In the aftermath of the recent recession, some people could never imagine not having a steady paycheck. Believe it or not, it’s actually riskier to have a source of income that you ultimately have no control over. No matter how hard you work, if there is a layoff, your job and your only source of income is instantly gone. That’s why it’s more lucrative and in some ways safer to go into business for yourself. Here are three reasons you make more money being your own boss.
1. Work Harder, Make More Money
When you work for yourself, all of your hard work is seen directly and immediately in the profits you reap. When you work for a corporation, you see a very small percentage of the profits you created for them if any at all. When you work for yourself, a new deal may mean hundreds of thousands of dollars for your business. If you were to accomplish something of the same magnitude for a company, you may get a few thousand dollars at best. Working for yourself is a much more efficient way to make more money in a shorter amount of time.
2. Less Overhead When Working For Yourself
Working for a company can be expensive! You have to have a reliable car to commute for hours per day, you have to pay for gas, a corporate wardrobe and don’t forget all of those fancy lunches and lattes. If you think about it, even getting up in the morning and getting ready for work is time that you could have been spending making more money. When you’re your own boss, you call the shots on expenses vs income. You also determine your pricing. Click here for a starter guide to making more money and raising your prices.
3. Do it Better Your Own Way & Make More Money
Have you ever worked for a company and become frustrated with their inefficient practices? Do you constantly come up with new ideas to improve business yet get shot down by the bureaucracy of your company? If so, entrepreneurship would be perfect for you! With your own business, you can do things your own way on your own time and as a result make more money. There’s no one holding you back from implementing your genius ideas.
There are several pros and cons to being your own boss but if one of your major goals is to make a ton of money, entrepreneurship is the best solution.