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Advantages of Owning Your Own Business (In Case You Need a Reminder)

Advantages of Owning Your Own Business (In Case You Need a Reminder)

Ever have one of those days (or weeks) where you wonder why on earth you ever started your own business? Your clients are whiny, your supplies didn’t get delivered on time, and your staff all forgot to take their happy pill. I mean, really. What possessed you to think that being your own boss was a good thing to do?

Certainly, bad days are bound to happen from time to time, which might make you question whether opening your own small business was the best idea for you. So, if you’re having one of them now, then maybe it’s time to remind yourself of the benefits of owning and operating your own business.

Here are nine that I often think of and refer to when I need a gentle reminder that I did the right thing by choosing self-employment over my old life of the 9 to 5 work day:

  • You get to follow your dreams and live your passion. This is probably the number one advantage for me. When you get to spend your days pursuing the things you are passionate about in the way that works for you best, how can you not be happy that this is the route that you chose?
  • You have a greater sense of pride. It feels pretty darn good to know that I own my own business and am making it work, even earning more income than I did in my old government job. This means that I was able to avoid becoming one of the 50 percent of businesses that fail within the first five years (as reported by Gallup), which bolsters my sense of pride. If you’ve accomplished the same, then you should have this pride too.
  • You are more flexible with your hours. As a business owner, if you want to get up at 4 AM and work, which I often do, you can. And if you want to quit at noon so you can visit with family or tend to a personal matter, you don’t have to ask anyone’s permission. You just schedule your day so that you can do it because you enjoy that flexibility being self-employed.
  • You have greater control over your income. Go to work for someone else and they determine your wage as well as the amount of hours you can work, ultimately determining or limiting your income. Own your own business on the other hand and you gain greater control over the amount of money you are able to make. You set your own fees and rates (with some market considerations, of course), and can work more if you want to increase your revenues for upcoming expenses or to save for higher priced purchases.
  • You can do things your way. While you certainly want to make sure you do things the best way, in the end, it is up to you what way that is. This means that you have the final say in how things operate and what methods are followed. No more arguing with someone else over how things are going to get done.
  • There is less drama. One of the things I miss the least about working for someone else is all of the drama that seemed to exist with co-workers and clients. Now it is up to me who I spend my time working for and with, making it easier to avoid drama-intense people in order to best protect my sanity.
  • You get to choose who your clients are. Speaking of clients, working for yourself means that, by and large, you get to choose who your customers are. So, when you have one that is providing more grief than value, you can choose to let him or her go. This sure beats feeling like you’re stuck having to please someone you’d rather see on the side of a milk carton.
  • You qualify for certain tax benefits. Perhaps best explained by Investopedia, being your own boss means that you get to enjoy some great tax benefits in regard to your home office, internet expenses, health insurance premiums, vehicle, entertainment, travel, and even self-employment based retirement plans.
  • You control your costs. Because the final say is yours, you have a lot of control over your business-related costs. For instance, if you want to reduce utility or supply expenses, you simply need to implement a policy directing your employees as to what changes need to be made in order to meet your goals.

These are just a few that I can think of. What advantages would you add to the list? Feel free to comment below!

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by Christina DeBusk // Freelance writer, author, and small business consultant committed to helping entrepreneurs achieve higher levels of success.

Opinions expressed by contributors are their own.