Lately it feels like all of my friends with “real jobs” want to branch out to be their own boss. Maybe a lot of them are taking business or online MBA courses with the aim of doing just that. Most entrepreneurs take deep pride in being their own boss. I think it’s cool to be your own boss and all but is it all that it’s cracked up to be? I’m personally one of those people that will always at least hold down a part time job. I don’t think I could ever fully be my own boss.
What if you’re reading Passive Income Now and strongly considering becoming your own boss in the near future? A few things to consider for those of you that want to leave your job to be your own boss:
The buck stops with you.
You can’t go home at 5 (or stop working if you work from home) just because the work day is officially over. There really is no work day. There really are no boundaries at all to be honest. The boundaries between work/leisure time and home/office space become pretty much non existent. Just from running a blog I find myself checking email, stats, and jotting notes at the most random times. My friends will assume I’m texting a check on my phone when in reality I’m responding to an email from a reader. The thing with being your boss is that the buck stops with you and you’re ultimately responsible for EVERYTHING that involves your business. You can’t pass on the money problem to that annoying guy in Finance.
Long hours.
If you think your 8-hour shifts suck, just wait until you become your own boss. There will be days where you watch reruns of The Office all day. Then there will be days where you don’t have time to respond to a text from your best friend. You take the good with the bad and hopefully you understand that just because you work for yourself it doesn’t mean that you work less by any means.
The only beauty about being your own boss I find is that most people get so caught up in their work that they don’t mind and they don’t even feel like they’re doing “real work.”
Payment/money issues.
Most of us pretty much hate dealing with money. We want to receive our paycheck and move on with life. Anyone that has ever had to run their own business will tell you that a major cause of stress comes from:
How will the business earn money?
Where will the money come from?
Working for someone else you’ll never ever have to really think about these two questions. Now as your own boss these two questions will consume your mind on a daily basis. Are you ready for this?
Once again I want to make it clear that as much as I support entrepreneurship, I fully understand that I will always hold down some sort of a part-time job. Being “your own boss” sounds exciting and all, but I’m not ready for all of the risk yet.