Being your own boss makes people happier than being a salaried employee, research suggests.
According to a new study by King’s Business School London, which reviewed surveys covering entrepreneur wellbeing across 82 countries, self-employment and providing employment for others have positive influences on wellbeing and happiness.
The research showed that entrepreneurs having autonomy over what they do is important, if they can work in line with their values and skills, it is more meaningful. But they also work the longest hours and can face intense demands.
Professor Ute Stephan who led the research said “If you are thinking of leaving your job to set up a new business, the data suggests that you will ultimately be happier. But you need to learn how to manage the high degree of stress that comes with being an entrepreneur”
You might like the idea of the freedom of running your own business and the benefits that could bring you in terms of a more flexible life, but the thought of being on your own, with responsibility for everything, can be nerve-wracking.
Is now the time to be thinking of leaving employed life to start your own business? Only you can answer that question, as so much depends on your ambitions for your own future, as well as your attitude to risk.
Being your own boss can be overwhelming at times as you try to juggle not only the business itself, but also taking on responsibility for a myriad of activities, such as bookkeeping, IT, admin, sales, marketing and HR if you are taking on staff.
This is where buying a franchise instead of starting up on your own can make all the difference.
Some of the key benefits of being your own boss with a franchise:
- You will be starting up in a tried and tested business model that the franchisor has honed and improved. There is a structure you will operate under, and you will have the benefit of initial training to help you understand what you need to know about your new venture.
- Got a question, or a bit unsure of what steps to take next? Your franchisor is there to support you and will probably already know the answers you need. Not only that, you will also have a manual to refer to when you come up against an issue.
- A network of fellow franchisees will be there to help, they have gone before you in the journey to having your own business. There is a lot of comfort in having a group of people to talk to who know about the challenges of being your own boss. It can really help to keep your mindset positive when you know you are not on your own if any problems arise.
- Further training should be offered by your franchisor as you develop and grow your business. Your training needs and priorities can change as your business grows so the ability to access this support as a business owner is very valuable.
- Often, the stresses for a business owner can be around the administration and financial issues rather than the business itself. Keeping on top of invoicing and bookkeeping can feel like a full-time job on its own but is vital to ensure that your customers pay you and you are keeping a close eye on your cash flow. Again, this is an area where you should get support from your franchisor. At Revive! we do the bookkeeping for our franchisees and our IT platform automatically generates invoices once the job is completed, which helps to speed up the process with little admin for the franchisees to do.
There are clearly lots of benefits to being part of a franchise instead of going into business alone, not least the fact that as a franchise owner with a support network, you will be able to focus all your efforts on building your new business.
However, even with a franchise, running your own business will involve hard work and commitment to make it a success. So, before you give up your corporate role to go self-employed, think carefully about your ambitions to run your own business and whether you are willing to give up the benefit of a regular salary and perks for the full-on life of a business owner. Not everyone suits self-employment and the challenges that brings.
But there is another major, more intangible, benefit to being your own boss rather than employed – you have much more control about how you spend your time. If you want to do the school run or attend sports days or if you just need more flexibility than the commute offers, self-employment can be ideal.
Yes, running your own business can be challenging and not without stress, but being able to control your destiny and set your own priorities is a key motivator for many, especially after the last few years of uncertainty and restrictions with the pandemic.
Taking control of your own future but with the support and training of a franchise? That really could mean that happiness is being your own boss!