Nowadays, things aren’t so straightforward. The financial crash meant jobs have been harder to come by and salaries have been pretty stagnant over recent years. In addition, a millennial outlook on work means more people are working to live rather than vice versa. The result? More and more people are choosing to work for themselves.
So what should you do? There are a number of factors that come into play when deciding whether to get a job or start your own business. Here are some pros and cons to consider:
Getting A Job
The Cons
- When you work for someone else, they are in charge of your working life. They decide what you do, when you do it, how much you get paid and how much time you get to take off.
- You generally perform the same tasks over and again. Unless you work for a very small company, you’ll be specialised in one area rather than gaining skills in many.
The Pros
- A job with a long-term contract is a more secure form of income than setting up a new business. You can rely on your monthly pay packet and other financial perks such as a pension and holiday and sick pay. You can also can get away with the occasional “off” day without it hurting your bank balance.
- You get to work alongside other people. This means learning from your colleagues and superiors and improving your own skills. And getting a healthy dose of social interaction every day.
Starting a Business
The Cons
- You never switch off. Your business is your baby and you will live and breathe it every hour of every day, particularly in those early stages when you’re getting things off the ground. You’ll face stresses and carry responsibilities that you just wouldn’t have to contend with when working for someone else.
- Because you’re doing everything yourself, there will inevitably be jobs that you hate to do. Love creating new designs but hate the paperwork involved in invoicing your clients? You have to suck it up and do it all.
The Pros
- Every penny your business earns comes back to you. You’re not slaving away to line somebody else’s pockets so you see the direct results of your efforts.
- You get to make all of the decisions. That means not working with that client who always makes life hard. It means deciding on the ethical, social and environmental impact of your company. And it means choosing the work culture you want to adopt. This independence and control can make you much happier than you would be in a standard job.
- You’ll never be more motivated than when you start your own business. You’ll be able to put your own innovations into place. Maybe growth hacking could turn you into the next Airbnb? Or that new perspective you’ve developed could revolutionise your industry. When you’re running your own business, the sky is the limit.
Deciding whether to get a job or start a business is tough. There’s a certain degree of compromise involved in both options. Be sure to take these pros and cons into account when working out which path to choose.
Linda Binklage is a Content Manager at Businesscheck.co.nz and Canadabiz.net. She enjoys blogging about entrepreneurship, online marketing, career development and freelancing. In her spare time, she loves catching up on the newest technological trends and finding new places to travel to.