Business Owners – Tips to being Your own Boss

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From Employee to Entrepreneur

Thinking of starting your own business? Maybe you have a great idea that you think will be a total success, but before you quit your day job you must be aware of the risks and advantages of becoming an entrepreneur. For example, working for a company ensures a peace of mind that does not readily come with owning your own business. The decision-making, salary and flexibility also have their positives and negatives.

Financial and other Decisions

As the boss you would make every decision, therefore any result, good or bad, falls back on you. This can be very stressful and it can become very difficult to handle. But on the other hand, you have the freedom to make the choices you see fit instead of being told what to do. This may give you the independence you have been waiting for; and chances are, if you are looking to start your own business, you probably prefer being the one calling the shots.

Paying You and Your Employees

Your salary will vary depending on the kind of business you choose to start. You may decide to start a business where you are the only employee–a sole proprietorship. With this form of a business, you would reap all the benefits of your hard work. However, you may choose to open a business and hire some employees. This type of business can become very stressful because you no longer have the security of knowing yours is the only paycheck you have to pay.

Now you have to worry about where the money will come to pay your employees, and depending on where your business is located, you may be required to provide health insurance for your employees. This will be especially stressful in the beginning stages when most of your money, if not all, is going to pay for expenses.

Setting Your Schedule

Many people that start their own business do it with the idea that they will be able to make their own schedule. While this is true, you must be aware that in the beginning stages of your business the hours will be very long and you must be prepared for emergencies that can occur at any time. It can be a very unpredictable schedule and you may start to miss the monotony of a 9 to 5 office job.

Other risks include losing access to company health insurance; as an entrepreneur you would have to pay out-of-pocket or pray you are never sick or hurt. Also, you must deal with your clients/customers first-hand; you can no longer direct their call to your supervisor. You may think that being your own boss will outweigh any risk (and it might), but don’t forget you will have to answer to the bank that gave you your business loan, as well as the IRS and other creditors. If after weighing the pros and cons you decide you can manage these risks and believe that your product or service is worth it, we wish you the best!

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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