The Pros and Cons of Being Self-Employed

Owning your own business can be both challenging and rewarding. There are some things that you will want to consider before taking the plunge and opening your own business, especially if you are new to working for yourself. Here are some of the basic rewards and concerns that most new business owners have experienced.

Becoming the Boss

Working as your own boss is one of the pros of owning your own business. You may find that you like going to work every day when you are the one in charge of running the operation. Being the boss is also challenging, no matter what the size or type of business you are working in. You will be the person that has to deal with any problems and will need to multi-task throughout the day to ensure all of the details are taken care of. It does take a lot of commitment to become the owner of a small business.

Business owners are among the busiest of all employees. You are the person that deals with customers, employees, production, and may be in charge or hiring and firing employees. If you are just beginning a small business, it does take a little time to adjust to all of the demands of owning a business. Of course, being your own boss and making all the decisions are also very rewarding, as well.

Work Ethic

Owning your own business can be very time consuming. As the boss, you may find that you need to spend more hours at work than ever before. being able to make most of the decisions does mean that you are responsible for the outcome, but it also means that you are able to enjoy the rewards, too. If you think that owning a business will allow you to just hire someone to do your work, the truth is that you will be disappointed. Working hard is the key to making your business successful.

Once you business has become successful, however, you may find you get to work less and enjoy more time away from work. Having a business that runs smoothly is the ultimate reward, since you have less to worry about and more time to enjoy the profits of your business.Since you are in charge, however, you also get to determine your earnings.

Profits

Along with being your own boss, you also get to decide how important profits are. While you may not get a traditional salary when you own your own business, you do get to determine how much money you make. With a successful business, the profits can quickly become surprisingly high. If you are committed to making your business successful, you can easily meet your goals to earn more profits than you have ever imagined. With the right business plan and some hard work, you can see a small business blossom into a booming enterprise.

The more profits that you earn, the more you have to enjoy. While you do have to pay the overhead for your business establishment and your employees, the profits are all yours to keep. You can decide where your profits go, too, whether you choose to expand your business or you want to begin saving for retirement. All of the responsibility are yours when you own your own business, but so are all the profits. You may decide that running a small business is something that pay off well in long-term rewards, despite the many challenges that you face.

Your Personal Beliefs

Another benefit of owning your own business is that you can meet and exceed your personal expectations for running a business. For example, if you are concerned about the environment you can begin selling eco-friendly alternatives to products that are popular on the market today or you can use Earth friendly manufacturing practices. Owning your own business is a wonderful way to ensure your personal expectations for quality and customer service are met. You also get to decide the type of business you own, with choices that range from service based to manufacturing.

Making all of the decisions takes some time to become accustomed to, but that doesn’t mean that you can’t own your own business. After a few weeks of running your own business, you will find that it becomes much simpler and less time consuming than you may have expected. There are many benefits to owning your own business, so don’t be intimidated by the challenges that you will face along the way. You will eventually be able to relax and enjoy more profits for much less work than you could have ever anticipated.

Miles Walker is a freelance writer and blogger who usually compares car insurance deals over at CarinsuranceComparison.Org.

  • aj

    My husband runs a small lawn care/general maintenance service. Starting that business was the best thing he has ever done (aside from marrying me ;) that is). He now only works approx. 7 months out of the year but really brings home much more than he did working for someone else in a dead end job in our small town.

    I have a traditional 9-5 job at a place I really do like to work…so I have all the insurance in my name and I have a steady income that we know we can live on when he doesn’t have any work.
    Plus I have an accounting degree so I handle all his financials for him. We make a good team.

    He is so much happier which makes us all much happier!

  • RJM

    Being self-employed is good if you dont care about social interaction and you made as much as working for someone else.

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  • https://accounts.google.com/ServiceLogin?service=blogger&hl=en&passive=86400&continue=http://www.blogger.com/blogin.g?blogspotURL%3Dhttp://leavethebar.blogspot.com/%26zx%3D1wqyqf4c7000s&am Dee

    Many people are afraid of becoming their own boss because they are afraid of failure. It is much easier to let someone else have all the problems and if they fail well you look for another job.

    With the economy as it is now however, some persons are being forced to be creative and carve out their little niche where they have authority and autonomy and in the lon grn I think i twill be good for the economy.

    I love being my boss.

  • Felix Dlamini

    The cons of running your own business don’t seem to come out clearly in the article. What I find a challenge is separating yourself from the business with respect to time and the money management. I believe you need skills in these areas to be successful. Secondly, the issue of marketing the business and ensurring there is a solid client base is not always easy, especially to break into the market in the face of competition.