Are you feeling stuck in your chosen career? Do you have friends who have ventured into entrepreneurship? It is natural to feel conflicted. After years of being employed, even if you desire to make some changes in your life, it will not be easy without the stability provided by a monthly salary or the safety of a routine.
You will need time to think thoroughly before making a decision. Here are some things to ponder about:
Get in touch with your inner child
Go back to when your job didn’t make the most of your waking hours. What did you dream of becoming when you were a child? Did you want to be an astronaut or a cowboy? Did you believe yourself capable of becoming an explorer who would go to distant lands and build cities? Did you love pretending to be a superhero?
When you are at a point in your life where you feel stuck, go back to things that make you feel alive. What would you do if money were not an issue? What makes you forget to check the time?
Get reacquainted with these things and temper them with your current adult mindset – maybe you’ll be able to find something you want to do about your career or business. Or maybe you can simply find a pastime that will take your mind off things and give you the energy to continue with the grind.
Are you ready to leave your 9-to-5?
After these exercises on introspection, some people decide that employment is no longer working for them. Some start to reconnect with their creative or innovative side, so much so that they feel stifled in a corporate setting. They remember how much they love to write stories or paint striking pictures.
If you are at a crossroads, do not rush in with a resignation letter and not much of a plan. In fact, it might be best to test the water first. If you want to be your own boss and start a business, venture beyond the glitz and glam that comes with having your own business. Open your eyes to reality. Being your own boss means you have to hold yourself accountable for your actions. Starting a business means working 24/7 with little to no breaks in between. Are you willing to accept this lifestyle?
Pros of having your own business
Let us weigh in on the perceived benefits of starting a business. Aside from the attractiveness of freedom and having to answer to no one, here are some positive sides to having your own business:
1. You can increase your earning potential
Unlike being an employee, if you have your own business, whatever you earn will be yours in full. You do not need to be limited to your salary. You do not need to grovel for a salary increase and get anxious about performance reviews.
2. You can pursue your passion
You will have the luck of doing what you love on a daily basis. If you love baking, you will get to do that each and every day. You would not need to cram all the things you want to do on weekends and vacation days. As they say, you will not need to work a day in your life since you are doing what you want anyway.
3. You are building your legacy
As a business owner, you will be known for the products and services that your shop or establishment will offer. You can take pride and credit for the work of your hands. If you are the type of person who gets inspired by other people’s praise and good comments, this may be a compelling reason to start your own business.
4. You have flexibility over how you spend your time and on what you spend it on
Imagine not having to report to anyone and removing the anxiety of someone checking on you. You can finally work in peace and at a pace that comes naturally to you. You can explore your own ideas and pursue what you think is best for your business.
Cons of starting a business
As with all things, there are also disadvantages to leaving your 9-to-5 and starting your own business instead. In fact, the pros we previously identified can easily turn into disadvantages if you are not mindful.
Before jumping on the opportunity to be an entrepreneur, ask yourself if you have the discipline and drive to go beyond what is expected of you. Because unlike employment, your actions, whether big or small will have a direct impact on your business. Deciding not to show up for a client meeting can mean months of no income.
Here are other negative points you will have to make peace with if you decide to be a business owner:
1. You will have to pay for all expenses
Make sure you have enough capital saved or available funds before you open a shop. On the other hand, if you need a bit of financial aid and believe your business idea is profitable, you can go to a legal money lender to finance store equipment, rent, materials, inventory, products, etc. Decide on how much debt you are willing to take on and how you plan to repay the debt.
2. It’s not a walk in the park
Having your own business means you will have to show up and work hard beyond normal working hours. In fact, for a business owner, especially new ones, every hour is a working hour. And if you opened a shop using proceeds from a loan, you will consistently feel the pressure to succeed. You will certainly not have time to just chill, even on weekends and holidays.
3. You are responsible for your business, your employees, and your customers
Starting a business means taking on more responsibilities. It is up to you to make sure your business turns a profit. Otherwise, you will not be able to provide sufficient compensation for your employees, which is not only unfair but also unsustainable. No matter how good your business concept is or how innovative your product is, delayed release of salary or failure to pay salary will leave your employees with no choice but to look for another job.
4. Your daily life is full of uncertainty
When the initial excitement wears off, you will be jumpy with anxiety. Will there be customers today? Will your clients buy your products? What will happen if you fail to sell all the items in your inventory? Every day is a new battle for the business owner.
Conclusion
If you are starting a business for the sake of being your own boss, you might be doing it all for your ego. This will not stand the test of time, of numerous problems and the constant threat of bankruptcy. Do it for the right reasons or do not do it at all. If you are doing this to channel into your interests and pursue your passions, achieve financial independence and financial freedom, you will not be easily discouraged by the challenges you will have along the way.
Aside from that, building a business from scratch means putting all your time and strength into making sure it will succeed. Can you handle the anxiety? Are you willing to work harder than everyone else?
You will face plenty of difficulties and you will deplete your financial resources. If you still believe the entrepreneurial route is the path for you after being aware of these possible scenarios, then do not be afraid to seize the opportunity.
