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Starting Your Own Business Versus Working a Day Job

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Information about Starting Your Own Business Versus Working a Day Job
Business & Mgmt

Published on March 5, 2014

Author: rapidadvance

Source: slideshare.net

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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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