Owning your own business and becoming your own boss can sound equal parts thrilling and terrifying. It requires a leap of faith, ambition, commitment, and a readiness to learn … but if you’re successful, owning your own business will let you take control over your own time, have something to leave for your family, and more. If you’ve been wondering whether or not to open your own business, here are six signs you’re ready to be your own boss.
- You’ve realized you’re worth more than you’re getting paid. If you break down your salary into an hourly wage, are you satisfied with your hourly worth? If you’re like most people, the answer is a resounding ‘no.’ Someone who’s ready to be his or her own boss realizes that the only way to substantially increase earning potential is to start his or her own business.
- You’ve decided you want better control of your time. When you work in an office, or any traditional 9–5 setting, you’re giving someone else control of at least 40 hours of your Monday through Friday week – sometimes up to 80 hours. When you own your own business, it’s up to you to decide when you’ll be working, what you’ll be doing, and who you’ll be working with – which means you take back control of your time.
- You want to leave a legacy for your family. If you’re looking for something to leave for your family, there’s nothing better than a family-built business. Owning your own business means you’ll have something to leave in place for your heirs that will help to enrich your life, their lives, and the lives of generations to come.
- You aren’t quite ready to retire from the workforce. You’re done with your job, but you aren’t really ready to be done with the workforce altogether. You’re productive by nature, and the thought of retiring and having nothing to do is spirit-crushing. If the idea of sitting by a beach for the rest of your days is just as unappealing as punching a clock ever again, it might be time to consider owning your own business.
- You’re looking for a new challenge. You’re tired of being stuck in a dead-end job and you’re ready to find a new challenge that will lead to a better life for yourself and for your family. You’ll approach change with enthusiasm, courage, and moxie.
You’re hoping for the best but ready for the worst. According to a recently published article in Entrepreneur Magazine, “the Small Business Administration found that approximately two-thirds of businesses survive at least 2 years, and 50 percent survive at least 5 years. That means that the longer you are open, the better your chances of survival. But it also means that the odds are grim for at least half of all new businesses. If you’ve taken out a loan to start a business that goes under, you could be paying it off if you’re among the 50 percent that fails. Considering the realities of failure doesn’t mean you aren’t sufficiently committed to your vision; it means you have considered the possibilities and you can look problems in the face, on a big or small scale.”