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book

Benefits of being your own boss

Author Kiva Onyi

There’s no doubt that running your own business can be a truly exciting and fulfilling experience. If you’re one to take risks and have high motivation levels running your very own business is a great way to make money, and manage your time all while creatively expressing yourself. As great as it all sounds, the self-employment life does not work for everyone. A lot of people think owning your time translates to shorter hours however it can be quite the opposite. You’re also prone to incurring higher losses financially if things do not work out or you run into some difficulty. This shouldn’t put you off however because with persistence, patience, and resourcefulness you can definitely improve your chances of succeeding at running your own business.

Autonomy over your schedule

Running your own businesses gives you the autonomy to create your own schedule. You decide what your work hours are and although you may find yourself working longer hours, you’ll have the chance to choose what hours you do work at. You can rearrange your schedule such that you work more at night, freeing up your day to run errands or sleep in if your line of business allows that. You can also take vacations at your own convenience and attend to emergencies as soon as they come up. You can either choose to build your schedule for each day or you may decide to set one schedule you’re dedicated to working with when you initially begin your business.

Creative freedom

Becoming your own boss means you have the final say on how things get done. You get to decide what services and or products to offer your customers and are in charge of the creative process behind getting them ready for consumption. The freedom to change up these processes or plans in response to how the market receives them also lies in your hands and what to do to make improvements to your offerings over the course of your business’s growth.

Money

Having your own company opens you up to the possibility of making huge sums of money. There are also chances of you making losses when risks your take do not pay off. When you have a conventional job, you have a fixed income which you can expect after working for a fixed period of time which isn’t the case with entrepreneurship. Depending on the amount of work you put in, how you set up your company, and the circumstances in your industry, you can make really substantial profits. You may have to pay higher Medicare rates and social security but they are also many tax benefits tied to having a business. You can write off certain business expenses, get your family members to work for you, and even delay some payments or pay them forward which all contribute to reducing your tax burden.

Values

With your very own business, you get to dictate what the company’s values are and ensure they are in line with your own personal visions and goals. All of your company operations will be in line with concerns and you can even start a business out of the passion you have for your values such as a composting business. You can also inject a regular business idea full of your personal moral values and ethics like honesty and straightforwardness. In a conventional job, it’s possible to find yourself going against what you believe in and your moral code simply to keep in line with company policies.

Conclusion

If you have been recently considering starting up your own business but perhaps you needed a little nudge to get you there,  these are just a few benefits you stand to gain from taking that jump today and starting the company of your dreams.