Job Security: Owning Your Own Business

Is starting and owning your own business the answer to job security today? For many it is, but there are many things one must consider before taking the plunge.

Which is More Stable, a Full Time Job or Owning Your Own Business?

This can be a difficult question to find consensus with as many different people will favor one or the other. Some will say having direct deposit from a day job allows for peace of mind. Others will report that the constant pressure of what will happen in the next company re-org is worth the gamble of launching out on your own.

Am I an Entrepreneur?

Not everyone is. Life as an entrepreneur is likely more uncertain than it is having a full time job. The uncertainty lies in the idea and execution. You may love your business idea, but does the rest of the world? The National Federation of Independent Business estimates that 39% of businesses succeed with a profit, 30% break even, and 30% lose money. The odds are, you’ll have an uncertain future, but the reward could be worth it.

How Much Free Time Will I Have?

More than likely, a lot less than you would at a full-time job. Starting a business means more than providing the product or service you want to offer. In most cases it also means assuming the role of sales or business development, account payables and receivables, customer support, secretary, etc which will likely fill all of your waking hours. A new business will need your constant attention for it to succeed but once it does, it’s up to you how much free time you’ll have.

Can I Afford it?

Starting a business is expensive. Without regular income you’ll need to tap a savings or a loan to afford both your start-up costs and regular living expenses. You may want to add an additional layer of protection with business insurance that can reduce your liability, provide loss recovery, or satisfy legal requirements.

Despite the hurdles entrepreneurs may face, it may just pay off. If you become the roughly 40% who does succeed, you will most certainly thank yourself. Now you will be the one to make the decisions, create the strategy, hire the talent, and even nurture the company culture.

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