Let us begin by discussing the most common advantages to being an entrepreneur. These benefits may inspire you to start your journey.
Create Your Schedule
By becoming an entrepreneur, you will no longer have to punch a time clock or adhere to a schedule. You can create a schedule that will work best with your personal obligations such as taking care of your children or other priorities. Since you are your own boss, you can work whenever it is convenient for you.
You Can Travel
In your job, do you have to wait until a certain time of the year to travel or go on holiday? When you are working for yourself, you can travel whenever you want to. Take the necessary steps to be a safe driver by reviewing the basics on a site like top tests and obtaining the required auto insurance.
You Can Outsource
Chances are, if there is a task that is delegated to you at your workplace, you must complete it whether you want to or not. However, when you own your business, you can outsource any tasks that you do not want to do or know how to do. Virtual assistants can be hired to help you with a variety of online tasks for your business.
Unfortunately, deciding to make this leap is not all sunshine, rainbows and freedom. Research has shown that almost one third of new small businesses in the UK close their doors within two years. Over half fail in the first four years. Therefore, it should not be surprising that there is another side to the previously discussed advantages.
Even though you can create your own schedule, you will not accomplish much during your workday if you have poor time management skills. When you waste time whilst working for yourself, your bottom line will be affected.
You Are On-Call
Yes, you will have the freedom and flexibility to travel when you want to. The downside is that even if you are on holiday, it may be necessary for you to handle a crisis that is related to your business. You will always be ‘on call’.
No Paid Days Off
Once you walk away from your job, you can say goodbye to paid days off for sick days, holidays, family grieving days, etc. You will need to seriously consider how much your days off are worth to you, and if you can afford to take days off without pay.
Responsible for All Tasks
If you cannot afford to outsource, you must make sure all work-related tasks are completed. Even if do not know how to complete a task, you should go online or take local classes to learn the necessary skills.
With freedom, there is also responsibility. If you are not ready for the responsibility, you cannot handle the freedom. Never give up on your goals and dreams, but do know what is ahead of you and obtain as much knowledge as possible.