If you’re considering self employment it’s worth taking time to consider if the ups and downs of business ownership are for you.
Before you take the plunge and go it alone take some time to consider how being self employed will affect you, your lifestyle and your family. Business ownership is not for everyone. Before you invest time, money, effort and your heart in your business plans take some time to consider if this is really for you.
The benefits of being your own boss
- Gaining Control – To make your own choices and decisions = empowerment
- Flexibility and Balance – Hours, pace, type of work – you decide
- Self-fulfilment, Satisfaction and Pride – You did it! You’ve launched forth, are going it alone and are succeeding
- Quality of your day – Replace the daily commute, office politics and other employment-related annoyances with time to walk the dog, swim, collect the children, watch TV over lunch and so on
- Making The Most of Your Skills – Utilising what you have to make a real impact is a particularly worthwhile element of business start-up
- The Confidence and The Buzz – Achieving your goals, overcoming obstacles, rising to challenges, developing your business and being truly independent fuels self-confidence and creates a buzz
- Making a Difference – Taking the chance to give something back and to employ others
- The sky’s the limit – By removing the employment earnings ceiling you have capacity to earn more
Ah and of course the downside of being your own boss
- Hard Work – It takes a lot of effort to start and sustain your own business
- Increased Responsibility and Pressure – The buck stops with you
- Isolation – No more chatting over your desk (although social networking and real time chat can alleviate this)
- Lack of feedback and support from managers and colleagues
- No employee benefits such as sick pay or holiday pay – you only earn when you work (unless you are able to set up multiple recurring revenue streams)
It’s worth considering some of these upsides and downsides in relation to you and your business idea. Why not jot down the benefits, as you see it, to being your own boss and the negative sides of running your own business. You can then review them all and see if being your own boss is still the right thing for you. Not everyone suits being self employed, there is no shame in that, the worst thing I see is when people put their effort, money and heart into starting a business only to discover its not for them.
<a title="My Book" href="http://blog continue reading this.rebecca-jones.co.uk/?page_id=119″>Taken from my book “Business in Red Shoes – The successful business woman’s guide”