Imagine how it would feel for you to be able to come and go as you please, setting a schedule based on your needs instead of your employer’s needs. When you own a business, that is how it can be; the buck stops with you. You make all the decisions having to do with your business, your time and your money.
As the boss, you have the ability to control your daily work schedule. In addition to setting your own timetable, you have the final say so on who you hire and what benefits you provide. You will also control the growth of your business. Maybe you’re at a time in your life where you don’t want to pursue record-breaking sales numbers. When you’re the boss, you don’t have to.
But owning a business does have certain challenges, also.
When you own a business, your income is dependent on the revenue you bring in, and it may not be consistent at first. When you’re an employee, you expect a paycheck on a consistent basis. It’s up to your employer to figure out the revenue part. Not so when you’re the boss. You’re the one in charge of making enough money to pay your employees, pay your operating expenses and pay yourself.
Most of the liability is yours also. Bad things can sometimes happen in a business. The odds of something happening are small, but the consequences can be big. When these liabilities are properly addressed from the beginning, you as a business owner can feel more confident about your path to the future. Your decisions can be based on what is right for your company, not on what might happen in the legal world of entrepreneurship.
To avoid the timidness that feeling unsure about legalities can bring, make sure you hire a business attorney who will explain your liability as the owner of a business before you become an owner. And always have a detailed and well- researched business plan written to guide you on track and keep you focused. These two things can keep you in calm waters and out of the many storms that less prepared business owners suffer through.