The Pros And Cons Of Being Your Own Boss
Owning your own business is overall a very incredible experience, but it also comes with a certain number of downsides. The biggest pro is the fact that you are free to make your own decisions and set your own hours, which is something that you aren’t really able to do when working for someone else. One of the biggest cons is that there is definitely a financial risk involved, not to mention the issue of motivation. Whether or not being your own boss is right for you really depends on the type of person that you are. If you are able to stay focused and remain dedicated throughout the day and you have a good chunk of change saved up in case things go bad, you should definitely consider working as your own boss.
Pro #1- Freedom
No longer are you a corporate slave that has to do whatever your boss tells you even though it doesn’t make sense. You don’t have to dress up in your shirt and tie and be in the door at 8:45 every morning, you don’t have to stare at the same view every day, you don’t have to put up with coworkers who you can’t stand… you are completely free, you are your own boss, and you can essentially do whatever you want, wherever you want and however you want.
Pro #2- Advancement
Your business will take you as far as you want it to. If you put the work in, you could end up making more money than you ever would have made at your old job in a much shorter amount of time. You have full control over your business and so you can take risks and make decisions that your old employer never would have been okay with- and you can reap all of the benefits, too.
Con #1- Motivation
The problem that many people who work for themselves have is a lack of motivation. It’s easy to get comfortable, and when there is no immediate downside to taking “just one more break” or “just one more day off”, you will find that you are much more tempted to do so. Not working hard will be the downfall of your business, so you really must remember to stay as motivated as possible at all times.
Con #2- Financial Risk
Another problem with being your own boss is the fact that there is a significant lack of job security. Your business could go bottom-up and you could find yourself back at square one if you make a bad call or have a bad week of sales, so you must always have a backup plan and an exit strategy. Of course, it could turn out that you’re able to sell your business for a great profit, but you can’t count on that and must always be prepared for the worst. The best thing to do is save more than you would normally in order to have a good emergency fund set up.