Anyone with a boss has likely dreamed of a day when they would someday have no one to report to or have to punch a clock.

Think it’s easy to be your own boss? Guess again. Sure, you won’t have to punch a clock but that doesn’t mean there aren’t responsibilities. When you quit your job to work for yourself you trade one set of worries for another.

Following is a few of the pros and cons of being business for yourself.

Pro: Being your own boss means freedom from reporting to someone each day. This can be extremely motivating for people who have to work with micromanaging bosses. In those situations, each day is torture and you may develop health problems like ulcers or tension headaches as a result.

Con: There’s no one holding you accountable. This might be the hardest part of running your own business. You have to be completely self-motivated, since everything is riding on what you produce. There’s no one to tell you when or how to do a project. You have to be able to trust your own instincts and experience.

Pro: You get paid for what you are worth. You decide your pay scale and since you work for yourself, you get all the profit. You can determine when you go on vacation and when you work.

Con: It may be feast or famine. When you work for yourself, it is up to you to solicit more work. There is no guarantee that there will be more work and if you’re not able to work, you don’t get paid. In this poor economy, working for yourself can be risky.

Working for yourself definitely has its appeal and many people are doing it. It takes courage to branch out on your own but it can be worth the effort.