Should You Run Your Own Business?
If you are currently employed and working for 'the man' perhaps thoughts of venturing out on your own have crossed your mind for some time. Possibly you're frustrated with the political process at work or perhaps you're tired of seeing all of work being accredited to other workers.
Whatever the reasons, it could be that working for yourself is the only way to bring long lasting satisfaction to your career. Should you run your own business? Perhaps so, however before you make the move the following can help you work through the process.
Do you have a marketable product - working for yourself is one thing, having a marketable product is another. Do you have a skill that someone could use? Can you fill holes at various companies by offering them freelance or contract services? Can you make enough money to cover your salary, benefits, and various expenses?
Do you have the tenacity to stick it out - if you imagine yourself having more leisure time for yourself when self employed then you are sadly mistaken. You will work longer hours, need to spend more time marketing yourself, manage your taxes, and handle pretty much everything yourself instead of relying upon other office staff.
Importantly: do you have the will to stick with it even when things get tough? You certainly will encounter difficult times!
Do you have the ability to work by yourself - some employees thrive upon intra-office camaraderie. Will you miss the daily interaction of employees or will the occasional contact suffice? Is there an organization out there whereby you can join and keep in contact with your peers? How about annual conventions?
Importantly, if you start your own business from scratch you will need to register your business, file incorporation papers and pay the related fees, set aside quarterly taxes, and oversee the day to day operations of your business.
You may find that you are spending a disproportionate amount of time on administering your business and discover that billable hours are taking a hit. Who will keep you centered? Your spouse? A mentor? A trusted former co-worker?
It isn't always a matter of money when choosing to work for you. Instead, personal satisfaction is one of the key parts of self employment as it is for people who are employed elsewhere. If you can get more satisfaction working for yourself, then self employment [i.e. running your own business] is worthy of your consideration.
Whatever the reasons, it could be that working for yourself is the only way to bring long lasting satisfaction to your career. Should you run your own business? Perhaps so, however before you make the move the following can help you work through the process.
Do you have a marketable product - working for yourself is one thing, having a marketable product is another. Do you have a skill that someone could use? Can you fill holes at various companies by offering them freelance or contract services? Can you make enough money to cover your salary, benefits, and various expenses?
Do you have the tenacity to stick it out - if you imagine yourself having more leisure time for yourself when self employed then you are sadly mistaken. You will work longer hours, need to spend more time marketing yourself, manage your taxes, and handle pretty much everything yourself instead of relying upon other office staff.
Importantly: do you have the will to stick with it even when things get tough? You certainly will encounter difficult times!
Do you have the ability to work by yourself - some employees thrive upon intra-office camaraderie. Will you miss the daily interaction of employees or will the occasional contact suffice? Is there an organization out there whereby you can join and keep in contact with your peers? How about annual conventions?
Importantly, if you start your own business from scratch you will need to register your business, file incorporation papers and pay the related fees, set aside quarterly taxes, and oversee the day to day operations of your business.
You may find that you are spending a disproportionate amount of time on administering your business and discover that billable hours are taking a hit. Who will keep you centered? Your spouse? A mentor? A trusted former co-worker?
It isn't always a matter of money when choosing to work for you. Instead, personal satisfaction is one of the key parts of self employment as it is for people who are employed elsewhere. If you can get more satisfaction working for yourself, then self employment [i.e. running your own business] is worthy of your consideration.