No this isn’t the start of a cheesy joke. Although it could be.
There are lots of different qualities that you’ll need as a business owner. Some of which you may not have even thought about.
So I prepared a little table to help to illustrate the similarities and differences between what you do as an employee and what you’ll be doing as a boss. It’s time to play who wore it better. I mean employee vs boss.
There’s an exception to every rule so I’ve included a section which explains what that exception is.
Employee
Has a fixed salary each month which brings certainty
Works fixed hours 9-5 etc
Has a job description (JD) telling them what to do
There’s cover for them if they’re off work
Gets sick pay when they’re ill
Has a manager to hold them accountable
Has one role, like a manager, marketer etc
Will have limited authority to make decisions outside of what’s set out in their JD
Exception
May change if the employee is in a commission based role
You may be required to work shifts or do overtime
The JD won’t specify everything that you’ll need to do but it will give you a general idea
Depending on how long you’re off work for your employer may get someone else to take over your work load
This will depend on how long you’ve been there. For example, during the first few months of a new job you won’t get sick pay.
You may have more freedom to make decisions depending on your level, but there will still be someone you need to answer to
You may be required to perform other roles if it’s within your area of experience
If you are in a senior management position you will have more flexibility with making decisions, but you will still need to consult someone
Boss
The amount of money earned will fluctuate each month
You can set your own hours, but when for the first couple of years you’ll probably be working longer hours to get things off the ground
You need to work out your duties because there won’t be a JD telling you what to do.
If you don’t work nothing gets done, unless you have systems to set up that work when you don’t or someone in your business to do things when you’re not there
You don’t get paid if you don’t work unless you have automations set up to do deliver the work when you’re not there. If you’re an employee of your company because for example it’s a limited company, you will be entitled to statutory sick pay or some other benefits
Unless you have a board of directors or a partner, there isn’t anyone to hold you accountable and you’ll need to find someone to do that
You will hold multiple roles, such as owner, admin assistant, marketer, graphic designer, accountant etc
As a solo business owner, you are the sole decision maker. You don’t need approval before introducing a new product or service or to change your branding etc
So there you have it. What surprised you the most? What else would you include?
It’s always helpful to have an idea of what life as a business owner will involve, especially if there are things that you haven’t thought about.
Need help focusing on what step to take in your business?