So, you want to be your own boss, and run your own business? That’s great! Many people have a dream of being their own boss, and most think that it’s less work and much easier to run your own business. It’s actually quite the opposite, do you have what it takes to be your own boss? Here are just a few important points to think about before you jump into running your own business head first.
Responsibility is Crucial
You must have outstanding responsibility skills, and get everything done that you commit to. Take a look back on your career as an employee, did you have great responsibility? If the answer is no, then you might want to work on this skill before you start your new business. If you jump into being your own boss without having great responsibility, the end result will look bleak, and you will be disappointed.
Expenses Really Add Up
When you think about being your own boss and having your own business, you may think that your pay will be much better because you’re not working for a certain rate. However, the many different expenses that come along with being your own boss really stack up. You need to factor in state and federal taxes, startup costs, health insurance, self-employment tax, and if you have employees working for you, you need to think about their pay, and payroll tax.
No Safety Net
When you become your own boss and a problem arises, there is nobody there to turn to, in order to bail you out. The fact is, you are the sole owner and you have to take care of everything, including screw ups by you or your employees. This can cost you lots of money in fixing mistakes, so make sure that you are prepared for when something bad happens, it always will.
It’s Still Work
Many people think that if they become their own boss, life will be easy, and they won’t really have to work anymore. This could be farther from the truth. Think of all the responsibilities you will have, rather than what you had to worry about working for someone else. There is actually more work in being your own boss, and most of the time it feels like it never ends. You will be constantly working, and trying to improve your business.
Burnside | A technology professional with more than two decades of experience writing. He has served as contributing author for ‘Talking Tech’ Column in the Pride of Durham News Paper(NC), and has an ongoing contribution here on CyrilBurnside. He is a professional services consultant with PC99Solutions, an IT consulting firm for small business. Contact us today and watch your online business grow.