So You Want to Be Your Own Boss? The Rewards and Challenges of Self-Employment

According to the U.S. Census Bureau, there are more than 10 million self-employed workers in the United States, and that number is increasing — for good reason. Being your own boss means not worrying you'll be laid off or fired. It allows you to create your own work schedule. It holds out the promise of great financial reward. It frees you from having to attend mind-numbing staff meetings. In short, self-employment lets you call the shots.

Being your own boss is not, however, without significant challenges. Potential concerns include but are not limited to:

• Lack of financial security or predictability
• Isolation from peers or coworkers
• Lack of clarity about job demands and expectations

Related social and emotional challenges include:

• Tolerating financial uncertainty
• Finding the right balance between business and leisure
• Obtaining much-needed support and encouragement from friends, family, and peers
• Combating those feelings of loneliness and isolation that can lead to depression and anxiety

The following can help maximize your chances for success and satisfaction:

• Look to your support network for encouragement, constructive feedback, and companionship.
• Have a financial backup plan.
• Have a well-thought-out, written business plan. The more planning you do with respect to short- and long-term goals and tasks, financial expectations, and daily work routines, the less vulnerable you are to stress, anxiety, and depression.
• Implement your plans. Be flexible where needed. Successful self-employment requires openness to learning, growing, and adapting to changing needs and conditions.
• Make it a priority to strike a healthy work-life balance. Regularly set aside time for social activities, your family, and yourself. Each day should have some room for non-work-related activities.
• Don't ignore the basics! Sit down to a healthy breakfast and lunch. Get dressed for work every morning. Don't lounge around in your pajamas, as that can easily detract from viewing yourself as a vibrant, productive, successful business owner.

About the Author

Liz Bywater, Ph.D., is a consultant and coach to corporate executives, professionals, and independent business owners. She consults, writes, and speaks on a variety of work-related topics, including workplace performance, outstanding leadership, effective communication skills, and work-life balance.



Dr. Bywater sits on the advisory board for Par Excellence Magazine and is a member of the American Psychological Association, the Society for the Advancement of Consulting, the Cornell Entrepreneur Network, and Women Inventing Next. She is quoted frequently in the media and has been interviewed by the Wall Street Journal, the New York Times, and USA Today.

To learn more, visit her website at www.bywaterconsultinggroup.com. To subscribe to her complimentary e-newsletter filled with practical tips for improving performance, send an email to info@bywaterconsultinggroup.com.

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