Reasons to set up a business
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1.You'll be the master of your own destiny. If you start your own business from scratch you will rule the roost! This is great news if you like organisation and enjoy the thrill of being in charge. At the same time you must remember to complete your projects and set yourself deadlines to ensure that you do not end up staying home all day just because you have the power to do so. Don't abuse your position and make sure that you complete all of your duties - at the end of the day if you don't do it then no one else will.
2.You get to make the rules. If you prefer working from lunchtime to late into the evening you can. Many people do not like the idea of working nine to five and choose to be more flexible with their working day. If you are one of these people feel free to adjust your working hours to suit your lifestyle. If you have children who are at home in the day you may prefer to work in the evenings when they are asleep or you might be an early riser and opt to begin your working day at 5am.
3.You have the final say. If an argument arises at work between your employees you are the one who will have to sort it out. Although your opinion matters do try to remember to be courteous and kind to your staff. Talk to everyone and try to get to the crux of the matter before making any final decisions. However, you are the boss so what you says goes (within reason of course).
4.You can hire and fire. Picking the right members of your team is essential if you want to build a happy and successful business. When you're the boss you can be part of the recruitment and interview sessions to ensure that only the best candidates make it though the selection process. If you find that someone you have already hired does not fit the bill speak to them individually before jumping the gun and firing them. You must give them plenty of notice by law so they can up their performance and meet your expectations.
5.You have the freedom to change your mind. Remember that being the boss means that you can change the course of the business if and when it suits. If you need to veer away from certain products to retain custom or advertise more to boost profits go for it! Trust your gut and do what needs to be done.
However, there are many pitfalls to starting your own business too - you will only have yourself to rely on and this can be especially worrying when you need to pay your mortgage and bills. You will also have to do your own tax returns and ensure your staff are paid correctly, as well as take on employee concerns like sickness, disability and maternity pay. You must always treat your employees fairly and follow current legislation.
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