Business & Finance Corporations

Should You Quit Your Job and Become Self-Employed?

Some people like the safety and security that comes with a regular job in an office.
After all, there's a lot to be said for a regular paycheck, paid vacation, and benefits like health care and retirement funds.
Just ask any of the millions of unemployed Americans out there and they'd tell you how lucky you are to be working.
But, if you're anything like me, you may have a little voice inside you...
telling you that it's time to quit this job and make a go of it on your own.
As someone who has worked for lots of companies - big and small - I've learned something about myself.
I'm just not happy working for other people.
I don't like having set hours.
I don't like other people making money off my success.
And it just drives me nuts when I know I'm smarter than the VP who sits in the big office with the skyline view.
Going to work for yourself is a huge risk.
There's no question about that.
But it can also be the most rewarding decision you ever make.
If you're wondering whether you have what it takes to work for yourself and make a living, start by asking yourself these questions:
  • Do you have a specific business in mind? How will that business be funded? How will it make money?
  • Are there other people doing what you want to do? What's the competition like? What are you going to do to differentiate yourself?
  • How dedicated can you be to your new endeavor? Will other things (i.
    e.
    a growing family) steer your attention away from your business?
  • How will you take vacations? Who will "fill in" for you when you need to take a personal day?
  • Will you be able to find a work/life balance? Or will you be working all day and all night?
  • Do you have any non-employer options for health insurance? Can you get on a spouse's plan? Your parents'? Or is there a union for your new business that you can join?
  • Do you like risk or do you prefer stability? How will you handle it when business slows down?
  • How will you pay your bills? If you make no money for the first six months of your business, will your rent or mortgage still get paid?
  • Who are your contacts in your new field? Would any of them be willing to mentor you?
  • What aspects of business are you best at? Will you need a partner to fill in the gaps?
  • Will you need employees for your business? If so, will they be full-time or part-time? Do you have any managerial background for dealing with employees?
See? There are lots and lots of questions.
Hopefully, taking a few minutes to answer these will help you figure out if you're well-suited for self-employment, and get you started on your new business endeavor.
If you're anything like me, you'll hit the ground running and never turn back.


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