~ 9 Minute Read
For the majority of us work means getting up at a certain time, having a boss, and getting a consistent paycheck. Knowing where you will work and what you’ll be paid each month certainly has its advantages, but I believe there is a better way: micropreneurship.
Forbes defines a micropreneur as the following, “A micropreneur or microbusiness is one that operates on a very small scale, or one with no more than five employees.” Based on this definition you can see that the goal of a successful micro-business is not to become Mark Zuckerberg or Steve Jobs. What you are aiming for is a small business that can sustain your lifestyle without having to bend over for your occupational overlords on a daily basis.
I’ve been in both worlds, the world of an employee and the word of a business owner. I’ll be the first to admit that being a business owner comes with its own challenges. These include volatile earnings, having total responsibility for your mistakes, and dealing with the inevitable crisis.
Despite these micropreneurship issues, I could not imagine ever going back to working for someone else. Making the leap into full-time businessman has only solidified my resolve that this is the lifestyle that is right for me.
For those who are interested in joining me on this journey of being a micropreneur, here are five advantages of jumping into the deep end.
#1: No Bosses
For those who are independently-minded, having a boss is akin to being someone’s bitch. And that’s if you have a good boss. For those unfortunate souls dealing with a micromanager or pure incompetency it can make your life a living hell. Think about it, outside of the typical work environment, what other situation would you voluntarily choose to spend a significant amount of time with someone that makes you want to scream obscenities while pulling your pants down to display your bare ass cheeks every time they are in your presence?
In the world of micropreneurship, you are the boss. Every decision goes through you, allowing you freedom to complete tasks as you see fit and in the timeframe you choose.
Speaking of freedom…..
Not only that, I wasn’t motivated by my work so I essentially did the least amount necessary to get by and keep my superiors off my back. Again, you could say I was a bad employee.
Now that I’m on my own, I usually do not wake up until 8-8:30 AM. No alarms are set, and nobody is checking their watch to see when I stumble into the office half asleep.
When I choose to work is up to me. This frees me up to do more things I’m interested in and also to spend more time with my family.
#3: Unlimited Income Potential
Now look at this situation as a micropreneur. You have a virtually unlimited earnings potential depending on your work ethic, marketing strategy, and level of success.
Every year that I’ve been in business I’ve earned more money than the previous year. While my income has taken serious hits (sometimes overnight) the results of being in business for myself have frequently exceeded my expectations.
Knowing that I have more control over my destiny and I am monetarily rewarded for my successes keeps me more motivated than any job could.
#4: Building Assets
The employee is essentially being rented by their employer for a certain monetary rate depending on the skills and education needed to complete the specific job. As an employee your efforts are always going toward building something you don’t own. The owner of the business gets wealthier because of your work, but you make the same amount of money.
If you want to build wealth you must build assets that you own. It’s that simple.
When I work on my business I am being paid twice. The first way I’m paid is through selling product and making affiliate commissions. Depending on the income stream I can be paid bi-weekly or monthly. I would compare this to an employee’s paycheck.
The second way I’m paid though is far more interesting in my opinion. As my websites begin to earn money through the various income streams, they begin to increase in value. They become an asset.
The more money my digital property earns the more it is worth, just like a brick and mortar business. This means that if I need capital or lose interest in the website, I can sell it.
And make no mistake, websites can be extremely valuable. For example, TheWireCutter.com is a review website that was purchased by The New York Times for $30 million! This site makes its money from affiliate earnings just like my sites.
The cherry on top of selling an asset is you only pay capital gains tax, which is around 20%. This is far less than the standard income tax rates and allows you to keep more the proceeds you get from the sale.
Bottom line: if you want to build real wealth you must build assets.
#5: Greater Work Happiness
Looking at the average productivity of a worker over the last several decades you can see that each employee is expected to complete more and more tasks. At the same time average salaries for workers has not even come close to matching this increased productivity. This dichotomy between salary and productivity is enough to make just about anyone miserable.
Leaving the rat race behind has allowed me to see these things more objectively. I’d be lying if I said my business didn’t stress me out at times. It does. But the control I have over my business coupled with the flexibility that comes with this lifestyle makes my work more fulfilling, and as result provides me with greater happiness. It appears that my experience is not unique based on research completed by The University of Sheffield.
During my last years of work my blood pressure began to climb. As someone who has a family history of heart disease I felt that this was simply par for the course. Since working for myself my blood pressure has regulated completely, and no longer are doctors suggesting I take medication to keep this in check. This my friends is no coincidence.
What Are You Waiting For?
Get out there, build something great, and lead the life you desire.
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