Is Starting Your Own Business Worth It?

Speaking strictly time and money, return on investment, Yes starting your own business is worth it.

With all things, there are some caveats that come with starting your own business. Starting a business will take a lot of time, energy and resources. Also if you have had a job as an employee up until now there are a few things that will be considerally different when it comes to comparing “employment” and “ownership”.

What Are The Differences Between Being An Employee And A Small Business Owner

Your the boss –

Probably the biggest and most obvious difference when starting your own business is that you don’t have a “boss” to answer to. But what does that actually mean?

It means you are responsible for setting the deadlines that your employers would have normally set.

You don’t HAVE to start work at 8 am everyday, but that doesn’t mean that you shouldn’t.

Lets talk about the “no boss” idea as well. In the common sense of the phrase you won’t have a single boss that is expecting specific tasks from you, but the reality is that when you transition from employee to owner, you go from ONE boss to many.

Now every customer is essentially a boss, they are paying you and they expect a certain level of work form you.

Your the money –

If you have been employed by a company up to this point it has been a pretty straight forward order of operations

You clock in – you do your job – and at the end of the week you get a paycheck.

Thing change quite a bit as the owner. You are in complete control of making sure you get paid for your work. You will surely appreciate that your employer had always made sure there was money for your paycheck.

Most businesses won’t have a steady stream of income like your previous paycheck, there will be times of plenty and times when it is a bit leaner. Sometimes much leaner.

The ability to budget well will come in handy in this part of the business.

Is Business Ownership More Stressful Than A Job?

Yes and no, there is the stress that comes with being the primary decision maker and the fact that as the owner you are never really off the clock.

On the flipside you don’t have the stress of a boss looking over your shoulder.

It is often said that it is risky to start a business. This being true there are so many resources available to help you get a head start in the right direction, the risk has actually been mediated slightly.

It is also important to keep in mind that on the face working for a company that you don’t own seems less risky, at the end of the day you aren’t truly in control. If the owners of the business that you work for are irresponsible in the way they run the organization, they can easy run the company into the ground.

Many times the employees are the last to know when there are serious issue with a company.

Venturing out on your own to create something new does caring risk and a lot of unknowns, but at least as the owner you can feel secure that you are in control of your own destiny.

What Are The Benefits Of Owning A Small Business?

Financial freedom – A successful business is one of the best paths to financial freedom.
Passive income/ free time – When structured correctly you can benefit from passive income from your business down the road.
Legacy – If you have kids or plan to have kids, creating a well run business is a great way to pass wealth onto the next generation.
Taxes – There are very few tax deductions or any real value that are available for the average employee, but there are many for small businesses.
Connections – As your company operate your business one of the biggest benefits will be the connections you make with other companies and people in your local market.