Are You Ready to Be Your Own Boss? 10 Things To Consider and Help You Decide

If you have ever wanted to be your own boss, then you’re in the right place. There are plenty of things to consider before branching out and starting your own business, no matter what that business is.

Pros of Being Your Own Boss

Your Wage Cap is Yours to Control With every 9-5 job comes a limit of how much money you can make. Sure, you can discuss a raise every few years, but ultimately, your boss is in control.

You Can Choose Your Hours

As your own boss, you have the freedom to do that. You can control what days you take off and what hours you work throughout the week. You won’t have to miss those important family gatherings or doctor’s appointments because you can plan around them.

You’re Responsible for Your Own Business Decisions

Being your own boss means that you get to make important decisions about your business by yourself. The only boss you have to answer to is you! You get to design your business the way you want without worrying about upper management’s opinions. Work remotely if that is important to you.

You Don’t Have to Worry About Getting Fired

There are many reasons people lose their jobs, especially in an at-will state. There doesn’t even really need to be a good reason. Being your own boss means that you can’t be fired or let go.

Cons of Being Your Own Boss

No Monetary Guarantee

This con is hard for many to accept. The reality of being a business owner is that money is not guaranteed, and generally speaking, running a business is expensive.

You’ll Put in A Lot of Work

Again, this isn’t a 9-5 job where you can leave work at work. Being your own boss means that you will be responsible for your business all day, every day.

10 Things to Consider if You Want to be Your Own Boss

What Can You Afford? Supplies, marketing, shipping, and hiring help are going to be out-of-pocket costs as you begin to get your business up and running. So, when you are starting a business, make sure you have the funds available to afford these things.

What Are You Going to Do? One of the hardest decisions for some people is deciding what they are going to do. If you already have this figured out, then you’re ready to go. If not, that’s okay. But you need to have a plan before you start.

How Much Time Do You Have? Another important factor to consider is how much time you have to devote to your business, especially initially. If you want to be profitable quickly, you will need to make your business your priority while getting started.

Swipe Up to Read More about  Are You Ready to Be Your Own Boss? 10 Things To Consider and Help You Decide 

Read more

10 Steps To Creating A Sound Financial Plan

Money Lessons From 5 Favorite Classic Novels

Dealing With The Awkwardness of Money