How Being Your Own Boss Can Have Incredible Benefits For Your Finances And Wellbeing
Working for yourself can be a freeing and positive experience. Becoming self-employed or launching a start-up business can feel equal parts terrifying and exhilarating. It is important to go into the process with your eyes open. It will be hard work, but the dedication will be worthwhile. The benefits you will see in your personal and work life cannot be overstated.
You will gain a deeper understanding of your personal finances and enjoy the benefits of greater creative control in your working life. Being your own boss can have incredible benefits for your wellbeing, though it is important to do what you can to boost your mental health and manage the stress of being your own boss appropriately. Here are some of the key benefits you can enjoy when you take the leap and become your own boss.
Flexibility In Working Hours
One of the most commonly mentioned benefits of being your boss is controlling the working hours you will get. This can be particularly attractive to those with childcare responsibilities, as it allows you to work when it suits you. Over time, as your business becomes more successful, you will be able to hire a team that will make running your business even more straightforward.
It is worth noting that you will likely be incredibly busy in the first few months of being self-employed. You need to start strong to ensure success, which may take you away from your family and social circle at times.
Control Over Creative Decisions
When you work for yourself, you have complete control over the creative side of your business. There is no one else to answer to, so you can make the business of your dreams. Of course, you will have to answer to clients and customers, but you can also be selective with the types of clients you take on, ensuring that you work with like-minded people.
Boost Your Confidence
Running your own business can be a massive boost to your confidence. Anyone that has gone from employed to self-employed will know that the transition can be daunting, but you will come out of the process with greater confidence in yourself and your abilities.
It is essential to be prepared for the doubt and worry that can often come in the first months of being self-employed. This is natural and normal, and you should not let negative emotions and concerns eclipse the many benefits of working for yourself. Getting through this tricky stage will leave you with a strong sense of confidence. It may help to talk to other self-employed people to get advice on how to deal with the emotional times you will face.
When you own your business, you have a lot more control over how long you have to work. Some self-employed people opt to work hard earlier in life to allow them to retire in middle age. This can be an excellent option for anyone that wants the freedom to enjoy later life. You will need to manage your money carefully to be able to retire early.
You will also need to build up your staff to ensure that your business will manage well without you. A common and popular option is to retire partially, returning to the office semi-regularly to help out and offer advice, or pitch in a helping hand during a busy season or crisis.
Manage Childcare Easily
As mentioned previously, being self-employed allows you to work the hours that suit you. Naturally, there will be times that you will need to be available for your clients, but overall, you will have significantly better control over your time. This can be a particular advantage to anyone with childcare responsibilities. The cost of childcare can be high, so being able to care for your kids yourself can help your family’s finances.
Investing In Yourself
Becoming self-employed allows you to focus on your professional development. When working for a company, you are dependent on how and when they decide to develop you professionally. There is a limit to the potential you can reach as an employee in some companies. As a self-employed business owner, these limits do not exist.
You will be limited to an extent by money and what you can afford, but the potential is there. There are many resources available that are aimed towards helping new businesses reach their full potential, along with plenty of government grants and training you could take advantage of.
Improved Financial Literacy
Self-employed people need strong financial literacy. Managing a business means ensuring you have a firm handle on the finances. As a business owner, it is your job to ensure that you understand how to manage your company’s money. This can have a great impact on your personal finances as well. The financial common sense and management skills you will learn will undoubtedly transfer to your personal finances.
It is an excellent idea to do regular reviews of your personal and business financial health. Enlisting the services of a business accountant can be invaluable. You should budget regularly and ensure you know exactly what you have coming in and going out at any time. A great way to budget for your personal finances is to understand how much you will be taxed as a self-employed worker. Using a tax calculator can be a great way to ensure you understand your financial health. This tax calculator in Alberta from the experts at Wealthsimple is the perfect option for any self-employed person.
Build Life-Long Working Relationships
As a business owner, you will have total control over the clients you work with and the suppliers and third parties you use. As a result, you will be able to foster long-term working relationships that will be beneficial to all. This means that you can choose to work with businesses and professionals with ethics and values that match your own. For instance, if you are keen to be seen as a sustainable business, you can choose to work solely with zero-waste companies.
Start A Family-Oriented Business Legacy
Many business owners dream of passing on their business as part of their legacy. You could get them involved in the company early on if you have kids. The more they are engaged in the business, the better able they will be to take over the running effectively when the time comes. This can also have benefits for your business’s success, as many people are keen to support local, independent family-run enterprises.
Create A Supportive And Positive Work Culture
You can create the workplace culture you want to experience. You can ensure that yours is a business that cares about its people. This will make your business one that people want to work in, inspiring loyalty and boosting retention. You should ensure that your team knows that you value their work-life balance and that their health and wellbeing is crucial.
You could offer perks that allow your employees to get the most out of their time with you, such as training and progression opportunities, resources to help improve mental health and reduce workplace stress, and more.
Support Charities And Local Causes That Matter To You
Many businesses choose to partner with local charities as a way to give back and boost their profile and reputation in the community. You should look at charities that serve causes close to your heart.
Reach out to a few charities and see how your business could help and whether they would be willing to partner with you formally. You could do fundraising for the charity, allow your team to take time during the workday to volunteer, and use your social media presence to boost the charity’s reach.
Put A Focus On Mental Health
Mental health is something that we all struggle with at times. A lot of stress can be related to work, and as a business owner, you will have the ability to promote good mental health practices in the workplace. As mentioned above, this can include maintaining a healthy work-life balance.
You should also ensure that none of your team feels obligated to work outside of their contracted hours, as overworking can lead to burnout. You could consider offering mental health maintenance training and other ways to help improve your team’s mental health.
Do What You Love
One of the biggest benefits of being your own boss is the ability to do what you love. Provided there is sufficient demand for your business, you can do whatever brings you the most joy. While owning a business can be challenging in its own way, the rewards that it will bring are truly incredible.
Being your own boss can be incredibly rewarding. It is not without risks, so you should ensure you plan carefully to have the best chance at success. The freedom of working for yourself allows you to follow your passions, build something you can be proud of, and create a legacy that will last.