The Big Boss, The Head Honcho
Who doesn’t want to be the boss?
Let’s face it – no one grows up thinking, “I hope I always have someone standing over me to tell me what to do and how to do it.” Yet most people don’t end up being the head honcho, do they?
Have you ever thought about why so many people work for other people?
Why are they out there searching for sales jobs instead of starting the business that sells the product?
Wouldn’t it just be better to be your own boss?
Being Your Own Boss: the Disadvantages
Being your own boss certainly sounds fantastic, but if it’s so great why isn’t everyone doing it?
- Money – Starting your own business takes money. Depending on the type of business you want to start, the initial investment may be a small sacrifice or a major investment that requires you to seek out business loans and investors. Investing in your plan is a challenge in itself, but convincing others (often just a spouse) that your business is going to be a worthwhile investment can be a major sticking point. Once you get your business rolling, turning a profit usually takes a long time. Remember the days of the weekly paycheck? Being an employee doesn’t seem so bad now.
- Benefits – Health benefits can be a major financial problem for people who want to start businesses. It’s what often keeps people working for employers. Even if you do secure health benefits, they’re often not as good as a large company will offer you and more comes out of your pocket to pay for them. There are other benefits that come with working for an employer as well, such as paid-time-off. Those who work for themselves who are committed to making their business a success work long hours, every day of the week. Most employees have days off and set hours.
- Responsibility – As your own boss you take on a tremendous amount of responsibility. First, you’re responsible for making your dream a success. That’s a lot of hard work. Secondly, you’re responsible to your investors (that includes family who have invested their future in you). Finally, if you have employees it is your responsibility to make sure they are doing their jobs and that the business is doing well enough to keep them employed. Bills must be paid and payments must be collected. Marketing and advertising is another responsibility. You have to be sure all these wheels are turning all the time. A well-oiled machine takes time to build and takes constant maintenance. You didn’t want to become your own boss so your life would be less stressful, did you?
These are just some of the major disadvantages of being your own boss. Still thinking about it? O.K., well here’s the bright side:
Being Your Own Boss: the Advantages
- Money – With a successful business your money-making potential as the boss is often significantly higher than working for someone else. Let’s face it, all the most successful business people in the world are their own bosses!
- Benefits – As a successful business owner you can name your own schedule. Vacation? Days off? Take them whenever you want. No one can say anything when you come in late, leave early, or take a three-hour lunch. If your business is a successful, well-oiled machine you can do what you want and you deserve to do what you want for all the hard work you’ve done! Ultimately this can mean more time with your family (maybe you’ve even employed your family). Also, if you have enough wealth from your business you can afford what you need when it comes to healthcare options and you aren’t tied down to what a company is offering you.
- Responsibility – As your own boss you will always have responsibilities, but if your business is successful the responsibilities become less of a burden. Things eventually fall into place. Part of it can be fun! You want to be your own boss so you can make the decisions. You decide how to market your product. It’s a big responsibility because you’ll either fail or succeed, but it’s a fun responsibility because you’re in charge!
Do you like the sound of that? Do you have what it takes? Here’s how you can become your own boss:
How to Be Your Own Boss
Making the decision and taking the steps to become your own boss can be viewed as simple or complicated.
1. Take a Risk – First you need to decide to take the risk. Not everyone is a risk-taker. If you’re thinking about being your own boss, you probably are.
2. Have a Plan – Plenty of people who want to start their own businesses are risk-takers and most of them are unsuccessful. You need more than the willingness to take a risk to become a successful entrepreneur, you need a plan. Plans take research. Research is hard work. Do your research, discover your obstacles, come up with solutions, develop action plans. Plan to do this over and over again.
3. Work Hard – You said you were willing to do what it took to be your own boss, well, that’s a lot of dedication and hard work. The hard work will pay off, but you have to be willing to go the distance.
Whether you’re your own boss or an employee you should determine what success really means.
What do you want out of a career, business, or profession? Knowing the answer to this can help you determine the best fit for you.
Lynn Mattoon is a Content Editor & Career Writer for Salesheads.com, a Beyond.com career community. You can follow her on Twitter at BeyondCareers.