Monday, March 8, 2010
Job vs Business now?
I’ve sort of discussed this earlier but this is slightly different. Question to ponder is whether to stick with your job now and start a business later when you have enough disposable income or quit your job and start a business now. Traditionally most people work and save as much as they can and start a business after retirement with some of that savings. Problem these days is that not much people can have enough savings to start a business when they retire. The disadvantage of starting a business later is that you have to learn from scratch how to run a business. Mind you that being knowledgeable in a certain trade or industry does not guarantee success in running a business. Most lose their money. A good balance is to start a business part-time now when you still have a job and some stable income. Should your business fail, it will not be the end of the world financially for you. Besides a home business requires a low start up and there will be trainings to teach you how to run your business. A home business provides you with all the necessary support to learn the business at your pace. On the job training. Mentoring from a host of people. Risks are therefore low. When your business is doing well, then you can turn full time to get better results. Anyway the potential benefits of running a home business totally outweighs having job/jobs. More time with family, save money on transport going to work, work with the people you like, financial freedom, total control over your income etc..
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