The benefits of becoming your own boss
For small business owners, freelancers and contractors, the last five years have proven difficult to navigate. Faced with Brexit and the COVID pandemic, entrepreneurs haven’t been short of hoops to jump through when trying to get their business and side-hustle off the ground.
Some people prefer the stability and direction that working for an organisation can provide, whereas others crave the independence and fulfilment that comes from turning your big idea into a reality.
According to a report by Global Entrepreneurship Monitor, in 2021 the number of UK individuals running a new business have reached the highest level since the late 1990’s, with 57% of those surveyed claiming to have launched their business as a result of the recent pandemic. It seems as though through the lockdown many people have had to diversify their means of income; but is starting up your own venture right for everyone?
Although being your own boss provides you with the kind of flexibility you wouldn’t normally find as an employee, this also comes with greater risks and responsibilities, especially in the current economy. To give you the best opportunity of succeeding in your own enterprise, read on to find out our 5 top benefits of being your own boss.
Shape your own future
Sometimes, as an employee you’re often at the mercy of someone else’s business decisions that can affect your livelihood, positively and negatively. Being your own boss means the power is in your hands to shape the future, not just of your business, but of yourself and your family.
Since the pandemic, the days of everyone working strictly 9-5 are long gone. Nowadays, as the challenges faced by families evolve and grow more diverse, along with the development of team collaboration tools – becoming your own boss allows you the freedom to build your work around your life and not the other way around.
Climbing the career ladder within an organisation can be rewarding, but it can also feel like you’re putting a lot of time and effort into making money for someone else. Taking responsibility for bringing your idea into a successful reality can be extremely motivating and the process exciting and spontaneous.
It goes without saying that setting up your own business or side hustle can be a risky financial gamble. Do you give up your stable 9-5 to strike out on your own? Will your investment pay-off in the long run? These are all legitimate questions you should ask yourself before embarking on any business venture, especially in the current economic landscape. However, if your business becomes lucrative, you could end up earning more than you would working as an employee for someone else by generating your own income.
As many founders will tell you, the start-up CEO wears many hats - at times you might be the CEO, Head of Finance or Operations Director. Having the flexibility to encompass these roles is a challenge in itself and not without its pitfalls but it also broadens your capabilities and the skills you pick up on the way will prove to be invaluable.
We will be shining a spotlight on Small Business Owners, self-employed, freelancers, and side-hustlers to find out what it takes to run your own business and what entrepreneurship really means in the UK today. Visit our startup hub and don’t forget to follow our hashtags #StartingUp2024 #SmallBusinessOwners for business startup news and guides.
*This blog is if for information only and not intended for the reader to rely upon when making important life/business decisions and that professional advice should always be sought in such circumstances.
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