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Have you ever dreamed to be your own boss and quitting the 9-to-5? You might be tired of the corporate job or you want more in life, right? All your life, you have been taught to work hard at school to get a great job. Now that you have a job, you feel like you want more out of life than be working at a desk all the time.
As of last year, many people quit their jobs because they wanted more out of life like time for their family and time to recuperate. According to CNN, 4.3 million Americans quit their jobs last year in December. It is understandable to see why many people quit. Sometimes you want to crave for something more than a 9 to 5. Life is not just about working all of your life. If you want to escape the rat race like everyone else then this post is for you.
If you want to be your own boss, you need to understand what you're getting into. There is a lot of work and it's not just all glamorous all the time. You have to understand there are its ups and downs. It's a long journey. You may have innovative ideas to start a side hustle or business, but the process is quite long. When you become your own boss, you have to wear multiple hats. You are the one who has to be responsible for everything. Let's take a look at what it looks like to be your own boss.
When you are the boss, you can forget about asking for a raise. You can only increase your earnings by scaling your business. If you want more income, you have to find strategies to increase your revenue. There is no limit to what you can make. You can either increase your earnings or not. Since you are the boss, you have to figure out the revenue part. You don't have to ask your employer about your salary. You can generate income on your own by having employees. There might be bad days where you might not earn a lot or days where you earn tremendously.
All on You
Running your business, you get to control and decide everything. You get to choose what industry, products, and target market. You don't have to ask permission or have people to tell you what to do. When you are the boss, you make an impact on your business. When your business is successful, it is because of you. Since you get to make the decision, the best part is that you get the credit for every achievement.
No one is going to make the decision for you. You are the one that is in charge of the business operations and you can do anything you like.
Who doesn't like to be in charge of things? Making your own choices at work and deciding to work whenever is a privilege when you are the boss. You get to set your own hours and how you want your workplace to be.
Your Own Schedule
As a boss, you can say goodbye to the early mornings. No more waking up early at 6 a.m. You don't have to worry about being late and being scolded for not being on time. Without a boss, you can spend your day doing anything you want. You can work at 10 a.m. in the morning or 3 p.m. in the afternoon. The schedule is in your control, and that is the best part of being your own boss.
Responsibility is on You
Being a boss comes with great responsibility. You have to wear multiple hats at all times so that you can make the most effective decision that will bring in revenue for your business. When you have this huge responsibility, there will be stress along the way. Now that you have no one above you, you are the one who has to decide for your business. You will have to plan, strategized, set reminders, make schedules, and so forth.
It is a lot of work especially if you are starting out.
As a boss, there are risks that are involved. There will be months when money is tight especially when you are starting out. It takes time for your money to grow. Sometimes people think that you can get rich in a day, but that is not the case. You will have good days and bad days. Every day, you are always facing some kind of problem.
Behind the scenes, no one knows how much you are struggling. There is always a lot of work that needs to be done. As a boss, you have to make sure everything is going smoothly. Unless you hire employees, you will have to take on a lot of work until you have enough money to hire people.
If you are starting out, you'll have to work long hours because you are doing everything on your own. You'll have to wear multiple hats: salesperson, marketer, bookkeeper, designer, and more. Instead of working the typical 40 hours a week, you might be working 60 or 80 hours a week.
Traits You Need to Be a Boss
Now that you understand what's it like to be your own boss, it is time to understand what traits you need to be a boss. Whether you are a business owner, entrepreneur, a CEO, etc. you need to be a great leader that support and inspires.
Your reputation is on the line so you should never be lying to anyone – your employees or your clients. Without honesty, there will be no trust. You want to be ethical when running your business. It'll be hard to be a leader and lead a team if you are setting a bad example with lies and false statements.
Being patient is extremely challenging because you expect everything to go your way sometimes. However, life is unpredictable so you never know what is coming your way. Things take to build so it can take a long time for a business to become successful. Whether your business is starting out or just fail, you have to work hard to reach your goals.
To be a great boss, you want to show you are passionate about your work and the business you are running. With passion, you motivate your employees to accomplish the same goals. If you are passionate every day, you can guide and teach your employees to do better at their jobs.
Communication is everything when running a business. You have to know how to communicate to your employees and your clients. Whether you have an idea you want to express or a problem that needs to be solved, you want to explain to the other parties so that they can understand. If you can't understand one another, how will things move forward? If there is an issue, communication can solve half of the problems. The only way to tackle a challenge is by communicating effectively to those you are working with.
Time is something you can never get back so you better make the most of it. With only 24 hours in a day, you can do anything or not. It's hard to manage everything in one day because you have work and your life. As a boss, you want to use your time efficiently and effectively so that everything can go well. There will be days you will be tired and want a relaxing day for self-care. Some days are hard to predict than others because life is full of ups and downs.
Out of all the traits to be your own boss, discipline is a challenge for many people because commitment is difficult. It takes time and effort to be self-disicpline. There will be times you don't feel productive or want to be lazy for the day. It's hard when you have no one to motivate you.
However, if your business is not doing well, you have to give up your time to figure out the problem. Your business is a huge commitment and can play a big part in your life. If things go wrong, your business can be in trouble. You can't leave it on the backburner and wait for someone to come and fix all your problems. Since it is your business, you have to discipline yourself and figure out a solution.
Leaders have to make quick decisions. Sometimes you don't have a day or a week to make a final decision. If you run into a problem you need to make a decision right on the spot. You can't waste time thinking about other ways. Whether your business is small or big, you have to make quick decision so that everyone else can follow. Without a decision, this can be the downfall of your business. You might run into big and scary situation, but if you are your own boss, you have to make the decision for your company.
Lead with Value
What impact do you want to give to people? Having strong values and integrity is essential to be your own boss. You want to stand strong with your morals and principles so that you can lead your employees. If you have values, people will know what your business is all about. You not only create a better image for yourself, but for the business too.
Whether you want to be your own boss or not, it is a decision that only you can make. Some of you may think that being your own boss is a fairytale and can only happen to the rich people, but it shouldn't be that way. Whether you want financial freedom by being your own boss, you get to choose how you want to live, but it does come with great responsibility.
Thanks for reading, and I'll see you in the next post!
She started her blog, The Money Dreamer, when she realized the 9-5 job was not the lifestyle she wanted anymore. After designing for a while, she wanted a more meaningful life, which was freedom, so she decided to venture out. She took action so that she can live her dream life and decided to help people to live theirs by helping them how to save, budget, and invest.