Published on March 5, 2014
Starting Your Own Business Versus Working a Day Job How do the risks of entrepreneurship compare to those of a day job? Is starting a business right for you?
Paths to Business Ownership Start a business from scratch Become a consultant Buy an existing business Buy a business franchise (e.g., McDonalds, 7-Eleven, Starbucks) 2
Risks of Employment As an employee you only have once source of income, whereas business owners often have several (clients, products, ad revenue, etc.). There is always a chance you will get laid off or let go. The earning potential is typically less than owning your own business. 3
Risks of Self Employment 35% of new businesses fail within 2 years. The exception are franchises; successful ones typically last 10+ years. A lot more personal motivation and drive is required to maintain a business. No one will give you deadlines or require that you show up to work except yourself. May require personal sacrifices to get the business up and running. Lack of holidays, sick pay, and company benefits. 4
Benefits of Working for an Employer Company benefits, such as healthcare, retirement plans, etc. Consistent income. Employer pays for work related costs (laptops, paper, internet, etc.). Employer collects payroll taxes, so taxes are easier to file. 5
Benefits of Starting Your Own Business Satisfaction of doing what you always wanted to do. Reward becomes directly proportional to effort: the more effort you put in, the more results you see. Earning potential is practically unlimited. Flexibility, and being able to set your own hours. Tax-deductible business expenses. 6
Prepare for Success Things to consider before starting a new business venture: 1. Make sure you have saved up some extra money as a safety net. 2. Create a detailed and organized business plan. 3. Perform market research to ensure interest in your product exists. 4. Make sure you will be able to obtain any necessary financing. 7
RapidAdvance Can Help Your Business Grow RapidAdvance provides easy funding options for small business owners that can help get their businesses off the ground. Get a free quote today and get financing in as little as 7 days! 8
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The Tradeoffs Of Owning Your Own Business Vs Working A Day Job. ... starting your own business tends ... The Tradeoffs Of Owning Your Own Business Vs ...
Two years ago I quit my own business to work for someone ... By working a day job, ... and best use of my time right now is building my own business.
How to start your business while working a full-time job. ... my job and start running my own ... Starting your next business while working ...
Having A Job Vs Being Your Own ... getting a good income out of your business except you, the one working the ... recommend starting your own business?
Starting a Part-Time Vs. Full-Time Business ... your business is making enough money that you can quit your day job? ... Forget About Your Own Needs
Reasons Why Own Business Is Better Then Job ... If you have your own business then there are no time ... working hard for someone else is better to work ...
Being an Employee Vs. Having Your Own Business ... been if they stick with the stolid day job that requires no risk ... a Job Working on Offshore ...
... but in the long run, owning a business versus working for someone will ... from day one. Keep your business ... Starting your own business means ...
Register your business. ... You’ll have more responsibilities if you take on your own employees, including: ... Working for yourself;