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The Pros & Cons of Being Your Own Boss

Posted September 4, 2019, by Jenny

Do you hate being pushed around? Would you rather run the show than be a lackey for some hotshot? Do you think outside the square? Maybe you’re just a daredevil and like taking (calculated) risks. If you’re the sort of person who’s always coming up with new and exciting ideas and revel in making them happen, you’re just the type to be your own boss. You’ve probably been honing your entrepreneurial skills since you were selling cookies in the school playground for five cents apiece. But now it’s time to turn professional.

Being your own boss isn't just about picking and choosing your working hours, taking long lunch breaks and getting on a power trip. Being a boss and working for yourself is about taking your idea and turning it into a reality, taking well-thought-out risks and breaking the business mould.

Being a business owner, working for yourself, starting your own business, being your own boss - however you put it, it can all sound pretty cool in theory (and it can be pretty cool), but what about the practicalities. Is it really all it's cracked up to be? Are you considering taking a leap of faith and going into business on your own? Get your pen and pad ready 'cos we're about to dive into the perks and downers of being your own boss.

Pros:

  • Independence - no one asking when you're coming or going, monitoring what time you clock off or double-checking your work
  • Feeling of self-worth - you had an idea and you turned it into a reality. You're out there making a real difference and doing what you want to do. Go you!
  • Define your lifestyle - you want to walk with the kids to school every morning, catch up with your mates for a long lunch, catch that 10 am yoga class you always have to miss out on. Guess what? You can do what you want when you want. Create a work schedule and lifestyle that makes you happy.
  • Creative freedom - that manager that always shut down your ideas is no more, this is your time to shine. Feel inspired and get creative. From putting together a name and logo to marketing tactics and more, the creative floor is yours to take.
  • Hire the team you want - choose the people you want to work with and create a workplace culture that you always wanted to be part of
  • Ultimate control - you are the boss, the business owner, numero uno. The final say lies with you and ultimately, what you say goes

Cons:

  • Long hours - yes you can choose your hours, but how long are those hours going to be. You need to work work work until the work is done. If you want success you're going to have to put in the hours to make it happen.
  • Sleepless nights - Did you submit the right paperwork to the account? Will your product/service be a hit once it goes to market? Will your big investment pay off? So many questions that'll flood your might and riddle with your sleep.
  • It can get lonely - When starting out your own business it's likely you'll be flying solo for a little while or it might even stay that way, so yes, not having that afternoon tea break with your favourite colleague or the big Christmas party could make you feel like you're missing out and get a little lonely.
  • Cash flow concerns - One of the most comforting things about working for someone else is knowing where your next paycheque is coming from. When having your own business you can't be so sure, especially in the early days when you're just starting to find your feet. So before going out on your own ensure you have some savings that can get you by before the cash comes in.
  • You have to control your ego - Remember that thing we said about you having ultimate control? Yeh, well that can work for you and against you. It's important to not get ahead of yourself and let your ego get so big that it's actually a hindrance for your business.

Many budding entrepreneurs face the same issues when first starting out. While the great idea is bursting to be realised, the challenges of securing your cash flow and building a customer or client base affect all who take the plunge and choose to run their own business. Needless to say, this can cause a fair bit of stress!

Weighed up your options and ready to take the plunge? See what it takes to start your own business and be your own boss with our ultimate how-to guide.

Jenny

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