While working on your own and being your own boss can be a liberating feeling, there are some minus points which it pays to be aware of. After all, there’s a reason why so many people actually choose to work for other people. But being aware of the disadvantages is a step forward when you decide to become your own boss.
As a wise man said: Forewarned is forearmed. Here’s a closer look at some downsides of being your own boss:
When you work for someone, you don’t have to worry about funding, finance and interest rates. But when you are your own boss, you may find an uphill task to convince stern-faced lenders about lending you money to start your business. In addition, you may have to scout around the market to get competitive lending rates and comfortable terms for the business loan. You are responsible to your investors and have to keep a close eye on finances.
Dramatic increase in responsibility levels
The thought of this may sound like bliss but this is a double edged sword. You have to ensure that you keep up with all pending work and manage your day to optimise your time. Since you no longer have the luxury of being told what to do and when to do it, you have develop discipline and self-control.
You can no longer take your salary for granted
You may have taken your salary for granted when you were working as an employee. Now however, you have to work to ensure that your business earns a decent sum of money. This is usually a matter of concern in the initial stages and may reduce as your business picks up. The point is that you can no longer take your monthly salary for granted.
If you had been an employee previously, the shoe is on the other foot now. You are responsible for the wellbeing and efficiency of your employees and it’s your job to keep them motivated. It pays to hire good employees even if you have to pay a little more. Your employees look up to you for guidance and leadership. It’s time to think like a business owner and boss.
Being your own boss may not always be a bed of roses but if you are aware of the possible pitfalls, you can make a smooth transition between roles.
What did you unexpectedly find out when you became your own boss? Do you have any words of wisdom to share? Leave your tips and advice in the comments below!