- Pride of Ownership
- Direct Returns on Work Ethic
- Starting Your Own Business is a Great Retirement Plan
- Being Your Own Boss
Why do owners tend to treat their homes better than renters? There’s just something about ownership that motivates individuals to take good care of things and work hard to improve them. Namely, it’s how the little things add up. When you own something, any effort you put into improving it has a lasting effect. On the flip side, if you let things slip, there is no one there to clean up after you. When you ‘rent’ everything you do, positive or negative, gets effectively wiped away when your lease is up and you start over. Being an employee is a lot like renting. Whether you work as hard as you can or you let things slip, someone can come in after you and completely change everything. One of the best perks of starting your own business is seeing the fruits of your labor add up. All the work you put in improves on something that is ultimately and permanently yours.
When you work for a large company, a strong work ethic doesn’t guarantee the company’s success or even your own. The sum total of your coworker’s efforts may come up short. As hard as you work, your department or team may not reach their goals. If you are a manager you can try to motivate those under your charge but there is little that you can do about your superiors and even those at the same level as you. When you own your own business, however, you really can take out what you put in. Starting your own business ensures that your own work ethic has a much more direct impact on the final result. Even if you have employees, you get to set the pace. It’s great motivation knowing that putting in a little more work can have such a direct impact.
Retirement used to be simple. You worked hard for a large corporation for a certain amount of years and in turn, they took care of you when you retired by way of a pension. Now, the age of pensions is over. Private pensions are almost non-existent. They’ve been replaced with public 401k funds that rarely meet expectations. Even without considering the scandals and scams of past years regarding public retirement funds the dire state of American Retirement is evident. The average age of retirement has gone up steadily in the last few decades. Retirement is often delayed as employees discover that their ‘nest eggs’ won’t sustain their quality of life. Even after retirement, retirees are increasingly returning to work to supplement their retirement income or qualify for health insurance. Sadly, we’re approaching a crisis where full retirement may be out reach. Owning your own business gives you much more control over your retirement. Your financial future isn’t in the hands of a blindly optimistic fund manager somewhere that you’ve never interacted with. Starting your own business means that your future truly is in your own hands.
Command over your retirement is just one benefit of control that business owners enjoy. When you work for another company, you’re at the mercy of their decision making. The business could go under, departments and offices could be closed down and consolidated. Lay-offs could occur for the sake of cutting costs. Quite often, labor is replaced with an inexpensive overseas alternative. Even if you keep your job, the company could reduce benefits on a whim. If your employer is bought out by a larger corporation, the culture, your job description and even your job security could change overnight, not necessarily for the better. Worst of all, employees rarely get any warning that these things will happen. Starting your own business means you won’t be blind-sided. You hold the reigns and have control over the decisions that affect your income and quality of life.
Being your own boss also means that you have much more flexibility to attend to the other parts of your life. It doesn’t mean that you won’t have to work hard or that you’ll never have to sacrifice. However, it does mean that you can set your own priorities and make accommodations when needed. If there is an appointment, anniversary or a family emergency, you aren’t at the mercy of a company policy. When your child is sick or you want to spend some quality time with a loved one, the value of this freedom is easily beyond measure.