In this day and age, it seems that virtually everyone is starting their own business. If you take a look at the news, chances are you’ll happen across a 19 year old in some remote town who managed to invent something that netted them an insane amount of money. While this is the dream, and something that is very doable (albeit to a lesser degree, in most cases) you should definitely consider the pros and cons of starting your own business versus seeking employment.
Of course, in some cases, seeking employment may not be an option. Perhaps you didn’t finish school or majored in something that there isn’t a high demand for. In this case, perhaps starting a business is a better option for you.
In any case, let’s take a look at how starting your own business differs from traditional employment.
Depending on where you are employed, chances are you’ll be working considerably less than you would had you decided to start your own business. Typically, a 40 hour work week is what is asked of most employees where they’ll get the bulk of their work done. On occasion, your employer may ask you to work the occasional weekend if you’re running on a tight schedule.
Starting your own business, on the other hand, means you’ll be on call at all times. You may have to deal with irate clients, fix a bug in your software, talk to an accountant and so much more. The benefits here, however, is that this won’t be forever. The dream of starting your own business is to one day remove yourself from the situation meaning you will have all the free time in the world while still earning an income.
Depending on your industry, chances are your income from a traditional employer will be a lot more stable than starting your own business. However, starting your own business has the chances to net you an incredibly larger amount of money depending on how your business does. In a traditional company, you can only be promoted so many times where as when starting your own business the sky is literally the limit.
The benefits associated with traditional employment usually include investment plans, health insurance and things of that nature. Many different companies even offer guidance counselors that will offer investment guidance similar to GLCQ.com gold 401k rollover advice. While these luxuries won’t be provided to a business owner, the amount of income you can earn can (provided your business does well) will quickly make all of this a non issue.
Finally, there is job security. In this day and age it seems that the turn over rate of employees is quite high especially with all of the out sourcing going on. However, starting your own business can be more or less secure. If you have a rock solid, proven business plan that will net you a sizable income for quite some time, you’re all set. However, if you’re a business that relies on a single thing that can change at any given moment, you can literally see your job vanish before your eyes.
All in all, you have to pick the lesser of two evils. Starting your own business can make you rich beyond your wildest dreams where as being employed offers luxuries like health insurance, investment plans, financial guidance like GLCQ.com gold 401k rollover advice and a lessened workload. However, all of this is worth considering before you move ahead with your decision to either seek employment or simply start your own business.