What do you mean the government shut down?? Should you start your own business?
I don't mean to get into politics...
But I might. Don't push me. (Pray for me please.)
However, we just saw some of America's allegedly most stable (federal) jobs shut down, leaving employees without pay for 35 days. Families who thought they had steady income were unable to afford groceries and make crucial payments. They may not be out of the woods yet...
So if you're a single-salary employee, you're probably starting to wonder, "How can I make sure that doesn't happen to me?"
Salaries aren't as stable as they seem
"You're so brave for starting your own business!"
A friend told me how proud she was of me for launching. The concept of starting and running a business is completely alien to some, even those directly hired by a small business owner. She was one of many who told me they could never start their own business because they need a salary.
While entrepreneurship isn't for everyone, telling yourself it isn't for you is the worst way to be sure.
Ahead of my time, I told her salaries aren't as secure and stable as they seem. "Memberships, subscriptions, and rents are where it's at," which was surprising for a guy with a state government career, son of a now U.S. Army retiree and a former state employee.
We saw plenty of coverage on how the 2008 recession shook up the mindsets of entire generations. CNN Business Headline: Millenials Born In 1980s May Never Recover From The Great Recession (and scholarly articles). We know how a recession can cause even the best companies to lay off their best employees.
The government shutdown was the same job security loss on a smaller scale. A few people in suits and comfy chairs caused 800,000 employees plenty of stress, leaving many of them asking, "How are we getting dinner?"
Therefore, in my opinion, the most brave are the ones not diversifying their income sources!
It's not just millenials being overly sensitive to government shutdowns and recessions- can you relate to one of these?
- You're approaching retirement from a lifetime career, unsure what you will do with your time or to supplement your income.
- You're midway through an unfulfilling career, looking for something better, with flexible scheduling.
- You have high expectations after spending your whole life with instant access to the internet and the entirety of human knowledge.
5 top reasons you should start your own business:
- Call your own shots- Your management team and government don't have such a direct outcome on your peace of mind. Multiple streams of income leave you less exposed to tough choices by a few people.
- Fully align with your goals- You don't have to sell other peoples' clothes, food, devices, and things you don't care about.
- Set your own schedule- You can plan your work day around your life! Spend more time at home, or work in the hours you're most effective instead of 8am at the desk. Don't ask permission for vacation, schedule it in advance with your clients.
- Maximize your skills- Stop trying to fit your skills and experience into resumes and cover letters. Instead, combine and market them so clients see how you solve their problems and get the outcomes they need. Also, develop transferable skills that go with you, whether you work as an employee or for yourself!
- No salary limit- Working for yourself means you can develop the framework to leverage your time, so eventually you stop trading time for dollars. Less time for more money? Where's my pen, I'm signin!
Should you start your own business?
A quick pro-con list:
- You don't have to market yourself
- Your responsibilities are set
- Salary and bills you pay with it are at the mercy of few people
Full- or part-time business owner
- You have to find your own customers
- Flexibility to negotiate schedule, terms, and payments
- Your income is as stable as the demand for the solution you offer (hello job security!)
Conclusion: NOW is a good time to consider/be thankful for running your own freelance business!
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