SoFi Blog

After a rough day at the office, have you ever wondered what it would take to be your own boss? As someone who’s been there, I have a few suggestions. It may sound great—no boss breathing down your neck or annoying co-workers to contend with—until you realize how much you relied on that steady paycheck and benefits.

First and foremost, you need something you can sell to others. That might be your time, in the form of expertise or services, or it could be a product that you make or resell. Or you could ditch the traditional 9-to-5 by joining the gig or sharing economies.

You’ll also need to think through lots of practicalities. What business model will allow you to make enough to cover all your expenses and still set aside some savings? Where do you work best? At home, in a coffee shop, at a coworking space? If your employer was previously providing health insurance, where will you get it now?

Being your own boss can be extremely rewarding, but it’s not without its own challenges . When you’re in charge, who’s going to cover for you when you get sick or want to take a vacation? Who’s going to provide matching contributions to your retirement fund?

There are many things to mull over and they may differ with each person and scenario. To get you thinking about how being your own boss might work for you, here are some things to consider from people who are making working for themselves work.

Being an adult is a state of mind. It doesn’t matter whether you know how to roast a chicken or how many towels to buy, as long as you know where to go to find the answers. (Hint: the internet is always a great place to start.)

Ready to join the ranks of competent, bill-paying adults but not sure how to do it? Part of adulting is learning as you go along, so congrats on taking the first steps in taking care of your own business. One place to start—your career. What’s more adult than holding down a job and positively thriving while doing it?

According to a Deloitte study, the average American with a full-time job spent just over nine hours a day at work or on work-related activities. When you consider a person’s career, that’s a lot of time spent at the office, so you might as well enjoy it.

In addition to spending the bulk of your waking hours at work, it’s also likely your main source of money and can have all kinds of other implications for your lifestyle now and in the future. So, taking the time to find a rewarding career can pay off in the long run.