Starting Your Business: 8 Benefits Of Being Your Own Boss
Generally, there are two ways people can earn an income: they can choose to work as an employee in a company or run their own business. The former is simpler and provides faster income, which is why more and more people are taking this route. People can apply for a job, work for at least eight hours, then receive a salary every month.
However, if you want to improve the quality of your life while earning at the same time, you should definitely consider starting your own business. Diving into this endeavor can be very challenging and doesn't always guarantee the best results, but, for sure, being your own boss is something worth considering as it provides the following benefits:
1. You Get To Control Your Own Destiny
While some people are comfortable having bosses who always give instructions, others function better when they are in charge of the steering wheel. The latter individuals are those who prefer to take control and make decisions on their own, rather than merely following other people’s commands.
Starting your own business allows you to be in control as you won't have to work for anyone else. Since you're the owner, you'll have the privilege to maneuver the culture of the business and lead it to your desired path. For example, if you want to start a business based on your passion in the arts, you can use online resources, such as Main Street Painting, as your reference to know the current market trends, and no one can tell you otherwise.
Having the responsibility to run an entire business can be overwhelming at first, but, eventually, this can become your platform to create a unique culture and brand. How different you are in managing your own business can become your edge among the competition, enabling you to earn more profit and customers.
2. You Can Find Your Work-Life Balance
Working as an employee allows you to earn a stable income, but, more often than not, your time with your family and friends will be compromised. Usually, when you work for a company, you won't have any other choice but to comply with their schedules and be present during daily meetings. You don't want to cause the ire of your boss and eventually lose your job, right?
You won't have to worry about following these rules when you choose to start your own business. Since you're the boss, you get to decide when you'll work and when you'll spend time with your friends or family.
Once everything in your business is established, it'll be very easy for you to strike a good work-life balance. Starting your own business means you can make your own schedule, thus you get to decide when and where you're going to work. Do you have to attend a family gathering on a weekday? You can move the meeting you've set with your staff to another date. Are you feeling under the weather? You can spend some time getting enough rest and simply replying to all of your email messages in the comforts of your own home.
3. You Can Choose The People You Work With
You won't be working alone as an employee. More often than not, you will be assigned to a team, and your boss will expect you to work harmoniously with the members. But, regardless of how much you try, there will always be people who have the opposite outlook as yours. These people usually have different experiences and business ethics than yours, and working with them can eventually hurt your productivity.
On the one hand, by starting your own business, you won't have to force yourself to work with people you don't like because you can always choose the people you work with. Since you're the boss, you get to hire people with whom you feel most comfortable collaborating. You'll also have full control over the qualifications to look for when hiring new employees.
Aside from making it very easy for you to collaborate with other people, having the ability to choose the people you work with can be very beneficial for your productivity. When you're the boss, you can surround yourself with people who are genuinely concerned about your business and wellbeing, making it easy for you to progress in the long run. This can also mean that you'll have the opportunity to weed out negative individuals or people who don't share the same values as your own or your business’s.
4. You Can Improve Your Existing Skills And Acquire New Ones
Contrary to popular belief, starting your own business isn't all about experiencing flexibility or earning a profit; this endeavor will also require you to take on countless challenges before you can attain success. This is especially true during the first few months and years of your business operations.
As a neophyte, you have to create an effective business and marketing plan, all while coming up with strategies that would help you stand out from the competition. You also have to attract the top talents for your business, and ensure that your company is able to create a positive brand in the eyes of the public.
Accomplishing all of these tasks can be quite daunting, but, on the other side of the coin, these can become your avenue to polish your existing skills and learn new ones. You can use these skills in real-life situations, helping you improve the quality of your life in the long run. All these can contribute to your personal and professional growth, as well as to the success of your business.
5. You Can Get Things Done Faster
It's common for employees to follow a process or line of authority when they work for a company. As a human resources officer, for example, you need to ask the approval of your immediate supervisor before you can participate in an open house organized by the local government. You won't have any other choice but to wait for the response of your supervisor, which can mean a delay in your tasks and milestones. Also, the bigger the company you work for, the more managers you have to go through when seeking approval.
You won't have to deal with such a stressful process when you choose to start your own business. As your own boss, you'll have the opportunity to get things done faster without waiting for the approval of other people. In short, this endeavor allows you to become proactive and be at the forefront of new products, services, and promotional techniques.
6. You Can Give Back To The Community
Having the chance to give back to the community is one of the biggest benefits you can experience when you choose to start your own business. Since you're the boss, you'll be able to decide which and how much products or services to give out to charities and organizations in your community. You’ll also get to decide how often you would like to help the less fortunate ones in order to improve their quality of life.
If your state or country was recently hit by a natural disaster, you could donate goods to the locals living in the area. If a large fire burnt an entire neighborhood, you could commission medical services to help the families recover faster. Aside from these, starting your own business will also allow you to provide jobs to the people living in your area.
Creating these opportunities will give you a sense of fulfillment knowing that you’re opening doors for individuals, enabling them to feed their own families and eventually improve their financial situation. These will surely boost your morale and give you the motivation to continue operating your own business.
7. You'll Make More Money
Money is an essential resource to all human beings. It'll be hard to survive every single day if you don't have money to pay for your rent, utilities, and groceries. The same is true if you're the breadwinner of a large family.
And, while you can always earn money when you work as an employee, your earning opportunities will be very limited. Usually, you'll earn the same amount every month with the position you have. Sure, having a stable source of income is good for survival, but it can be tough, especially when an emergency arises.
If you're earning the same salary each month, how can you survive if a family member suddenly gets sick? How can you send your children to school if your finances are stagnant? Not being able to come up with solid answers to these questions can lead to financial stress, and, in worse cases, can become the reason why your relationships will fail.
As a business owner, you won't have the same fate because you can set the prices of your products and services, and enjoy several business tax perks. Once managed properly, your own business can become your ticket to a higher earning potential.
Moreover, you can make more money when you run a business because you can always decide to expand or grow your reach. For example, if you have been running your own business for two years and found out that your endeavours have been profitable, you can choose to expand to another location. Although risky at first, this expansion can help you earn more money in the long run. This is something that you can never experience when you work as an employee.
8. You'll Tap Into Your Hidden Creativity
By this time in your life, you might already be aware of the things you can and can't do. You might be interested in starting your own business in the field of arts because you're confident about your skills in painting and how your works are quite different from the artists in the industry today. Since starting a business will require financial investment, it’s a great thing that you won't be starting a company that involves activities that you don't know about.
Aside from being a platform to pursue your passions and interests, starting your own business can also become your avenue to unleash your hidden creativity. You might not be confident in your ability to work with other people as you're generally shy or don't know how to work well with others, but having your own business can be a great training ground for you to come up with creative ways to successfully get out of your comfort zone and effectively collaborate with other people. Regardless of how financially capable you are, if you don’t implement out-of-the-box strategies to improve your skills or business, all of your efforts will be useless.
Furthermore, since you'll be making decisions on your own, starting your own business will also allow you to exercise skills that you thought you never had. When running your business, you’ll be surprised at how skilled you are when it comes to creating marketing strategies or providing customer service. You may not get the chance to showcase and harness these skills when you work as an employee because you are only expected to perform based on your job description--no more, no less. Having said that, there are basically no limits to what you can and can't do as an entrepreneur.
It'll Be Worth It
Although starting your business isn't a walk in the park, there are a lot of ways on how you can attain success. For one, diving into the business arena with a written and robust business plan will make it very easy for you to level out the competition and haul in customers. Hiring the right employees for the right positions can also help.
If you truly want to succeed as an entrepreneur, you should be willing to exert time, effort, and a whole lot of dedication. The beginning is always the hardest part of the process, and this remains true even when you choose to work as an entrepreneur. But, this doesn’t mean that things will never get better. With the right management and marketing strategies, your small business venture will eventually grow, bigger than you initially imagined.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.