There was a time, not very long ago, when the goal of everyone leaving college was to find a job with a well established company. Once you were in the door you stayed, climbing any ladder that was available. If you were lucky, you got to a middle management position within a decent number of years and then you would eventually retire. This concept provided security to millions of Americans.
Lately the climate has changed. The unemployment rate stands at 9.7% nationally and even people with advanced degree’s are having problems finding work. It’s become more and more important than ever to give careful consideration to the two biggest ways to create income.
First let’s look at the benefits of starting a business
Starting and running your own business can be very lucrative. But Salesforce Training is very important for start-up before starting any business. You call all the shots and determine the direction the business takes. Your choices are virtually endless when it comes to products, marketing, promotions, and customer service. The vision and day to day operation of the company revolve around meeting your customer’s needs. Find the right niche, provide top notch service or products and your potential is only limited by your imagination.
In his book The Purple Cow, business marketing specialist Seth Godin makes the point over and over again that if you create products or services unique enough to catch the eye of the right customers, they will tell others who tell even more others. At that point it’s up to you how handle the massive influx of calls…
Now let’s look at the benefits of getting a job
It’s true that finding work is more difficult than ever, but getting a job with a good company doing what you love is still possible. It requires some extra steps on your part to find the right place, but that’s a subject for a different article.
The benefits of the right company are diverse. As a business owner you have to go out and find your own clients. As an employee, the company bears all the responsibility for bringing work to you and making effective use of your time. You have an opportunity to develop stable income for months or even years. If you take the time to choose a company that fits your personality your days will be more fulfilling. There are always bad days, but that should be minimized by working at something you find passionate.
There is also a potential for growth in both academic and individual ways. Many companies offer programs to help pay for advanced schooling or professional certifications. Other benefits might include profit sharing, bonuses, paid time off and medical plans.
As with anything, there are drawbacks to starting a business
Going into business requires a specific mindset. Business is about making money. If you choose a hobby or pastime as your business model, it stops being strictly about fun. Even doing the business part-time is no protection against becoming burned out and no longer caring about the hobby.
It’s an important distinction to make and you have to be sure you can handle it. Your business is your attempt to control your future. It’s given that you will be emotional about its success or failure. The idea is to keep your emotions separate from your business but it requires massive preparation and maturity.
Other things to watch out for:
- You could end up spending time and money and get no return on your investment.
- You could be put out of business by forces that you have no control over.
- There are many legal, tax and other considerations that can be a nightmare if not handled properly.
- There may be bad economic times..
- Your niche drying up or becoming saturated with other players.
The drawbacks for getting a job include
The recent economic problems in the US have affected just about everyone. It’s certain that you know at least one person who was downsized, outsourced, or otherwise removed from their job. Layoffs and company restructuring are a fact of life and in many cases out of your control.
Here are other things to consider:
- benefits being cut or removed entirely
- prices for benefits skyrocketing out of control
- entire sectors of industries shutting down
- companies leaving for greener (cheaper) pastures
- legal and ethical problems that impact average employees
The list isn’t exhaustive by any means, but it’s fair to say that work isn’t what it used to be.
So, how do you choose either starting a business or getting a job?
It’s a choice based on temperament and background.
If you were the type to have a lemonade stand every summer, or line your pockets with money from cutting the neighbors’ lawns, then stepping into your own business is just the grownup equivalent. This is also true if you find that working for and by yourself is your best mode of achieving results. Most business owners understand that it takes a strong will to work outside the box.
If you like following direction, working as part of a team or find that you just can’t get motivated without support then a job would probably be more suitable. Owning a business isn’t for everyone and that’s okay.
The key is to use your skills to your best advantage. Be golden for yourself and that makes it easier for you to give your best to either business or job.
Good luck either way you decide to go!