Now, before I break this down, this post isn’t about building a startup company and perfecting your “elevator pitch” to woo potential investors. This is about not having to answer to anyone but yourself and working your own hours.
We’ve all grown up hearing things that refer to “being your own boss,” but look deeper into that possibility of being your own boss and see if it’s still what you want.
Let’s break this down.
When you think of the term “being your own boss,” what images does that phrase evoke?
Do you see yourself more relaxed and doing what you love to do? Are you visualizing yourself stress free and prancing around without a care in the world in an open green pasture on a sunny day while it’s raining dollar bills from a clear blue sky?
Let’s break it down into sections.
Here’s what we think “being your own boss” means.
Time- You can create your own work hours.
Freedom- You can take as many breaks or days off as you want, or go to the doctors without having to ask for time off from your boss.
Authority- You don’t have to answer to anyone, but yourself.
Money- You can work as hard as you want and make more money.
Taxes- You can write off all of your expenses (ie…lunches, gas, rent, supplies, travel, etc…)
Do these things sound about right? Is this what you imagine what being your own boss will be like?
Here’s the reality of “being your own boss.”
Time- You have no one to hold you accountable so therefore you need to work harder with longer hours in order to “make ends meet” and pay your monthly nut. You’ll need to push yourself harder than ever before because in the “self employed/independent/new business owner” world, it’s cut throat and only the strong survive.
If you’re not the “self motivated” type, you’ll need to learn how to be- immediately.
Freedom- What freedom? As stated above, you’ll be working harder and with longer hours in order to make the same money that you used to make at your full time job with benefits (sometimes more, sometimes less depending…).
No work. No pay. No food on the table.
Authority- Yes. You answer to no one, but it that good? Do you like to sleep in? Are you easily distracted? Can you actually set aside time each day to focus on work hard core or are you the laid back kind that dreams of winning the lottery and doing nothing but “veg out” all day?
You still have rent or mortgage and bills to pay and put food on the table, so being your own boss means that you’ll have to answer to all those things (and your spouse/family if you have one).
Money- Often times, you’ll work harder than you used to in order to make the same amount of money that you made at your full time job. Sometimes you can make more, but it will depend on many factors (type of work, industry, payout, etc…)
Taxes- Now this category you should be able to gain on. There are lots of write-offs for self employed, independent contractors, and business owners. This category is most likely in your favor, but before you get to this, think about all the above.
It will take a strong will and serious determination to really make “Being your own boss” all that you’ve envisioned.
At the end of the day, the visuals that come with the “being your own boss” concept boils down to being financially stress-free in order to have the freedom to do your own thing wherever and whenever you want to.
That is possible, but you have to adjust your mindset.
Let’s look at what you should focus on if that is truly what you want.
If you studied an earlier post called “Understand The Cashflow Quadrant,” you’ll see that the if you really want to become wealthy or in a place where you’re “well off” and have ultimate freedom to do what you want without having to work harder or answer to a boss or punch in a time clock, you’ll need to focus your energy on being in the “right side” of the quadrant- the B and I quadrants. Plain and simple.
The right side of the Cashflow Quadrant means that you have people and money working for you while the left side of the Cashflow Quandrant, the E & I quadrants, mean that YOU work for money.
So, if you want to work smarter and not harder, you need to focus on being in the right side of the cashflow quadrant, the “B” quadrant.
Now, techically, the B quadrant (as taught to Robert Kiyosaki by his rich dad BEFORE the internet age) means that you have a company with 500 employees or more.
Today, we have the world at our disposal. You can literally reach billions simply with your laptop and an internet connection, if you wanted to.
So, while many companies have “folded” (gone out of business), are in the process of folding, or are unprofitable, you (as an internet entrepreneur) can be extremely profitable and with very little outgoing monthly/yearly expenses, thanks to the internet.
You can create multiple streams of passive internet income without a single employee and all the freedom you want each day.
By creating passive internet income, you won’t be trading your “hours” for “dollars” as you would as an employee in the “E” quadrant or a specialist/small business owner in the “S” quadrant.
This is why I label passive internet income as part of the “B” quadrant. I call it the “little B” quadrant because although you don’t have at least 500 employees, you can still create a very powerful brand with tremendous streams of passive income all by yourself.