Five benefits to owning your own business

Being a business owner can be hard work – but it can also be a really rewarding experience. There are many things you can do when you’re your own boss and not someone else’s employee.

Be owner of your own business imageIt might be hard to see the positives when you have to deal with the difficult stuff, though. Don’t worry, because you just need a reminder of why you’ve set up your own company – or maybe you want to see why you think it’s a good idea if you’ve been contemplating such a move for a while.

You’re your own boss

Yes, you can do what you want with your business. You’ll still be accountable to some people – such as your customers and suppliers, and the government – but you can make the rules. You have choices and you can be the one to decide what to do next.

Don’t want to do it alone? You don’t have to. In the UK, you can get involved in employee ownership trusts. This is when a controlling stake of a company is owned by its employees. You might be interested in going down this route if:

  • You’re looking to retire from a business you own (and maybe even have a reduced role in the company)
  • You’re starting a new business and want to attract top talent
  • You want to give employees a stake in your business
  • You make sure you keep your organisation independent in the long term.

You can have a better work/life balance

Running your own business means you can do the hours you want, work from where you want, and wear what you want (even if that’s your favourite pyjamas). You can set the priorities that you need to as well: if that’s spending more time with your children, for instance, you have the opportunity to do that.

You take the risks and benefit from the rewards

Having your own business can be a risky thing to do in the first place but the better you are at managing any risks the more rewards you may be able to benefit from. There will be a number of variables that may affect the outcomes of your decisions, but you’ll be able to learn from them.

Passion and pride within your work

If you’re doing something that you’re passionate about, it will make you happy. If you’re making your own business work as well (about 50% will fail in the first five years), then that’s all down to you and is something to be proud of.

You choose the people for your brand – and its vision

You may have dreaded going into a previous job because you didn’t get along with your co-workers, but, with your own business, you can hire someone you do get on with and for the skills they have. You can also make such decisions quickly and on your own, without having to get approval from others within the business.

So if you’re having a tough day of business ownership, just have a think about all these good points. Reignite that passion and see how you can make your company a success story.