As with all things in life, entrepreneurship comes with its positive and negative aspects. Whether you are new to business ownership or have been your own boss for years, there’s no argument that there are times you’ll benefit – and times you may lose out – by working for yourself.
Here are the pros and cons of being your own boss.
The Pros of Being Your Own Boss
You can choose your own hours.
One of the biggest benefits I find from working for myself is that I can create my own hours and work schedule. This flexibility may not be right for every business – and every business owner – but I know many entrepreneurs are able to create their own schedules.
Also, you may be starting earlier and finishing later than customers or your employees (and therefore putting in more hours per week), but you also have the flexibility of taking an afternoon off with a little less guilt. You are the boss, after all.
You have no one to report to.
Notice I didn’t say “you don’t have a boss.” You do have a boss; you do have someone who writes your checks. Who are they? Your customers, of course.
That said, you don’t have a supervisor who you’re reporting to. This sense of freedom allows the sky to be the limit: within reason, you get to make the rules because you’re the one everyone is reporting to.
You decide your paycheck.
While this isn’t to say you shouldn’t be earning a regular (and fair) paycheck at your business, you have the unique ability as your own boss to grow as the company grows, rather than negotiating with an employer for pay and benefits.
The Cons of Being Your Own Boss
You must hold yourself accountable.
For some, holding yourself accountable to deadlines, managing time, and even showing up to the office can be difficult without someone else telling you that you need to be. We aren’t all born so self-motivated.
Accountability is a big pitfall for business owners, so it’s critical that you hold yourself to a high (often even higher than an employee) standards.
You may not have a steady paycheck.
Remember when I mentioned you can manage your own pay? When business is good, that’s great. But profit and financial success can also be negative, and when you’re accountable as the boss, it’s coming out of your pocket first.
For many entrepreneurs, your savings, investments, and livelihood may be on the line; so it’s important to keep that in mind as you set out in business ownership.
You wear many hats.
This may be a positive for some, but negative for others.
When you’re responsible for the business, you likely need to multitask during different stages of the company’s lifespan. For example, in the beginning, before you can afford to hire employees, you may need to wear all the hats.
What other pros and cons have you experienced as your own boss? Comment below and tell us!
Want to learn more about tips for starting your own business? Check out this post!
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