Owning your own business can definitely challenge you personally and professionally, but being your own boss also comes with many benefits. If you’re considering purchasing a company and taking on the reigns of a business owner, here are four reasons you might want to start the process today.
1. Do the Work You Want to Do (Mostly)
While it’s not true that you only have to do the things that you’re passionate about or make you happy as a business owner, you do have some control over the tasks you take on.
You obviously have to put some time in on issues such as human resources and hiring (even if you only have a couple of team members) and finances. However, you don’t have to handle all of the daily tasks that can keep you from the aspects of the business you enjoy being involved in. This is especially true as you grow your business and can hire good people to take on the day-to-day management of certain areas.
As the boss, you can spend a little time reviewing performance and asking for reports in areas that don’t offer as much personal satisfaction. That lets you remain in control while boosting your overall contentment with work.
2. Become the Master of Your Own Schedule
Again, as a business owner, you may not be able to spend all of your days on the beach. But when you’re the boss, you can develop a schedule that works best for you. This is especially true when you hire trustworthy people who can run the office or shop in your absence. That way, if you’re an early riser, you can get work done in the morning and handle personal or family obligations later. If you’re a night owl, you might do the opposite.
Plus, you’re the boss, so you decide when you’re taking advantage of personal time off.
3. Avoid Internal Politics
One of the biggest benefits of running your own company is that you can totally avoid internal politics. Your company — and you — grow at a rate that is heavily tied to your own goals and actions. You don’t have to “impress the right people” or play office politics to get ahead.
You do have to impress your customers, though, so remember that tact and other interpersonal skills are still important.
4. Decide Your Own Reward
Finally, as a business owner, you decide your own reward. Do you want to be paid more? Work to boost company profits to make it happen. Want a nice title? No reason you can’t be President of the company. Other rewards you can manage for yourself as the boss include extra time off, free product, vehicle allowances and even bonuses. Just remember that, as the boss, you aren’t immune to laws and regulations, so pass monetary-based rewards structures by a CPA or lawyer before you pat yourself on the back.
One reward you can manage for yourself as a business owner that is impossible in any other position is the financial profit that might be possible if you grow your company and then decide to sell it.
Whether you’re looking to cash in on hard work you put in as a business owner and boss or you want to step into an ownership position, Twelve31 Advisors can help.
Contact us today at 800-971-3270 to talk about the steps necessary in buying or selling a business or email at Hello@Twelve31Advisors.com