Becoming a business owner | 4 min read

6 signs you’re ready to be your own boss

Last updated: August 14, 2020

This could be the first time you’ve thought about being your own boss. Maybe you’re unhappy with your current job, or perhaps you’ve always dreamed of running your own business. Understanding if being your own boss is the correct next step can be difficult. Read on and discover if you’re ready.

1. You want more control

Running a business means every decision is ultimately yours. As opposed to working for someone else where you’re tethered to their whims, objectives, and ways of doing things, when you’re the owner you can operate your small business the way you want. With no real limit to how successful you can be, you’re in control of your future. Your earning potential is theoretically boundless, and you make and reap the financial rewards of your own hard work. You also get to enjoy every other benefit the business has to offer, including the sense of pride you establish in building something of your own.

2. You want to set your own schedule

It can be hard to take charge of your time when others define when and where you need to be, but business ownership means you get to determine your own schedule. Attaining a work-life balance, choosing your hours, and deciding when to take breaks are often key motivators for people moving from being an employee to a business owner. Many small business opportunities allow you almost endless flexibility, (particularly mobile businesses like coffee vans, etc.) and can be ideal when you’re ready to set your own priorities. Choosing a business that suits the lifestyle you’re looking for and that’s close to home (potentially cutting your commute), can give you more time to do things that are important to you.

3. You want to do something you truly enjoy

“I never did a day’s work in my life, it was all fun” said Thomas A. Edison – a sentiment which has been expressed by many successful business people. A large portion of our lives are spent working, so it’s important to make sure you’re having fun. While being your own boss can be tough, if you’re doing something you love that makes you feel happy and content, it won’t feel like such a chore. People are more likely to succeed if they’re truly invested in what they’re doing. So if you can combine your business with your passion, you’ll give yourself every opportunity to flourish as a happy and successful business owner.

4. You don’t mind getting your hands dirty

No one said being your own boss was going to be easy and there is plenty of grunt work along the way. But, if you like getting stuck in, you can expect to reap the many rewards that come from a bit of hard work. You probably do some of these tasks in your current day job anyway – so why not do them for yourself, not someone else? Achieving things as your own boss can also give you a fantastic sense of achievement and satisfaction, often beyond what you experience as an employee.

5. You like learning

Running a business often requires the owner to take on many different roles – like sales, customer service, financial administration and people management. Although you can utilise professionals to help in these areas, being a business owner means you get to be exposed to a wide range of experiences and learnings – you may even get the opportunity to master something new and broaden your skills. Successful bosses are continually gaining knowledge and having new experiences, so it’s important that you genuinely enjoy learning.

6. You’re naturally passionate and self-motivated

Being your own boss means you’re in charge. But it also means that no one else is responsible and no one will do it for you. The most successful small business owners are naturally passionate and bring their own motivation to succeed. If you’re not content with just having a role, but enjoy going above and beyond, then business ownership might just be the next step you’re looking for!

If you think you’re ready to be your own boss, read on to discover how to choose a business that’s right for you.

Or, simply start browsing businesses for sale to get an idea of the types of businesses that are available.