If you’ve found yourself one promotion shy of your dream job (or without a job), it may be time to sever your ties with your employee mentality and become your own boss. There are plenty of reasons why self-employment is the way to go, especially after an unexpected career setback. The benefits of self-employment are myriad. You get to …
Be your own boss
Perhaps the most alluring aspect of becoming an entrepreneur is the chance to answer to no one but yourself. You get to wake up when you want, start the day when you’re ready, and share your expertise with the world. For example, one great way to launch a solo career is by becoming a consultant in your industry. Consultants set their own hours and fees and provide valuable insight and assistance to their clients in an effort to set them on the right track. In this role, you also get to meet and mingle with leaders of other businesses and expand your network. If consulting is something you’re considering, bear in mind it’s a competitive field and that you need to do extensive research before setting out on this journey.
Of course, when you’re acting as your own boss, that means you’ll have to tackle a lot of important tasks when you’re starting out. One important thing you’ll need to do to set yourself apart from the competition is to establish your brand. This will involve setting up shop on social media, marketing yourself to the right audiences, and making sure you have an HQ on the internet. Regardless of what type of business you decide to pursue, you’ll need a top-notch website to bring in your customers — and keep them coming back. And to ensure that your website stays up and running, make sure you select a great domain hosting company such as GoDaddy that offers affordable, reliable 24-hour support and service, as well as incredible ecommerce tools. After all, the last thing you want is a website to crash at the worst moment.
Take control of your own finances
According to CNBC, the average American’s salary peaks at 35 to 44 years of age then slowly dwindles until death. Unfortunately, things like housing costs and general living expenses don’t also decrease with age. As a business owner, you are in complete control and can break this plateau through hard work and dedication. Think about it this way, when you are an employee, your finances are dictated by a group of superiors who pay you a salary that’s considerably less than you’re worth. Essentially, you wholesale your talents and your company profits.
Find motivation like never before
Think about what motivates you. Do you want to travel? Do you enjoy watching your retirement nest egg grow? Whatever your reasons for entrepreneurship, starting and running your own business means you have unlimited opportunities to find motivation to continue on your path toward success. Even when business is slow, your livelihood depends on your business and you will be more inclined to roll your sleeves up, dig again, and get things moving once more.
Spend more time with the people you love
A common trope on television is the exhausted parent who doesn’t have time to attend their children’s dance recital/play/ballgame. There is much truth to this stereotype, especially for employees and even more so for high-level executives who must remain “on” at all times. When you own your own business, however, you can pick and choose when you step away and when your focus is your professional endeavors. You’ll get to spend more time with your friends and family, which will help you lead a healthier lifestyle with less stress. When you’re less stressed, you’re more productive and when you’re more productive you learn how to become more efficient, which will free up even more time to devote to your personal life.
Build an empire for yourself – not someone else
Employees are simply parts of a machine. And machine parts are easily replaceable with the latest, greatest, most up-to-date component. Employees operate solely to keep their part of the machine moving. Business owners, on the other hand, are the machine. You will be the cogs and gears and the oil for all of your moving parts. You get to decide how every aspect of your business grows and you can build for yourself not only a stable income but one that will leave a mark on the world. Who knows? Your business could be the next hit start-up that takes the world by storm. Don’t be afraid to grow if you discover that your business is starting to take off. In fact, there are a number of resources, grants, and small business loans and that can help turn your at-home side hustle into a full-blown, full-time operation.
Stepping away from the stability of the grind is possibly the best thing you can do for yourself and your family. It’s scary, but even birds can’t fly without spreading their wings and taking that first leap of faith. If you’re not sure where to start, Entrepreneur offers this list of 55 business ideas that you can start today with a minimal investment.
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