The global Covid 19 pandemic has brought people’s daily lives to a point where no one can guarantee or make long-term plans tomorrow.
People have lost jobs, incomes have gone unnoticed, and this has caused a lot of people to start thinking about taking their entrepreneurial option seriously.
There are many benefits of being your own boss, and here we’re going to list some of the many advantages of running your own business.
1 – Job Security
I think this is the most obvious advantage of running your own business, because you know you’re never going to be laid off or fired. When you are an entrepreneur, the peace of mind of knowing that you have your destiny in your hands, the only thing you need to worry about is the success of running it.
2 – Having Choice
When you run your own business, you’re going to make your own choices instead of being told what to do. Sometimes being an employee, you can get frustration from other people making good or bad decisions for you and not having the choice to make an input, but when you own your own business, you can make those choices that you feel are best for your business.
Another advantage of being self-employed is the choice to implement those unique ideas that you have had for a while, without having the red tapes and processes that you have to go through while you are employed to see them implemented.
Plus, you get all the credit for owning the idea, as opposed to the company taking credit for your ideas.
Take, for example, the Vodacom Please Call Me saga, which saw Vodacom “own” the idea of an employee, with that idea generating billions of Rands for the company, while the employee who introduced the idea just received his normal monthly salary and never benefited from the idea.
3 – Work your own hours
Even if you could work a normal 9 to 5 being your own boss allows you to have the flexibility to work as many hours as possible.
Entrepreneurship may have its own challenges that require you to spend a lot of hours on any given day, but you can at least have the comfort of knowing that the hours you spend are moving towards the long-term success of your business.
Being your own boss, you have the freedom to come and leave as you please, and can be suitable for people who may need time to go on vacation, pick up their kids from school, go to the gym, or try other ventures at the same time.
4 – Financial freedom
Entrepreneurship offers financial freedom by providing you with more financial rewards if your business is successful. Being an employee, the amount of effort you put in does not really affect your monthly salary, whether you spend more hours, suggesting innovative ideas that you still get paid the same.
The bolder the risks you take as a business owner, the better the rewards you get, and you can expand your business and finance much faster.
5 – Get to work with who you want
Have you ever dealt with a client that you just felt like if you owned a business that you just wouldn’t deal with?
This is the advantage of working for yourself, you get to choose which clients you want to work with and who you can let go of. You can also interact with your clients on a personal level and give them that personal touch.
The other advantage is that you can also select and hire an internal team that you want to work with, the ones that best represent your brand and your values.
6 – Challenge yourself
When you work for yourself, you can challenge yourself to grow to the level you want to reach, achieve fulfillment and constantly learn something new.
Being employed comes with its own challenges, such as doing the same tasks every day that can cause you to lose motivation and stagnate.
You can follow your passion and do what makes you happy, and because you don’t feel like a job, you can have as much fun doing it while at the same time feeling a sense of pride knowing it’s yours.