Benefits of Being Boss
Whether you are in the pre-launch stage, still have your day job, or you have been at this solopreneur thing for a while it’s still important to hold on to your why. Why did you go into business in the first place? What did you find so appealing about being an entrepreneur?
Were you excited to be the boss? Did you think it meant long lunches and flexible hours? Did you want out of the evil corporate world?
Hopefully your reasoning goes beyond any of the above, because as many of you have learned, it isn’t a walk in the park and often the hours and workload you put in are far beyond what you would ever do in a corporate job!
To create a lasting business (and even for those of you who are just interested in this being your side hustle) you need your why to be much more powerful.
Can you not stop thinking about it?
Does the thought of having your business literally consume all of your thoughts? Do you just know you are the right person to do this? This sort of passion (i.e., obsession!) is necessary to carry you through the hard times! You need absolute conviction and confidence to go into business for yourself. You will most likely work longer hours for less money when you are in the early stages. You will encounter failures and setbacks. Without passion, you are more likely to throw in the towel.
We will visit your why and talk about that in a future post.
For now let’s look for a second at some of the major benefits of being an entrepreneur:
When you are an employee you have one role in your workplace and therefore don't need your skills or base knowledge to expand. When you go into business for yourself, you have to learn everything. You will have to stay on-top of what’s happening with tech, tools and your industry news. In other words, you will have to be constantly learning.
When you follow your passion, you will wake up with drive and motivation. Your life will feel like it has direction and you will feel like you are contributing. You will work hard and be building something on your own! Side bonus, a real sense of independence and a confidence boost!
When you set out on your own, no doubt you will be exposed to new people. Many of these people will be fellow entrepreneurs who are doing their own thing. This will be a great reminder that you are not alone and you will have new, talented, ambitious and inspiring friends!
And now something a little more concrete, tax benefits! You will find that there are many things you can write off as a business owner-travel, food, mileage, a portion of your rent/mortgage, phone bills, utilities, office supplies… the list goes on! Talk to your accountant and be sure you are taking advantage of what you are eligible for.
Okay, so this one may not come instantly or even after the first year or so of business! But when it does happen, oh boy is it good. Knowing you are creating your income and in charge of your money feels really damn great! I’m not saying money buys happiness, but it certainly does help alleviate stress and allow you to focus on other more important things.
One of the many wonderful things about being in business for yourself is that many days will be brand new. There is a lot of variety and an endless number of hats that go along with being the boss. It’s hard to get bored as an entrepreneur.
The benefits of being boss do go far beyond these, and may differ for each person! Later this week we are going to talk about a few of the challenges business owners face and how to overcome them.
And next week we are going to get in-depth about our own whys! This a great opportunity for those experienced people to really evaluate why they begin and get a renewed sense of conviction about their business.