The current situation has led many people to consider turning their lives around, is this your case? Perhaps you are thinking about starting a business and being able to work at your own pace from anywhere. You may also think that in the face of a crisis, it is better not to risk losing your job. How do you know if you should be self-employed or work for a company?
It is not an easy decision to start running a business. It is very tempting to be your own boss, but the risks and uncertainty can also be scary, especially in a time like today.
Working for an enterprise also requires effort. If you know that you cannot work in the office and do not like to be surrounded by people, then you should think about giving your own business a try.
It is worth considering other key aspects of each of the options. They are not always talked about but can make a difference and impact your decision. What are the advantages of each variant and which one is best for you?
If you need guidance to make this decision, here you will find many details that will help you choose.
Is It Better To Be Self-Employed Or Work For A Company?
The answer is not so obvious, because some people prefer the feeling of adventure while others would prefer stability. In addition, it depends on your knowledge, skills, and personality.
In any case, let’s see what entrepreneurship entails, its advantages, disadvantages, and what it is like to work for someone else.
What Is It Like To Create Your Own Company?
Starting a business is a true adventure, and as such it has challenges and can also be exciting. Many years ago, it seemed that starting a company was something reserved for a few, but today anyone can be an entrepreneur. Of course, it is not as simple as it seems and requires technique, methodology, resources, and a certain attitude toward life.
When you work for yourself, you are your own boss. You work independently instead of depending on the company that hires you. In many cases, you can make your hours and even your location more flexible, something that an employee often cannot do. You do not have a salary ceiling: you can scale and multiply your results; the limit is set by you.
On a practical level, when starting a company, you should ask yourself the following questions:
- What are you going to offer, how, and to whom?
- What resources do you have?
- What is the current situation on the market?
- Who are your competitors and what challenges do they pose to you?
- What is your competitive advantage?
- What strengths and weaknesses do you have to create your company?
These points are important to be clear about at the starting point when running an enterprise. You will need a product or service, or several, in addition to having done an exhaustive study of the market and what you are going to offer.
It is essential to make a business plan, which will help you greatly to answer the above questions. In addition, it will help you analyze and calculate the viability of your business project with a marketing, logistics, and financial plan.
If you decide to undertake efforts to start a business, you will have to decide what exactly you want to do. Explore the market and see what sells best. However, do not jump to conclusions. If you choose something that sells but you do not like selling it yourself, what is the point?
Make sure you find the right employees for your company. You can search on LinkedIn, ZipRecruiter, Indeed, or Glassdoor. Before hiring, verify information about potential workers on Nuwber or TruthFinder to avoid contacting the wrong people.
What Is It Like To Work At A Regular Job?
One of the main characteristics that most people are attracted to is stability. It does not matter what the situation on the market is, if you work for someone, you do not take any risks. If you like being surrounded by people and working in the office, try finding a job in a company. In general, if you feel that corporate life is for you, then there is nothing wrong with working for somebody else.
Before starting to find employment, answer the following questions:
- Do you like working with other people?
- Is corporate life for you?
- What are your strengths and weaknesses?
- What do you want from your career?
- What skills and experience can you gain from the employment?
Disadvantages Of Both:
As for the less attractive aspects of the option of being self-employed, these are the ones that appear most often:
- You assume a greater economic risk. You do not have a secure salary compared to those who work at regular jobs.
- You do not have months of paid vacations or maternity leave.
- All the responsibility falls on you.
- You have to take care of paying taxes.
- You have to learn a series of aspects of finance, tax issues, and accounting. It is something that when you work for a company you do not have to know, but as a self-employed person, must assume.
When it comes to working for someone else, here are the main disadvantages:
- You have fixed working hours (usually it is from 9 a.m. to 5 p.m.).
- You may be surrounded by a lot of mean people. Corporate life is not for everyone.
- You have a fixed salary. Even if you get promoted, it does not mean that you will be paid a lot.
- Working for somebody else is not what all can do.
Business Or Working For Someone?
The decision between being self-employed or working for a company depends on a series of factors related to economic aspects, your personality, and life purpose.
Both business and ordinary office jobs are not easy paths. Both require knowledge, risk, skills, and attitude. Working for others reduces the options for freedom, flexibility, and scalability, but provides great economic and vital stability. Working for yourself makes you stronger and teaches you about business aspects.
Whatever you choose, fight for your dreams, work with enthusiasm, and remember that your dreams are bigger than your fears.