You are officially torn: should you start your own business and become your own boss, or stick with your 9 to 5 because it seems comfortable or less scary?
Being an employee or being an entrepreneur each have their own perks as well as hiccups. Before diving in, it’s good to know the depth of the pool. Let’s talk about the pros and cons of finding employment versus starting a business.
Having a 9 to 5
The Pros
Pro #1: A Guaranteed Paycheck
The most obvious benefit of having a job is the paycheck that goes with it. Having your own dependable, steady stream of earnings can give you a sense of security. Knowing what goes in your paycheck enables you to plan and budget accordingly.
Pro #2: Better Work-life Balance
People say that owning a business means you are free to do whatever you want, whenever you want —this is tricky depending on how you choose to operate the business. It’s your business and no one else will operate like you will. In short, there is more responsibility, more rewards & opportunity to build a team. A position of employment on the other hand can more than likely allow you to turn off work as soon as you clock-out.
Pro #3: Skills Enhancement
The corporate domain is typically well-stocked with diverse talents and skills. Different projects and initiatives offer opportunities for jobs as well as exposure to different roles. This arena for workers offers enrichment of expertise and skills that they can one day transfer into franchise ownership.
The Cons
Con #1: Dependency On Others
If you have a brilliant initiative for a project or have the fix for an increase in productivity, you can’t simply have these ideas implemented right away. Politics can play a huge role in how well your ideas are received, regardless of merit or ability. This can prove to be a huge motivator for budding entrepreneurs to take that next step.
Con #2: Pigeonholed into a Routine
Employment restrictions may effectively curtail the potential for your growth as an individual. Employees often have fewer career advancement opportunities and oftentimes, a healthy competitive spirit is no longer healthy; it is just competition in a silo.
Cons #3: Job Security
Let’s face it, in the corporate world, people are driven by ambition and competition and often dispensable. Jobs are not always guaranteed for the rest of people’s tenure and ageism is prevalent based on feedback from clients. For many, this is reason enough to break that 9 to 5 cycle.
Owning A Business
The Pros
Business owners are often shown as innovative risk-takers who control their time, resources; earnings and the ability to contribute to their own personal sense of worth. This can be very appealing but does this mean that entrepreneurship is the answer?
Pro #1: Flexible Work Hours
The ability of an entrepreneur to choose when and where to work is very enticing. Working on your own terms can inspire a higher degree of creativity and quality that can often result in equitable compensation for that work. Your time is used to build your own asset!
Pro #2: Diverse Learning Experience
As a potential franchise owner, you will learn valuable lessons on finance, sales, marketing, management, operations and more. This fast-tracks your ability to create your own next opportunity. It can help pave the way with a proven system, track record and brighter future for yourself.
Pro #3: Greater Sense Of Personal Satisfaction
When you experience consistency in profits and general growth in your role as a business owner, you become much more fulfilled and happier. Succeeding at your own venture, can arguably be the most satisfying feeling because you can truly take the credit for your successes.
The Cons
Con #1: It is risky
Deciding to be an entrepreneur and doing it on your own carries a lot of vulnerabilities. Investing in a franchise system allows you to share in the success and learning from the past mistakes of other owners. It’s important to be both optimistic and realistic, which is a difficult balancing act in the face of risk and failure.
Con #2: Funding Options
You need to plan your options around funding and there are many lenders that specialize in helping franchisees. A franchise advisor can help put you in touch with these funding resources to learn more.
Con #3: Do you have the skills?
One of the most important factors of operating a franchise is having the ability to follow a system and maintain brand identity. You must be willing to learn and follow the franchisor’s business plan to successfully duplicate the proven process. You will need to comply with their set of principles and reporting requirements.
Work with an Expert
The choice is not as straight-and-simple as it seems; there is much to consider. The right choice between starting a franchise business or having a job is crucial at the start because it will be very hard to make the switch at a later point in time. For this reason, it is important to audit yourself and work with an expert to help guide you. Get a handle on your personality, values and your skills to really get an idea which route to take.
