Saturday, August 16, 2008

Why own your own business?

Owning your own business remains a dream for most people. What attracts many people is the ability to grow, making big bucks, and being your own boss. It can be rewarding, challenging, harsh, or result in a bankruptcy.

Since this article is about the most rewarding part of owning your own business. The most rewarding part is being your own boss.

You have no one to scream at you, tell you what to do or lead you around. When you are doing business it is all about making good decisions, and the downfall of the business or the success of the business depends on you. You are the sole owner and you are to blame yourself for all mistakes.

When you work under someone, you can easily be blamed for something that you didn't do, but in business you know that you are responsible for everything. When you hire people, you decide when and where they will come. This makes many people feel good about themselves, that they are leading someone and not following someone.

When you are the owner of business, the respect that comes form it also worth being called a reward. For example, law firms or stockbrokers usually have their own name in front of their business name. When people come to you for help, they already know your name, and if they like your service, they will recommend you.

While working under someone else this doesn't happen. You won't get recommended, but your company will. You are working as with the company, not as the "company". The fame, the profits will go right in your company's profits from where you will get a fixed percentage not Dependant on the amount of profit. You are working on a fixed salary and even if the company makes more money because of you; you are still getting paid the same.

But when you have your own company, you will get rewarded for your own work. If you work better and faster then you will gain more profit. There is no fixed amount of money that you will make, which gives you the ability to make a lot of money depending on your productivity.

What about your own hours? When you have a job, you have your own timings. Some people are night owl, which means that they work at their full potential only during nigh time. But most offices open at 9 and close at 5 P.M., which leaves you almost no choices except security guard or police officer. In addition you can only work 9-5. Some people can work for a long time and have the potential to achieve a lot more by working more hours.

Unfortunately, there are not many jobs offering more than 8 hours of work everyday, even if you have the ability to work that long. But with your own business you can choose to work 20 hours a day when the profits aren't that high. You can work at night, choose your own hours and work as long as you like.

If you are making enough money in a few hours, you can enjoy the rest of the time or work more to make more money. It is a pain for many people to wake up early in the morning or work till late night, but in a business you can choose to start your business at noon rather than early morning.

In conclusion the most rewarding part of owning your business is to be in control of your own life, making your own decisions, and having flexibility.

No comments: