What Does It Mean To Be Your Own Boss?
Working for yourself gives you the freedom and perks shared by 54 million other independent workers. You need to realize that freelancing is more than just a pastime. Treating your freelance work as a small business should be a priority, whether you work part-time or full-time from home or in a working space. It would help if you treated your freelance work as a small business.
Here’s the good, the bad, and the ugly of being a “Solopreneur.”
The Good: There aren’t many other jobs that allow you to work from anywhere and set your hours, so this is a definite plus. The flexibility of freelancing will enable you to be there for your loved ones and children whenever you want.
Forget asking for a raise. You have to raise your standards to make more money if you are your boss. Your employer won’t put a cap on your pay based on the market, your industry, or what other people do in the same job. You keep and manage every penny you make.
We’ve all encountered an overbearing boss or a toxic coworker in our professional lives. When you’re the boss, nobody can tell you what to do. There are no more managers to “ask.” No more people asking you questions at work.
Bonus: When you’re in charge of making decisions, you also get the credit for every success.
The Bad: Your business relies heavily on accounting and taxes, which may not be your area of expertise. Taxes, expenses, paid advertising and overall finances need to be considered for every dollar earned as a freelancer. It’s easy to get stuck when you don’t know how to do everything.
The Ugly: Internal and external pressures can put a lot of strain on your ability to get things done. So that you don’t end up working 60 hours a week and still feeling behind, time management and saying no are musts.
Is It Better To Be Your Boss Or Work For A Company?
As a boss, you can set your hours and work on your terms, unlike traditional employment. Additionally, if you work for your own company, you may be happier and more fulfilled in your position.
Anyone who has worked in a regular job knows that being your boss comes with challenges. Despite this, many people wonder what it would be like to be their boss.
If you think you have what it takes to start and run a successful new business, consider the following six advantages of being your boss over working for someone else:
There Is More Control
Your family and career will benefit from your ability to make long-term decisions as a self-employed business owner because you’ll be able to make them yourself. You can only exert influence within your role’s parameters as an employee.
Flexible Working Hours
A small business owner has a distinct advantage over most other workers regarding having a say in how and when they work. If you don’t stick to a regular work schedule, you’ll have difficulty keeping your business going.
Keep your expectations in check and avoid taking too many breaks. As a business owner, you need a healthy work-life balance.
It isn’t easy to rise through the ranks as an employee because there are few opportunities for advancement. Pay raises are often small as well as rare.
You can use your success as a manager/CEO to land bigger jobs.
You can use your success as a manager/CEO at your own company to land similar positions at larger corporations.
More Satisfaction Out Of Life
An “employee of the month” certificate, an hourly wage increase, or even a pat on your back from your superiors are all examples of how they recognize hard work.
With that said, a successful self-employed business owner reaps the benefits of their hard work, resulting in a greater sense of fulfillment for themself and their company.
5. Occupational Safety and Health Administration
A management or ownership position is assured for as long as your business is open, whether you sell goods or services. Whether you generate sales, you will always be in management or ownership. Employees never know if they’ll work for the same company yearly.
As a self-employed person, you can take control if your company struggles and your income drops.
In the long run, self-employment retirement plans let you save more for retirement. You can put more money into your solo 401(k) each year than you could into an employer-provided retirement account (which would have more restrictive maximum contribution limits).
Self-employment allows you to put more money away for retirement each year and increases your chances of earning the money you’ll need to retire early.
Is It Worth Being Your Own Boss?
Self-employment gives you control over your schedule. Do what brings you joy. Even if there are parts of your day job that you dread, as the boss, you can delegate the tasks that make you cringe so that you can spend more time on the ones that make you happy.
Plus, because you control your business, you’re more likely to be satisfied with the work.
In your professional life, even if you have a great working relationship with your current boss, they are still the ultimate decision-maker. Being your boss gives you more control over your life than working for someone else.
You have complete control over every aspect of your business, from where you source your materials to how you treat your customers and vendors.
As a sole proprietor, you have the unique opportunity and business plan to create a rewarding career path for yourself and one that benefits those around you. By starting your own business and giving jobs to other people, you help the community and the economy as a whole. All you need to have is a business idea, market research, and marketing efforts.
To be a self-employed person, you are in charge of your startup capital or personal expenses. It’s up to you to decide how much money you make.
Vacationing for a long period may result in a decrease in income. If you prefer to work longer hours and increase sales to save money for the holidays, that’s your decision.
Financial decisions about your business expenses can and should be made by you. There’s no need to wait for a small annual raise when you own your own business and can set your employees’ salaries.
In addition to creating jobs, you have the opportunity to give back to the local community. It could entail anything from providing internships or mentorships to local students to sponsoring charitable events of your choosing.
Being your boss means that you can incorporate social change into your business model as well.
Being your person entails some risks, but it also provides many benefits. While many of us have fantasized about it, only a select few go for it. Aren’t you ready to become your boss and take charge of your professional future?