6 Reasons You’ll Hate Being Your Own Boss … And Why You Should Still Do It
Owning your own business can be a love/hate relationship, for a number of different reasons. As much as you love being the one in charge, you might hate the stability. While it sounds amazing to make your own schedule, some days it’s tough to force yourself to work. And that’s only the beginning. Those who have started their own business have realized that it’s not a career full of biscuits and gravy – there are plenty of hardships along the way. However, that doesn’t mean it still isn’t worth taking the self-employment plunge.
Before taking on your next big professional commitment head-on, take a look at these common oversights and how they might affect your career. Then, look at why it’s still a good idea to move forward with self-employment, despite these unforeseen stressors.
1. The Work Never Stops
When you’re the one in charge, there’s no such thing as a 9-to-5 job. You might try to keep those hours, but then life chimes in. A client will have an after-hours emergency, or your plumbing will go out at the worst possible time; folks won’t respect the time of day – they need something and they will call, no matter how un-urgent their request might seem. But if you want to keep those customers happy, and keep business period, you make the necessary schedule adjustments to fit them in. And to keep everyone happy.
The positive side: You have a heavy hand in how much money comes pouring through. Eventually those late calls are less bothersome and more comforting; they mean job security.
2. Juggling Thoughts in the Back of Your Head
Chances are you’ve been through at least one life experience where you couldn’t completely shut down your mind. There were too many things happening at once and you were constantly jumping back and forth between ideas. Take that experience, multiply it, and lengthen it indefinitely, and you’ve got small business ownership. While, after some point, you get used to the lingering thoughts, there is a process of learning to de-stress and let go.
The positive side: You’re teaching yourself to multi-task. You’re becoming an all-around skilled pro at juggling tasks, with the ability to successfully follow up until completion.
3. Taxes Are a Nightmare
When you’re readily employed by someone else, there is a pro taking out taxes and submitting them to the proper state and federal entities. When you’re the employer, however, that person is you. (Or your accountant.) You have to ensure all the forms are filled out, all the fees have been dispersed, and you have to get them all done on time. It’s work, and for the non “numbers people” among franchisees, it’s than an exciting occurrence.
The positive side: If you like numbers, this will be a chance for you to shine. If you don’t like numbers, perk up, that’s what accountants are for.
4. People Will Think Your Schedule is a Suggestion
Just because you set your own hours doesn’t mean you don’t work at all, or that you can put in 15 minutes here and there and call it a day. In reality, it means it’s actually harder to work because you don’t always have a set place to go, nor do you have a boss in your ear asking you to get everything done on time. What’s worse is that regular job folks don’t understand that fact. If you’re involved with a volunteer group, transportation train, etc., they’ll assume you can take off as necessary. Beware of those who might be taking advantage.
The positive side: Technically, you can take off whenever you want, you just should make those days or hours up later. This is to your advantage, just beware of who you advertise it to.
5. Your Salary Doesn’t Come First
If the company needs money, that’s where the money goes. Especially in the beginning stages. While you will have a more steady income after months or years in of operation, in the event of a slow period, funds still shy away from your pocket before anyone else’s.
The positive side: This will teach you to budget and live on less. It also provides a feeling of accomplishment where you can know you’re taking care of your employees first.
6. The Sheer Volume of Tasks
When you’re employed by a company, generally you have a short job title. Where you are in charge of X number of tasks. When you own an entire business, all of the tasks fall onto your shoulders. All of them. That doesn’t mean you can’t outsource or find someone better for the job, but it does mean that in some shape or form, it’s up to you to get things done.
The positive side: If you want something done right, do it yourself, right? The good news is that you get a say in how everything is done. Setting things up your way can lead toward years of success, and it will ensure things are done how you want them, without forcing you to micromanage later.
As a business owner, you’ll be challenged, rewarded, then challenged again. Will you accept the challenge?