Being Your Own Boss
Lately, I’ve been discussing the process of securing a U.S. patent and starting a business to manufacture a product. I’ve touched on topics like the persistence required to be a successful small business owner and the importance of staying organized. But today, we’re diving into a subject I’ve never fully covered: what it’s really like to be your own boss.
So, what’s it like to call the shots in your own business?
The Benefits:
There are plenty of perks to being your own boss. For starters, you control your schedule, decide the direction of your business, and deal directly with clients. The excitement of launching your own venture is exhilarating but remember—success doesn’t come without hard work. Easy paths don’t build the character or skills needed to sustain success. Taking action moves you toward your goals, and along the way, you develop persistence and resilience.
I never imagined I’d be writing blogs, but in having conversations with my marketing agency, they highlighted the importance of SEO (Search Engine Optimization). Expanding our presence across multiple platforms can significantly boost our visibility on Google, which is crucial for marketing success. So here I am—writing blogs, engaging with our Facebook community, managing product orders, tracking costs, and learning a ton about myself in the process. This journey has provided valuable business insights and revealed my character’s strength in the face of challenges.
Being your own boss means you get to choose your opportunities and how you seize them. You decide your schedule, whether to work from home, run a brick-and-mortar business, or hold meetings at a coffee shop. You’re in control—how you work, where you work, and when you work is entirely up to you. You can develop a product you’re passionate about and create systems and routines that work best for you.
One of the great things about being an entrepreneur today is the wealth of information available. You’ll need to become a lifelong learner. If something comes up that you don’t know how to handle, you’ll have to figure it out. Google will become your best friend. I’ve always believed that part of being a great employee is knowing how to find the information you need, even if you don’t have the answer right away. When starting your own business, you either have the time to do it yourself, or you’ll need to pay someone to do it for you.
Being your own boss can suit many different lifestyles. It offers the flexibility to raise a family while still having a successful career. For those nearing retirement or already retired, owning a business can keep you busy without the constraints of a rigid schedule. It gives you the freedom to travel, visit family, and work from wherever you are—even on the road, as long as you’re not the one driving!
Running your own business also allows you to make a positive impact on your local community through the products or services you provide and the local businesses you support. I’ve made it a point to use local and Oklahoma-based services whenever possible, ensuring I support my state and community.
Being your own boss lets you mix up your daily tasks. Even if the work is similar, you can change your location, adjust your schedule, or rearrange your priorities. You control where you work, how fast your internet needs to be, and even whether you prefer a stand-up desk or a room with a view. Plus, you save time and money by avoiding commutes and other expenses, like tolls and car maintenance. And don’t forget—you get to choose your work attire. Imagine the time and money you’ll save by not having to shop for office clothes or spend hours getting ready each morning.
As the boss, you make the decisions and can have the opportunity to learn new skills and add variety to your work portfolio.
The Challenges:
But let’s not forget the challenges. Startups face a high risk of failure. According to the Bureau of Labor Statistics (2020), only about 50% of businesses make it to the five-year mark. However, there are ways to improve your chances of success.
You can’t walk away from your responsibilities. While being your own boss sounds great on paper, the work can quickly pile up. You must master your work-life balance. If you’re truly a self-starter, go for it.
There’s no shortage of work. You’ll often find yourself working around the clock with little time left for personal life. This can be draining and stressful, and there’s always the risk of burnout. It’s essential to take care of yourself and protect against burnout.
Observe any successful person, and you’ll see they’ve faced obstacles. Instead of giving up, they got back up and started again. It doesn’t matter what business you start—you will face setbacks and failures. Successful people see these as problems to learn from and conquer.
It’s up to you to stay motivated, even when the going gets tough. You’ll find yourself doing tasks you never thought would be part of your job. You must set the direction, schedule the path, and handle all tasks to get there. Sometimes, it can feel lonely and isolating because you don’t have anyone to guide you. You’re blazing a trail only you can create and build, and you must succeed.
Right now, I’m facing a business decision where neither choice is wrong, but I must figure out which is the best. It is a live-and-learn situation, finding results and failures through trial and error. The product I’m working with is patented, so this has never been done before. How do I know I’m making the right decision? It’s all on my shoulders. I don’t have a board of experienced businesspeople helping me—this is my own circus.
All this to say, in the end, you do have a boss—your customers and clients. You must meet deadlines for marketing, product development, finances, and everything that comes with owning your business. You can’t miss opportunities and still expect to be successful. Your perseverance is your most powerful asset.
Starting a business is a financial risk. You’re spending your own money or borrowing it. You get to choose the equipment, technology, and services, but all of it costs money. There’s no guaranteed salary. Your income depends on your business, market, and the economy. Consider how many businesses didn’t survive the COVID shutdown.
I’m not trying to discourage anyone from starting their own business, but these are things I didn’t fully grasp until I was doing them myself. Yes, there are tasks you must do, but they can feel distant—like something you can just hire someone else to handle later. That’s not always the case. Starting a business has pushed me, challenged me, and made me dig deep to discover skills and abilities I didn’t know I had.
To Sum It Up:
Challenges:
- You can’t walk away from your responsibilities
- There’s no shortage of work
- You’ll face obstacles, but you must learn from and conquer them
- You’re taking a financial risk
Benefits:
- Endless possibilities and opportunities
- Constant learning—you get to be a student again
- Flexibility in how you work
- The ability to impact and support your local community and state
Until next time, keep pushing forward and embrace the possibilities. Talk to you soon!