3 Benefits of being your own Boss

With your own business, the buck stops with you when it comes to making big decisions and taking responsibility when things go wrong. However, if you’re realistic and organised, being your own boss can result in a type of freedom that many dreams of.

1. Choose your people

If you’ve had a managerial position, you were probably involved in the interview and selection process and had some say in building your own team.

Start your own small business and you’ll have even more control over who you work with. Whether your dream is to be a one-man band or build a familial community (something which appeals to many people who feel unheard or lost in a large, often impersonal organisation), it’s up to you.

2. Set your own hours and holiday periods

You can shape your involvement in business operations around the times you want to work. Perhaps you want a change from the usual 9am-6pm? Is 20 days of annual leave enough? You're the boss, so it’s up to you. Of course, achieving business success AND flexible working will depend on:

• The nature of your business

• The support network that you build

• Your organisation skills and ability to self-discipline.

If you spend time away from the business, you’ll need to make sure you have someone or a system that you can rely on.

3. Run a business that aligns with your values

It’s estimated that we spend 90,000 hours of our lives working. That’s a long time to potentially be doing something you don’t enjoy. In a 2020 study published in the academic journal, Psychological Science, a team of researchers at Purdue University found employment to be a stronger predictor of happiness than marriage.

Take the opportunity of running your own business to align your working life with your values. For example, giving back to the community, experimenting and solving problems creatively or putting your health first. If you are more authentic and committed, this can result in an increased sense of happiness and well-being.