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
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Register your business. ... You’ll have more responsibilities if you take on your own employees, including: ... Working for yourself;