You have been an employee all your life and you feel that you have made money for lots of others, now it is time to make the money for yourself. It is one thing to get a regular pay cheque, it is another to be responsible for cash flow which means you do not always get paid. In fact, you may have to add money to the business from time to time.
What are your advantages for working for yourself – buying a business or starting a business?
freedom of choice:
- you can choice who you want to work for you
- how they want to work for your
- flexibility in your work schedule, you can work 24/7 or just a few hours per day
- financial reward is yours
- the buck stops here
- may be required to work long hours
- may have to put in personal cash
- there is no fall back or other person to help in the decision making at the beginning
- could be forced to work long hours and sacrifice family time when you are starting up or in a growth phase of your business
- many businesses fail in the first two year of operation
- bank financing is difficult for start up businesses
There are many more pros and cons of working for yourself. After you have worked for yourself for 20 years, you have become unemployable, you are set in your ways and you would find it very tough to go back to working for someone else. After you have been out for only a few years, prospective employers may think twice about you as a candidate. You went out on your own once, will you do it again, how long will you stay working for that company. There is more to consider than just the immediate future, your actions can have implications many years down the road which can include employment and financing. Getting a personal loan is more difficult when you own your own business than if you are an employee.
In the end, there is no right and wrong decision. You do what feels right for you. Often many people regret for not trying to be on their own when they are young but as they get older, they feel that it is too late to take risks and start a new business. There are many of these who regret not trying to start a business. Of course, many people talk about starting their owne business but in reality, few who talk about it actually go out on their own.