For over 25 years, I have been my own boss helping people discover franchise ownership benefits. I thought I would share what my clients have found by taking the leap and venturing into business rather than staying in the “corporate grind.”
Perhaps the most prominent and appealing benefit of being your own boss is the flexibility it offers. Once you are up and running, your “team” delivers products or services to customers as “Heads-on vs. Hands-On” owner, which the franchising model offers.
Although most people with “Corporate Careers” are curious about what it would be like to be their own boss, any reasonable person would have to admit that self-employment is likely to present challenges. Not everyone has “what it takes” to launch and operate a successful business. But if you feel that you are an executive, persistent, and resourceful enough to make an excellent living as the owner of your own company, consider the following ten advantages that being your own boss could offer in comparison to employment:
1. Greater Control
As a self-employed business owner, you’ll have the freedom to make executive decisions that will affect your company’s future and your family and career in the long-term. As an employee, you can only exercise control within the boundaries of your job description.
2. Flexible Work Hours
One of the most appealing types of control that an entrepreneur has is choosing when they want to work. With that said, working inconsistent hours and failing to commit to a set work schedule is a sure way to hinder your business’s success. Be realistic, and don’t give yourself too many vacations. In the beginning, stages your progress will undoubtedly suffer. Keep in mind that balancing work and life is an essential aspect of succeeding as a business owner and will come sooner.
3. Open-Ended Career Progression
As an employee, you have limited opportunities to get promoted to more lucrative positions. Pay raises are typically few and far between, and when they do come, they are relatively nominal. On the other hand, as a self-employed individual, your income potential is limited only by your own willpower and proficiency.
4. Greater Sense of Satisfaction
When you consistently perform well as a self-employed business owner, your entire company will reap the benefits. Your income will gradually increase, gaining more experience and confidence, resulting in a higher sense of satisfaction and fulfillment.
5. Diverse Learning Experience
As a new owner, you’ll learn invaluable lessons about accounting, micro-management, consumer psychology, increasing productivity, conducting professional correspondence, and many other topics related to business management. This knowledge will become so important as you progress through the growth stages and possible scaling of your business or adding additional business to your “wagon wheel of wealth.”
6. Forming Positive Habits and Attributes
Every business owner has to develop certain habits and tendencies if they want to generate the income to keep up with personal and business financial obligations. As your own boss, you are the only person standing in the way of your success. People who own and operate businesses for a long time tend to develop attributes like punctuality, diplomacy, reliability, diligence, and frugality. As an employee of another company, you don’t have the burden of responsibility that a self-employed person does, so you’re never pushed to adopt such traits.
7. Enhanced Business Networking
Unless you are employed in a sales, marketing, or public relations position for another company, chances are you’ll do more networking as the owner of your own business. To effectively promote and operate your company, you’ll likely have more chances to meet other business owners, and managers, so available networking opportunities become more abundant.
8. Higher Motivation and Morale
As you go to work every day and perform the designated tasks your corporate position entails in exchange for your preset salary, things can become a bit mundane. The degree of spontaneity involved in operating a business tends to allow for much more excitement and enthusiasm. Business owners tend to be more confident and have higher overall morale due to their financial independence and decision-making capabilities.
9. Employment Protection
Whether you sell products or services, one fact remains a constant truth – as long as your company stays in business, as the owner you’ll always have a “job.” This is not true for an employee who may or may not be working for their current employer from one year to the next. Even if your business starts to experience hardships and income decreases, you’ll still have the ability to initiate a recovery and take matters into your own hands as an owner.
10. The Ability to Retire Sooner
A business ownership retirement plan lets you save more towards your retirement. You can make higher annual contributions towards your 401(k) account than with a retirement account provided by an employer (which would have more restrictive maximum contribution limits). In addition to letting you contribute more towards your retirement account each year, business ownership also gives you more opportunities to generate the type of money needed to fund an early retirement and an equity asset to sell when you are ready and unlimited income you derive from your business.
Ready to take the next step to learn more about the possibilities of owning your own business? Schedule a call with me!
