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The Benefits of Being Your Own Boss

Updated on February 24, 2013

Why Not Work for the Best Business on the Planet - Your Own

Except for a blessed few, almost all of us have to work for a living. Sometimes it's a profession or career field that we enjoy, but more often it's not. Thus, many of us dream about being our own boss, of having our own business. However, stepping out there on your own can be scary, but also liberating. Plus - regardless of whether you're writing articles or opening a pizza parlor - there are lots of benefits to being your own boss.

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No More Horrible Bosses and Terrible Co-Workers

One of the immediate benefits of being your own boss is - guess what? No more horrible bosses! Almost everyone at one time or another has worked for someone who was just a world-class jerk: they blame you for their mistakes, they take credit for your ideas, they make impossible demands (and act as though you're a bad employee for not being able to comply), etc.

Likewise, being your own boss means no longer having to deal with inept co-workers. You know, the ones who always arrive late and leave early. Or slip away for a smoke break and expect you to cover for them. Or who are quicker than the Flash in reporting to the boss every time they think you've made a mistake.

In short, these are headaches you can finally rid yourself of. If there's a jerky boss around, it'll be you. (But everyone's going to love you, right?) And with you at the helm, bad co-workers will have to seek other pastures.

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Tax Breaks

One of the first perks of being your own boss - assuming you work out of your home (like article writing) - is definitely the tax breaks. Deductions for utilities, travel, meals, etc. Most people don't realize it, but taxes are one of the biggest roadblocks to getting and maintaining wealth.

But even if you aren't working out of your home, being your own boss means that you probably use your car for business, and I think the deduction last year was something like 50 cents per mile. That's huge in my opinion.

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Pay Yourself Your True Worth

Let's face it: you're unlikely to get rich working for someone else. At best, your efforts will make them rich instead. And if you think they'll show you any gratitude by sharing the wealth, you are sadly mistaken. Take Nikola Tesla, for example.

Nikola Tesla is probably the greatest inventor who ever lived. He invented radar, remote control, flourescent lighting, discovered x-rays, and much, much more. At his zenith he was as famous as any other scientist and inventor of his day, including Thomas Edison. In fact, Tesla once worked for Edison, and solved some of the most difficult problems faced by Edison's company. In fact, Edison purportedly offered Tesla a $50,000 bonus if he could solve a particularly thorny mechanical/electrical problem. Tesla succeeded, and when he asked about his bonus Edison allegedly replied that Tesla - an ethnic Seb who was born in what is now Croatia - had a lot to learn about American humor. (That's bosses for you!) Tesla tendered his resignation.

As your own boss, you won't have to deal with this this type of gamesmanship. You'll earn what you can and pay yourself - handsomely, I hope - what you're worth rather than the going market rate for someone at your age, with your level of knowledge, experience, etc.

(And lest you think I was exaggerating about Tesla being the greatest in ventor in history, the electric supply chain he developed is still used today; it's what's delivering electricity to your home or business right now. And the induction motor that's in every appliance from televisions to refrigerators came from Tesla, too. And the ignition system in your car? That's a Tesla invention as well. And although they gave Marconi a Nobel prize for "inventing" the wireless radio, he did it using 17 of Tesla's patents, causing the U.S. Supreme court to belatedly rule - nine months after his death in 1943 - that Tesla was the inventor of radio.)

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The Final Perk: You're the Boss!!!

The best thing about being your own boss is simply the fact that you're the boss. You're not beholden to anyone, no longer at the beck and call of another party. Moreover, statistics show that people who own their own business have the best chance of becoming millionaires. Typically, there's a belief that you'll work harder and do more for the business if you have an ownership stake in it. For instance, if you work for someone else, when the weekend comes you don't even want to think about the job until Monday. But if it's your own business, you'll spend the weekend coming up with ways to get more customers, make more sales, etc. Thus, it literally pays to be your on boss.

With that in mind, it would probably benefit you to start your own business. No one is saying that you have to quit your day job, but you should probably start trying to generate another source of income. Whether it be Squidoo or something else, just get started. You can find several options on my lens for Generating Passive Income.

(FYI: If you're looking for something to get into, just rememebr that the field that poduces the most new millionaires each year is...(drumroll, please): sales!)

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    • iamraincrystal profile image

      Rosyel Sawali 4 years ago from Manila Philippines

      Nice! Who doesn't want to be his/her own boss? LOL ^_^

    • malenacaty profile image

      malenacaty 4 years ago

      I have thought about being my own boss, maybe soon...

    • goo2eyes lm profile image

      goo2eyes lm 5 years ago

      i am my own boss because i can afford to work without the watchful eyes of the boss. i work independently. my boss hates it when i don´t come to his office to ask questions. i can feel it.

    • flicker lm profile image

      flicker lm 5 years ago

      I've been my own boss for many years and, although there are downsides, I would never want to go back to working for someone else.

    • jethrosas profile image

      Jethro 5 years ago from Philippines

      I enjoy reading this article. Yeah, everyone or most of us want to work at home or be a boss of themselves. We want to work on our own business, not others' business. Thanks for creating this article. Keep writing more. :)

    • piedromolinero profile image

      piedromolinero 5 years ago

      For me the greatest benefit of being my own boss is not to be pressed into a specific timetable. Arranging my working hours to my needs and having enough free time during the day to spend with my daughter is one of the biggest advantages for me.

    • OrlandoTipster profile image

      OrlandoTipster 5 years ago

      Didn't know Edison was not a man of his word.

      Goes to prove you need to get everything on writing

    • Rangoon House profile image

      AJ 5 years ago from Australia

      I enjoyed learning more about Nikola Tesla - I'm sure we have all been there at some point. I also agree that you do work harder when you are in control and have so much more at stake. Blessings.

    • Rangoon House profile image

      AJ 5 years ago from Australia

      I enjoyed learning more about Nikola Tesla - I'm sure we have all been there at some point. I also agree that you do work harder when you are in control and have so much more at stake. Blessings.

    • DrBillSmithWriter profile image

      William Leverne Smith 5 years ago from Hollister, MO

      Been there, done that! ;-)

    • RetroMom profile image

      RetroMom 5 years ago

      Great lens. Being your own boss does have its perks.

    • KandDMarketing profile image

      KandDMarketing 5 years ago

      A topic close to my own heart! Thanks.

    • profile image

      BestLaminateInc1 5 years ago

      Great topic! I like the fact that there are no limits and you can go any direction as long as you think is good for you:)

    • Camden1 profile image

      Camden1 5 years ago

      I never would have thought that sales is the field that generates the most millionaires - interesting!

    • profile image

      anonymous 5 years ago

      There are good and bad sides to being your own boss. Most of the time it does work to my advantage.

    • Tiggered profile image

      Tiggered 5 years ago

      Being your own boss is worth striving for, for all the reasons you've mentioned and more. Nicely put together