2.6 million people in the UK said they aim to start their own business in 2019 1. It’s no surprise. Who hasn’t ever dreamed about saying goodbye to corporate life and setting out on their journey? Working for yourself is tough, but the benefits far outweigh the problems. Here are our ten favourite things about being your own boss.
Starting your own business changes your life for the better.
#1 – You’re free
As your own boss, you are free to work whenever and wherever you like. Want to work from home? Go for it. Why not try co-working or a tour of local coffee shops? If you’re not a morning person, you don’t have to start work until after lunch. It’s up to you. Plus, you’ll never miss your daughter’s nativity play again.
#2 – You learn a lot
When you start your own business, you wear many hats and it can be daunting at first. However, you soon learn to become the head of sales and marketing, bookkeeper and everything else. You also learn a lot about yourself; your capacity to motivate yourself and get difficult things done. Develop a thick skin, you’ll need it.
#3 – You become interesting
When you meet people as a business owner, people always want to hear your story. Everyone dreams about being their own boss, but not everyone has the guts to do it. You did. They want to know why and how. As you build your business, put yourself out there and meet people.
As your lifestyle changes, remember that your need for life insurance changes too.
A study by Exeter University found that self-employed people are more likely to have a happy and fulfilling career 2. Let’s find out why.
#4 – Responsibility is a great feeling
Knowing that every penny you make is down to you can be daunting, but when you make it work, there is no better feeling. You do great work. You make your customers happy. You contribute to the economy. Celebrate it.
#5 – You get to do what you love
85% of people dislike their jobs 3. You can’t be one of them when you work for yourself. You can decide what you want to do, as well as who you want to do it for. Finding your niche is key to success in business. Make sure it’s something that interests you.
#6 – No more meetings
As your own boss, you’re free to define your own culture and vision for your business. Say goodbye to those pointless meetings that waste your day. You can wear whatever you like, listen to whatever music you want. Plus, you get to choose the office coffee.
Even self-employed people need to think about life insurance. Consider how working for yourself will change the type of coverage you need.
The change in your financial situation when you start your own business can be hard to deal with, but there are significant advantages.
#7 – There is no limit to your earning potential
In your corporate life, you earned a salary, which remained the same every month. As your own boss, the amount of money you make is only limited by your creativity and how hard you work.
#8 – You get to keep everything you make
Well, almost everything. You still have to pay your taxes. However, as your own boss, you decide what to do with every penny you make. Do you want to invest it in marketing your business or get a new car? The choice is yours.
#9 – You can create jobs
As your business grows, you can start to employ people. This brings a great feeling of satisfaction as you give people opportunities to fulfil their own careers, but it also means you can make more money. If you don’t want to employ anyone, you can support other self-employed people through the gig economy.
Being self-employed may mean you do not earn a consistent income. Make sure you have insurance to help you through these times.
The final, most important one…
#10 – You don’t have to lose your benefits
When you worked for a company, you had paid holidays, sick pay, private healthcare and other benefits. As your own boss, you don’t have these perks to fall back on anymore. You need to think about how you are going to maintain your income if you become ill or worse. Don’t panic. There are life insurance and income protection packages available, tailored to the needs of people who work for themselves. Why not look into it today?
Subscribe to Sherpa to learn more
To find out more about life insurance for small business owners, subscribe to Sherpa.
1 – “2.6 Million Brits Aim to Become Their Own Boss in 2019, Research Reveals.” FreeAgent, www.freeagent.com/company/press-room/millions-of-brits-aim-to-become-own-boss/.
2 – “University of Exeter.” Research News – Self-Employed Happier at Work – despite Long Hours and More Uncertainty Research – Research at Exeter – University of Exeter, www.exeter.ac.uk/research/newsandevents/news/title_646934_en.html.