What people WON’T mention about becoming your own boss

what they dont mention about being your own boss

What people WON’T mention about becoming your own boss

It’s a statement made by many and an advertising slogan used to increase purchases of franchises or small businesses…..‘Be your own boss today!’….

While it may sound enticing to those of us who are slogging through 10 hour days with no recognition and crappy pays for a boss who spends his days on his luxury yacht , there is a number of things that people don’t always tell you about being your own boss.

Paying your own TAX

Even though you know you’re paying it and it says so on your payslip, your accounts department deals with this for you. They work out how much you have to pay and you really only have to worry about the amount that gets put into your bank account – you plan for less money than your annual salary. If you’re your own boss, you must allocate and set aside money to pay your tax.

Paying your own SUPER

Similarly, like tax, your accounts department is working out how much super you’re owed and allocating it to your super fund. This is a legal requirement that companies pay their employees super. When you’re your own boss, you are the only person who can set aside money for your retirement, so make sure you’re doing so.

Managing yourself

Being your own boss means motivating yourself. Depending on the industry you’re in, if you don’t get out of bed and go to work, there are consequences brought upon you by your boss. If you’re your own boss, the only person you have to answer to is you (and your clients, don’t forget them)..

You must get your own clients, do your own marketing (unless you pay someone), do your own administration (unless you pay someone) and complete the work yourself. Not to mention, you must make sure you’re getting paid!

 

While a lot of these things still do apply if you are an employee of a company, they’re not as easy when you’re your own boss. BUT don’t let me deter you from starting your own business. As a training organisation, we feel that the more informed you are in the realities of your career choices, the more successful you will be!

Here are some important links that can assist in informing you if you do decide to become your own boss.

Australian Taxation Office 

Business Resources

Australian Securities and Investment Commission 

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