The Pros And Cons of Being Your Own Boss
I had no idea before starting FIT4MOM if I was cut out to be an entrepreneur. I hadn’t planned on opening my own business. But after 16 years of doing it, I now know that I LOVE being an entrepreneur. I have loved seeing my dream come to reality and creating an awesome culture in my business. And apparently I’m not alone in my desire to be a business owner.
Entrepreneurship continues to grow year after year in America, with women opening more than 50% of new companies. It’s a golden age for women entrepreneurs as we now have access to new business models and technology that never existed before. That coupled with seeing more kick-ass women leaders gives us all the inspiration to create our own path. But is being your own boss good for everyone? I think not. I personally will always be an entrepreneur; but I’m aware that it is not for everyone!
We are all different. Some of you are bubbling with ideas, love to lead and be the one in control. Others prefer to show up, do the things and go home leaving the office behind. Neither are wrong. You want to align yourself with a career that suits your personality.
Here are some of the pro’s and con’s that I’ve experienced in being my own boss.
Pro - You get to walk your own talk. You get to do things as you dream them up. You’re in control and get to lead as you see fit. There is great satisfaction in seeing your dream come to fruition.
Con - You are the leader. If you are unsure of what you want to do or how to lead, then you may be better staying employed or buying into a franchise or business opportunity.
Pro - With your own business, you can create your flexibility. You can create your own hours, where you work, when you work.
Con - You're always working. There is no longer a 9 - 5 but it’s difficult to “turn it off” Running your business will usually creep into your personal life time.
Pro - Money! There is no limit to your earnings. You create the possibility and generate the revenue. You don’t have to wait for someone to give you a raise or bonus.
Con - Money! You are financially responsible. Making money and more importantly a profit may be harder than you think. You can’t give yourself a raise or bonus if you don’t have the cash flow. In fact, you very well may be funding the business from your own personal accounts.
Pro - You get to build your team. You literally get to choose who you want to surround yourself with. You create the culture and the vibe of your business.
Con - You sometimes have to let go of your team. The reality is that you will have to let some people go. It’s not fun. And it’s worse if you keep people that you should let go of.
So, do the pros exhilarate you? Do they excite you? They better! If you feel like you could easily be distracted or disappointed in business ownership then you might want to keep your day job, or find a business opportunity like franchising that will give you the map for the business.
Sometimes the pros and cons have nothing to do with the business and everything to do with how the business fits with your life. The biggest challenge of all for me has been figuring out how to have work with life instead of work vs life. Balancing work with motherhood is no joke. I made a lot of mistakes in the early years. When I was with my kids, I felt like I should have been working. When I was working, I felt like I should have been with my kids. I tried hopelessly to multitask and do both at the same time. Just so you know, it doesn’t work.
I had to be not only the boss of my business but the boss of my life. I created new rules, new ways to source my time and my energy. I had to regain my time, my health and myself in order to show up as the entrepreneur and mom I wanted to be. I share what I learned in my book, The Empowered Mama. Whether you choose entrepreneurship or employment, I hope you design a life you love to live.