege of choosing not only the location of your business but also the type of tech and furniture in your workplace. Every tech in your business office is decided by you.
You can’t be fired
This might not look like a benefit that much but it does matter. It is an advantage that cannot be overlooked.
Being your boss means you cannot be fired even if some of your employees are being let off because the business is not as successful as expected.
The good thing about this is that you do not have to worry about being sacked and can concentrate your energy on making sure your business is successful.
Also, this means you can decide the number of hours you want to work to remain productive without fear of a power-drunk boss saying otherwise.
Cons of being your own boss
You must submit to your clients as they are essentially your boss
Customers or clients in general are very important to the growth of a business. As a start-up, you and your business need the patronage of your clients to make a profit.
In other words, you are tasked with making sure your clients are happy enough to continue to pay for your business’ service or products.
You fund your business until you make enough profit to run it
Starting a business means you have to do all the heavy work to get the work running including funding it. At the start of the business, you have to work non-stop to build a portfolio for your business, creating a converting network of clients, paying and purchasing utilities and materials needed for the business, among other things.
No salary security
As funny as this might sound, it is the truth. The fact that you are now your own boss means there is no guaranteed paycheck every month. The only way to prevent this will be to make sure your business booms.