Politics and Business
7 Signs It’s Time to Be Your Own Boss
The biggest attraction of starting your own business is the chance to be your own boss. Not taking orders from a micromanager, making your own decisions, and ultimately reaping all the rewards is the reality of starting your own business.
During the Great Resignation resulting from the COVID-19 pandemic, 32% of all Americans quitting their jobs did so to start their own businesses.
Are you unsure whether you want to be your own boss? Here are some of the signs that now might be the time.
It’s Your Dream
You may have talked about it with friends and family. You may have thought about it, or you might even have researched different business ideas. But, if you’ve realized that it’s no more than a fleeting thought, it’s a sign that it’s time to start your own business.
Ultimately, people who constantly try to convince themselves that becoming their own boss isn’t for them are precisely the sort of people who should take the plunge. But, sadly, millions of such candidates will never work up enough courage to chase their dreams.
Don’t let the years continue to pass you by. Now is the time.
You’re Not Afraid of Risk
Jumping into life as a newly self-employed individual is never risk-free. Risk is part of the game because your business could fail. The fact is that 45% of all companies fail during the first five years. The odds are against you, but the rewards are worth it.
If you’re not afraid of putting your savings into a business venture you believe in, you’re ready to start your own business.
Before taking the risk, take action to mitigate the risk. Firstly, make sure you incorporate a business type that gives you some form of limited liability protection to ensure that your personal assets are not at risk.
You can also lower your risk by taking out self-employed business insurance. Comprehensive insurance packages protect you if you get sued by an employee or customer. Insurance packages may be an extra cost, but with legal bills, medical expenses, and settlements resulting in six-figure and seven-figure payouts, it’s an investment worth making.
Finally, do your research before putting your money into a business. Make sure there’s real market demand for what you’re offering. Perform some studies, propose your idea to a focus group, and see the response. You don’t want to put your heart and soul into something nobody cares about.
Climbing the Corporate Ladder No Longer Appeals
If you’ve been working for someone else, the chances are you have spent a considerable portion of your life chasing promotions. Climbing the corporate ladder may be the ultimate goal for the older generations, but the prospect no longer tantalizes an increasing number of employees.
According to the Bureau of Labor Statistics, the median tenure for employees aged over 25 was just five years. The traditional idea of sticking with the same employer for life and climbing the rungs of your organization has been confined to history.
If rising through the ranks no longer appeals to you, it may be time to check out of the rat race and start your own business. Put yourself in control by creating your own business now.
Your Work Persona Offers No Fulfillment
Fulfillment is essential for our mental health. If you find yourself unsatisfied with your work persona, it indicates you’re not doing what fulfills you.
Many entrepreneurs became self-employed because they looked at themselves in the mirror and determined who they are in the office is not an accurate reflection of their personalities. As a result, people with different characters in their professional lives are moving further and further away from personal joy.
Become who you really are by being your own boss.
Corporate jobs are notorious for making their occupants feel suffocated. Feeling like you are living in a real-life version of Groundhog Day is no way to live.
Simply doing a job because it pays the bills is an easy road to feeling suffocated. Unless you happen to be in a role where you think you can express yourself to your fullest potential, your job is likely sucking your energy away.
If the thought of another pointless corporate brainstorming session wears you out, start your own business and use your time wisely.
You Hate Being Managed
Most people have a love-hate relationship with management. Some people need guidance to get the job done and point them in the right direction. Other people loathe someone else looking over their shoulders.
All successful entrepreneurs are self-starters who don’t need nor want someone else butting their heads into their work.
If you want to enjoy your work without looking to please somebody else, the life of an entrepreneur could be right for you.
You’re an Independent Soul
Not everyone is designed to be their own boss. Although more people than ever are toying with the idea of saying goodbye to the corporate world, many of these individuals will fail and return to a salaried way of existence.
It doesn’t indicate a failure on their part. Instead, it shows that they were not designed to be an independent worker. So many people need that structure of a regular paycheck and a firmly established role.
So many would-be entrepreneurs underestimate the work of creating a successful business. You need to wear multiple hats and do many things you don’t want to do. While you can hire independent contractors, this requires an established business income or significant savings to manage.
The way of the entrepreneur requires someone who’s independently minded to make it happen.
Countless Americans are considering starting new businesses and leaving employed life behind forever. But unfortunately, the vast majority will never take the plunge because they’re afraid of the risks that come with it.
There’s no doubt that running your own business is a challenge that will change you fundamentally, but the rewards are unrivaled.
Are you ready to start your own business, and if so, what type of business do you want to start?