How to Decide if You Should Own a Business or Work a Job
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Starting a business is often touted as a smart financial decision. Harsh realities surface and working for someone else becomes a cloud with its own silver lining.
Should you start a business or become a company’s employee? Consider the following to make a decision that best fits you, your situation and your mindset.
Understand a Business vs. Skills Mindset
We’re trained for our skills, but we often know little about running a business.
Writers, health professionals like dentists and chiropractors, along with contractors and just about every profession out there are trained on how to construct articles, extract teeth, and lay the foundations for buildings.
Read a profit and loss statement? Enter receipts on a daily or weekly basis? That’s for kids who majored in business math. And those are basic skills needed for running a successful business.
How about knowing the metrics that show whether your business is or isn’t on track to succeed? And then you can go deeper into issues like labor laws, healthcare and retirement plans.
Yes, men and women who are intelligent enough to correct a spinal misalignment, lay electrical wires and create a perfectly styled head of hair can learn the intricacies of running a business.
If you want to spend your time using your skills and let someone else have the headaches of running a business, then you’re better off working as an employee.
Can You Ask for the Money?
You go to work and go into business for the same reason — to earn money so you can live and have a decent quality of life. But can you ask for the money?
If you have difficulty negotiating terms that you find favorable for either short-term or long-term client projects, then you’ll either need to sharpen those negotiating skills or use your specific skills as an employee.
When you run a corporation with employees, or you’re a solo-preneur, you need to have the value of what you offer…
