There are over 28.8 million small businesses today and each year, over 627,000 new ones are incorporated. Yet it seems the entrepreneurial spirit is on the decline among the American public, even as it thrives all across the globe. For anyone looking to become an entrepreneur, one of the things they should contemplate when making their decision is whether it is worth it to start their own business and whether their lives would be better if they were an employee and not an employer. Can running your own business bring about a better quality of life? In many cases, being your own boss comes with added responsibilities but it also has its merits; all of which can be great improvements to the life you live.
It Gives You A Better Shot At Getting The Work-Life Balance Right
Workers all across the globe continue to pursue and request a better work-life balance from employers. Running your own business can give you a chance to achieve that. Around 53 percent of workers want to achieve a better work-life balance in 2023, based on the results of a recent ACAS study. Running your own business means you can dictate your work hours (to some extent), your retirement path and have more control over when you work and where you work. In fact, 69 percent of U.S entrepreneurs start their businesses from home and many retirees go on to continue working or scale down their business hours later in life. Similarly, just as you can carry on working past retirement, you can opt for early retirement should your business’ success allow this.
However, keep in mind that when you are first getting your business off the ground it can require long hours so although there is some flexibility, there is also greater workload thanks to you wearing many hats. Although it brings you all of the rewards as the entrepreneur, the risks including financial risks also lie solely with you. This includes securing the right startup funding sources which can in many cases prove to be linked to your personal life such as credit cards or for senior homeowners, borrowing against home equity using specialized lenders.This can also contribute to the long hours needed to meet payments in the early days of your business.
You Can Dictate Your Career Path To Align With Your True Calling- And Boost Your Mental Health
Employee satisfaction has many links to our personal happiness and mental health. Starting your own business gives you the freedom to choose both the nature and direction of your business is one that resonates with your passion and preferred career choice. You can choose the industry you wish to work in and the service or product that appeals to you. It also encourages innovative thinking and constant self-improvement. When running your own business, no two days are exactly the same. You are constantly challenged and introduced to new issues to be solved. |This means there is less of a chance that you will become bored in your role as a business owner, and if your choice of business is one that you love, much of the labor and time placed into growing your business feels less like work and more like pleasure.
You Get To Determine What Is Important- In Business And Out
Being your own boss means you get to make the decisions including what you want your business to stand for. It is up to you to determine not only the business’ direction but also the brand you wish to build, how you want to be seen by the customers and the values you want to project on both customers and employees. As an employee, you are not given that chance and in many cases, you can find employees values and morals do not align with the business’. Now, as a business owner, you are in full control to define what is important to you and in your business. In addition, this environment trickles down to your workforce. You get to choose the kind of employees you hire and work with and the values you wish to be reflected in your labor force.
There are endless reasons to begin your own business and just as many, to not pursue it. Employees all across the globe today find themselves working long hours and feeling unfulfilled at work and as a result, at home. The freedom and flexibility that being your own boss provide can be just the change you need to boost your career satisfaction, personal happiness, mental wellbeing and your quality of life overall. However, keep in mind it comes with a price. Being your own boss requires commitment, determination, and an entrepreneurial spirit. Once you are willing to put in the work, you can experience all the benefits that being an employer allows.