We all know that there are pros and cons to everything in life, one of which is whether to be the boss or to work for a boss. Some people are “cut out” for entrepreneurship and some are not. Here are some things to consider when deciding whether you should start your own business or determining if you are better suited to be employed by a company.
Pros of being the boss:
- Set your own schedule. You work any time of the day you want and you can take time off to do personal things you love or take a vacation at your discretion. You don’t have to put in 40 hours or abide by 1 hour lunches.
- Control your financial destiny and build your own business rather than someone else’s.
- Run your company however you choose, with your core values.
- Give yourself a pay increase anytime you want. You don’t have to wait for your meager yearly raise.
- Ability to do something you are passionate about and get paid for doing it!
Cons of being the boss:
- Discipline is key! If you think that being your own boss means spending 3 hours at the gym or going shopping all day, you will not be successful. It’s critical you set aside work time and play time. You also have to leave the duties of the house until “after work hours.” If you spend the day cleaning the house, it cuts into your work time.
- No paid vacation, holiday or sick time.
- Pay for your own health benefits or join your spouse’s plan.
- No guaranteed paycheck every other Friday and you may have to pay your own quarterly taxes.
- It’s up to you and only you to be successful or not. You must wear multiple hats and be good at multi-tasking.
Pros of having a boss:
- Guaranteed paycheck every 2 weeks.
- Company pays your taxes.
- Discounted health insurance plans.
- Paid vacation, sick and holiday time.
Cons of having a boss:
- Expectation to work 40+ hours per week. This can take away from your family time and may not offer you flexibility.
- You might be expected to be on call or at least available at the company’s discretion.
- Set vacation time, nothing more and you may have to work around your co-workers to make sure someone is covering your job in your absence.
- You might not be able to suggest or implement new and creative ideas.
As I said there are pro’s and con’s to both of these scenarios. There are also hybrid scenarios as a Consultant in your area of expertise as well, this allows you to conduct some business through a company with some consistent income, then supplement with business you find.
Vote for preference in a comment. I am anxious to hear your feedback!!
If you or someone you know needs help deciding which situation is ideal for you, I can help coach you through the possible options for yourself. In either case, you will need to have a solid, updated resume and LinkedIn profile to ensure you market yourself for the right opportunity for new clients or for a new boss and I can help!!
Purchase a Resume/LinkedIn Profile/Cover Letter/Job Search Consultation package before February 29th and receive a $16 “2016” discount off my normal pricing.
Introducing the Professional Impressions Referral Gift Card program!!
I have partnered with a company to offer my clients a digital gift card of your choice from 100’s of national retailers, e-gifts or non-profit organizations as my way of saying thank you for your referral!
Stay tuned for my next post in 2 weeks— “Branding YOU”.