Everybody has had the thought at one time or another – I wish I could just be my own boss! But what exactly does that even mean? As somebody who has been both the bossor and the bossee, I can tell you, there are pro’s and con’s to each.
-Obviously, when you are the boss, there is nobody to tell you what to do. However, there is nobody to tell you what to do. That means that if you show up to the office at noon, there is nobody to kick your butt and tell you to get to work by 7. It means that if unfinished paperwork is piling up on your desk, there is nobody to tell you to get that done before you start losing customers.
If you are self-motivated and driven you probably won’t have an issue with the absence of somebody looking over your shoulder. However, if you are one of those people that needs a little push to get things moving, you might be in trouble.
-There is nobody else to blame. If something goes wrong, you are 100% completely and utterly responsible for both taking the blame, and fixing the problem. You can’t just pass the irate customer up to your manager, or blame the rules on company policy that you can’t control. There is no out when you are the boss. Even if it’s an employee that made a mistake, you are still ultimately responsible for every action that happens under your leadership.
-Money flows both ways. When you are an employee, you work your hours, you get your paycheck, and you go home. You don’t have to worry about your employer taking that paycheck back next week if things don’t go so well. Once you have it, it’s yours. That is not the case when you are the boss. You could make great money one month and lose money the next, but there are still bills to pay. If you start losing money, the cash comes right back out of your piggy bank and back into the business. As an employee, that is a huge risk that you get to avoid.
-Your employees might make more that you. This actually happens a lot more often than you would think. So many small businesses are not making any money, and a large majority of them fail. As a business owner, you don’t have a minimum wage, and you don’t have a guarantee. If you make $2000 one month, and you owe your employee $1900, you have to pay them, which could leave you working 60 hours a week for peanuts if you’re lucky. However, all of the upside potential is yours as well, which is of course what all entrepreneurs are banking on.
With this in mind, ask yourself, do I really want to be my own boss? If the answer is still yes, then go for it! There is immeasurable potential and satisfaction in building up a successful business yourself, or even acquiring an existing one and making it your own.