(being independent/self employed) top 10 benefits of being your own boss

Post Reply
User avatar
Quiet-Q
godfather
Posts: 56512
Joined: August 4th, 2007, 1:30 pm
Region: North East
Affiliation: Avoiding nonsense
Location: Uptown bx-northside Jamaica- bmore

(being independent/self employed) top 10 benefits of being your own boss

Unread post by Quiet-Q » August 12th, 2018, 12:39 am

Top 10 Benefits of Being Your Own Boss. Be Your Own Boss vs Employment. Which Would You Prefer?



Although most people with “regular” jobs are curious about what it would be like to be their own boss, any reasonable person would have to admit that self-employment is likely to come with significant challenges. Not everyone has “what it takes” to launch and operate successful business, but if you feel that you are creative, persistent, and resourceful enough to make a comfortable living as the director of your own company, then consider the following 10 advantages that being your own boss could offer in comparison to employment:


1. Greater Control

As a self-employed business owner you'll have the freedom to make executive decisions that will affect the future of not only your company but also your family and career in the long-term. As an employee you can only exercise control within the boundaries of your job description.

2. Flexible Work Hours

One of the most appealing types of control that an entrepreneur has is the ability to choose when they want to work. With that said, working inconsistent hours and failing to commit to a set work schedule is a sure way to hinder the success of your business. Be realistic and don't give yourself too many vacations or progress will certainly suffer. Keep in mind that balancing work and life is an essential aspect of succeeding as a business owner.


3. Open-Ended Career Progression

As an employee you have limited opportunities to get promoted to more lucrative positions. Pay raises are typically few and far in between, and when they do come they are relatively nominal. On the other hand, as a self-employed individual your income potential is limited only by your own willpower and proficiency. You can also use the accolades you've obtained as the manager/CEO of your own company to secure similar job positions for larger companies in the future if that is the path you choose to pursue.

4. Greater Sense of Satisfaction

When you do a good job as an employee you may be rewarded with something like an “employee of the month” certificate, a small pay raise that only slightly increases your hourly wage, or maybe even just a simple “pat on the back” acknowledgement given by superiors during a company meeting. On the other hand, when you consistently perform well as a self-employed business owner your entire company reaps the benefits, your income gradually increases, and as a result you feel a much greater sense of satisfaction and fulfilment.


5. Diverse Learning Experience

During your journey as a budding businessman you'll learn invaluable lessons about accounting, micro-management, consumer psychology, increasing productivity, conducting professional correspondence, and countless other topics related to business management. This knowledge will prove to be useful regardless of whether you choose to start working for another company again or take the more entrepreneurial route of founding additional startups.



6. Forming Positive Habits and Attributes

Every self-employed person has to develop certain habits and tendencies if they want to generate enough income to keep up with personal and corporate financial obligations. As your own boss you are the only person standing in the way of your own success. People who own and operate businesses for long periods of time tend to develop attributes like punctuality, diplomacy, reliability, diligence, and frugality. As an employee of another company you simply don't have the burden of responsibility that a self-employed person does, so you're never pushed to adopt such traits.


7. Enhanced Business Networking

Unless you are employed in an advertising, marketing, or public relations position for another company, chances are you'll do more networking as the owner of your own business. To effectively promote and operate your company you'll probably have to communicate and conduct transactions with people in related industries on a regular basis. Therefore, you'll likely have more chances to meet other business owners and managers, so available networking opportunities become more abundant.

8. Higher Motivation and Morale

When you show up for work everyday and perform designated tasks in exchange for a preset salary or wage things can become a bit mundane, whereas the degree of spontaneity involved in operating a business independently tends to allow for much more excitement and enthusiasm. They also tend to be more confident and have a higher overall morale due to their financial independence.


9. Employment Protection

Whether you sell product or services, one fact remains a constant truth – as long as your company stays in business, as the owner/director you'll always have a job. The same can't be said for an employee, who may or may not be working for their current employer from one year to the next. Even if your company starts to experience hardships and income decreases, as a self-employ individual you'll still have the ability to initiate a recovery and take matters into your own hands.

10. The Ability to Retire Sooner

Last but certainly not least, self-employment retirement plans let you save more towards your retirement because you can make higher annual contributions towards your solo 401(k) account than you could with a retirement account provided by an employer (which would have more restrictive maximum contribution limits). In addition to letting you contribute more towards your retirement account each year, self-employment also gives you more opportunities to generate the type of money needed to fund an early retirement.

User avatar
SouthernKali-L™
oog
Posts: 15673
Joined: November 4th, 2015, 8:30 pm
Region: West
Affiliation: receiving L's on the half of southern kali
Location: Look at this gay avi here, as you can see all in a another man's face smh

Unread post by SouthernKali-L™ » August 12th, 2018, 12:46 am

that sh*t 100x harder than all that :facepalm: what business and LLCs type you getting first determines this list... if you opening something that u kan't run by yourself who doing the payroll for the employees? health benefits , is you doing all the accounting part or not.. and you have to pay high taxes I know plenty business owners n hang around them observing sh*t and still got paperwork for when I apply for a LLCs n register for a EIN n business licenses
/|\ gangst3rs Killa TALL Insanek die Kkrowns ][][]['s

OLDxENGLISH
superior
Posts: 3466
Joined: November 29th, 2013, 4:12 pm
Region: West
Affiliation: Dope Lab Records CA
Location: Central California

Unread post by OLDxENGLISH » August 12th, 2018, 1:06 am

SouthernKali-L™ wrote:
August 12th, 2018, 12:46 am
that sh*t 100x harder than all that :facepalm: what business and LLCs type you getting first determines this list... if you opening something that u kan't run by yourself who doing the payroll for the employees? health benefits , is you doing all the accounting part or not.. and you have to pay high taxes I know plenty business owners n hang around them observing sh*t and still got paperwork for when I apply for a LLCs n register for a EIN n business licenses
Yo Twenty Ima send u a message on FB right now

The Chosen One
ooog
Posts: 24983
Joined: September 18th, 2013, 9:38 pm
Region: West
Affiliation: Neutral
Location: San Bernardino

Unread post by The Chosen One » August 12th, 2018, 4:53 am

OLDxENGLISH wrote:
August 12th, 2018, 1:06 am
SouthernKali-L™ wrote:
August 12th, 2018, 12:46 am
that sh*t 100x harder than all that :facepalm: what business and LLCs type you getting first determines this list... if you opening something that u kan't run by yourself who doing the payroll for the employees? health benefits , is you doing all the accounting part or not.. and you have to pay high taxes I know plenty business owners n hang around them observing sh*t and still got paperwork for when I apply for a LLCs n register for a EIN n business licenses
Yo Twenty Ima send u a message on FB right now
:lol: :lol: NAH f*ck ALL THAT. I HAVE A JOB FOR TWENTY.. HE CAN BE MY PUNCHING BAG :lol: :chinamike:

User avatar
HarlemWorldATL
ooog
Posts: 21401
Joined: May 14th, 2010, 2:40 am
Region: North East
Affiliation: I get money with my Crip niggas n bitches

Unread post by HarlemWorldATL » August 12th, 2018, 5:00 am

SouthernKali-L™ wrote:
August 12th, 2018, 12:46 am
that sh*t 100x harder than all that :facepalm: what business and LLCs type you getting first determines this list... if you opening something that u kan't run by yourself who doing the payroll for the employees? health benefits , is you doing all the accounting part or not.. and you have to pay high taxes I know plenty business owners n hang around them observing sh*t and still got paperwork for when I apply for a LLCs n register for a EIN n business licenses
Yea it's Alot that comes with starting n running a legit company.I'm going thru it now but I just started mines in May

User avatar
SouthernKali-L™
oog
Posts: 15673
Joined: November 4th, 2015, 8:30 pm
Region: West
Affiliation: receiving L's on the half of southern kali
Location: Look at this gay avi here, as you can see all in a another man's face smh

Unread post by SouthernKali-L™ » August 12th, 2018, 11:02 am

HarlemWorldATL wrote:
August 12th, 2018, 5:00 am
SouthernKali-L™ wrote:
August 12th, 2018, 12:46 am
that sh*t 100x harder than all that :facepalm: what business and LLCs type you getting first determines this list... if you opening something that u kan't run by yourself who doing the payroll for the employees? health benefits , is you doing all the accounting part or not.. and you have to pay high taxes I know plenty business owners n hang around them observing sh*t and still got paperwork for when I apply for a LLCs n register for a EIN n business licenses
Yea it's Alot that comes with starting n running a legit company.I'm going thru it now but I just started mines in May
I meant to write you about that offline and the sh*t that komes with it ... when you applied for your articles of federation or whatever that sh*t kalled when you first start a business/LLC's .. do you have to pay taxes upfront for that business? you know like the yearly taxes :lol:
/|\ gangst3rs Killa TALL Insanek die Kkrowns ][][]['s

User avatar
HarlemWorldATL
ooog
Posts: 21401
Joined: May 14th, 2010, 2:40 am
Region: North East
Affiliation: I get money with my Crip niggas n bitches

Unread post by HarlemWorldATL » August 12th, 2018, 11:25 am

SouthernKali-L™ wrote:
August 12th, 2018, 11:02 am
HarlemWorldATL wrote:
August 12th, 2018, 5:00 am
SouthernKali-L™ wrote:
August 12th, 2018, 12:46 am
that sh*t 100x harder than all that :facepalm: what business and LLCs type you getting first determines this list... if you opening something that u kan't run by yourself who doing the payroll for the employees? health benefits , is you doing all the accounting part or not.. and you have to pay high taxes I know plenty business owners n hang around them observing sh*t and still got paperwork for when I apply for a LLCs n register for a EIN n business licenses
Yea it's Alot that comes with starting n running a legit company.I'm going thru it now but I just started mines in May
I meant to write you about that offline and the sh*t that komes with it ... when you applied for your articles of federation or whatever that sh*t kalled when you first start a business/LLC's .. do you have to pay taxes upfront for that business? you know like the yearly taxes :lol:
Didn't even do all that I just made a site,promo'd it a lil bit n started making money :lol:

Ima get around to doing all the paperwork soon tho cuz I tried starting another business before that n made nothing so I didn't wanna waste money on all that stuff until I finally found something I was sure I can make money from.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post