You’re not alone. According to the Australian Bureau of Statistics, at the end of the 2016-17 financial year more than two million small businesses were operating in Australia. It seems more and more of us are deciding to stop working for someone else and start working for ourselves. And while being your own boss does have its fair share of challenges, we’ve found five great reasons why going solo could make you happier in the long run.
Do something you love
We’ve all heard the Harvey Mackay saying “Find something you love to do and you’ll never have to work a day in your life”. But is it really possible?
One of the reasons many people start their own business is that, while they genuinely enjoy what they do, they don’t like who they’re doing it for (or with). So after they’ve decided to go it alone, they get to fall in love with their career or profession all over again. And then there’s the other group of people who choose to start a business because they can see a gap in the market they know their hobby or interest can fill. Every day is a delight for this group of small business owners as they spend their time creating their empire around something close to their heart.
Amanda from Mangalo Home and Body did just this. She turned her love of creating homemade beauty products into a thriving business that now includes soy candles as well as cruelty free, environmentally friendly soaps, body scrubs and bath bombs.
Build your own team
How great would it be to only have to work with people you really, really like? When you start working for yourself, it’s one of the true perks of the job – you get to choose who you want to be on your team. And that doesn’t necessarily mean going out and hiring people on a permanent basis. These days, your team can consist of bookkeepers, accountants, web developers, copywriters and virtual assistants who can be located anywhere in Australia.
The rise in small business numbers is also due to a rise in the number of freelance workers across creative and professional disciplines. This means there are plenty of opportunities for you to find the perfect match for your business and online team.
Balance and flexibility
Let’s be honest. When we think of working for ourselves, we have dreams of the laptop lifestyle or long lunches every Friday afternoon or a never-ending supply of three-day weekends. And the reality is that for most business owners that’s all they ever will be – dreams. Because the truth is most business owners will work longer and harder than their nine-to-five counterparts, especially in the first 3 years, while they’re establishing themselves. But being your own boss does offer the flexibility to take that long weekend whenever you want it, without needing someone else to approve your leave form. It’s being able to take the morning off to watch your child in their school assembly without a supervisor giving you that look. Or it’s doing as Ellana Haddrill from SweetP Cakes did and establish your business around school hours and the needs of your children. The true flexibility of being your own boss comes from not having to ask anyone else’s permission to do what’s best for you or your family.
No more salary cap
Here’s one of the best benefits of starting your own business. Your earning potential is only limited by your efforts. No more heading into the boss’s office, cap in hand, to ask for a payrise. No more completing a performance appraisal each year to get the CPI increase. If you consistently work smarter, produce great results for your customers, and go above and beyond their expectations, the financial rewards will follow. And then the only decision you’ll need to make is whether or not to expand the business and take on a partner or employees to continue increasing your revenue and profit.
Never be dull
If you’ve been working for someone else for a while then chances are you know pretty much everything about your role. Which means you run the risk of becoming bored. And boredom is the greatest killer of motivation and inspiration. The great thing about running your own business and being your own boss is there’s always something new to learn. In the early days, you’ll spend your time learning how to run a small business. You’ll find yourself on a quest to know more about marketing, accounts, sales. And then, when you’ve wrapped your head around those (or outsourced them to others), you can turn your attention to offering different products or services to your current business, or maybe setting up another side hustle in something else that interests you. Which is exactly what Cindy from Boskwena did. She’s a musician by night and the creator of scented candles and homewares by day. She’s turned her two passions into successful businesses and is living life to the fullest.And there you have it. Our top five benefits of becoming your own boss. If you want to read how others are turning their passions into profits, there’s more success stories in our Maker Series.