Being your own boss – do you have what it takes?

By Betsy Falwell

It was a Wednesday afternoon, yet my husband and I were sitting poolside at a posh hotel sipping on cocktails. It was something we’d never have been able to do when I was working full-time for somebody else.

Becoming My Own Boss

The first step to becoming your own boss is to identify a field about which you feel passionate. For me, that was freelance writing; I feel about the written word the way many people do about a bowl of ice cream or an exquisite bottle of wine. That’s not the right move for everyone, though; if you’re finance minded, you may be drawn to mortgage broking, a field that also gives you the chance to set your own course.

So how do you know if opening a mortgage broker franchise or starting your own lawn-mowing service is right for you? No matter what type of business you’re passionate about, most small-business owners follow this mold:

Determined. As your own boss, you’ll face hurdles on your road to success. You have to have the tenacity to get through the ups and downs.Motivated. Without someone else telling you what to do and when to do it, you’ll need to be a self-started. This is why it’s crucial to be passionate about your work.Creative. Being able to think out of the box to solve problems gives the self-employed the confidence to move forward with their decisions.

Enjoying the Perks

When you become your own boss, one of the first things you’ll realize is how freeing it can feel to answer to no one but yourself. There are no more Monday morning quarterback sessions with your box; there are no more office politics to play. But the benefits of working for yourself as a mortgage franchise owner or any other type of self-employment don’t end there:

Setting your own hours. Are you a night owl? Prefer to work in the mornings? Don’t mind putting in some hours over the weekend? While having a mortgage broker franchise will require you to set some traditional office hours, much of the paperwork can be done during off-hours of your choosing.Setting your own days. In my old line of work, I had to fight with a pool of co-workers for vacation time. Just as you get to decide on your own hours, you also get to decide when to go out of town or take time off as your own boss – hence my mid-week getaway!Unlimited potential. I have a few friends who are self-employed who make some serious cash; I know others who are content to bring in just enough to make ends meet. Because you’re in charge of your own business, you get to determine exactly how much you put into it – and how much you get out of it, as well.

It’s Not All Sunshine and Rainbows

Although the perks of being your own boss are fabulous – setting your own hours, working from home, answering to yourself instead of someone else – there are drawbacks, too:

You’re on your own. In many self-employment situations, you’re the receptionist, the IT guy, and the finance department all rolled into one. There’s no one to whom you can assign a task, or a boss who can clean up your mess. This can be at once enthralling and terrifying.Dictating a work/life balance. When you’re your own boss, it can be tempting to squeeze in bits and pieces of work whenever and wherever you have a free moment. In doing so, you can blur the line between your personal and professional lives.Accepting responsibility. If you choose to work for yourself, you may be putting your personal assets at risk. Setting up an official entity like an LLC, or limited liability company, can protect you and your family from business-related debts and legal claims.Finding the financing. To start up your own business can literally drain you financially, especially if you’re not working with a partner. Buying into a mortgage broker franchise can limit these up-front costs; many mortgage franchise opportunities require less than $10,000 out of pocket when you launch your business.

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