It wasn’t too long ago that people checked the want ads in the local newspaper for a job. Today, however, with the world wide web and advancements in technology, many people are walking away from the typical 9 to 5 job and using their passion and talent to venture out on their own. Jobs such as freelancing and truck driving are now providing people with a way to enjoy working for themselves with a growth potential that can exceed their initial expectations. The key is to have the capital up front to invest in your business, stay organized and budget your money so that during a financial drought you stay afloat. But, before you hand your two-week notice over to your employer, it’s best to weigh both the pros and the cons to come up with an educated decision that best suits your particular needs.
Cons of Venturing Out on Your Own
Working on your own is great in theory. However, if you don’t have the drive or knowledge of the industry you choose, you may end up wishing you stayed at your 9 to 5 job. Freelancers know all too well the phrase “Feast or Famine.” In this industry, you either have so much work that you wish you could split yourself into two people or you’re hustling for quarters. The same applies to the trucking industry. As an owner/operator, you need to promote your business. With the right contracts secured you can make a ton of money. However, they renew yearly, and like any other business, people are always looking to save money and may decide to use another company. Additionally, you also need to submit invoices and have them paid in a timely fashion in order to survive. Doing this on your own can consume a lot of valuable time that’s best used for earning money versus collecting on jobs already completed. The good news is that there are companies that specialize in the collection process and even some, such as TBS Factoring that can cover your invoices until they acquire the payments from your clients. This allows you to continue in the growth and development process and earn more money without skipping a beat.
Pros to Working For Yourself
There are obvious perks that go along with becoming a freelancer and owning your own business, with the first being that you can create your own hours. This is something that benefits those with a growing family who have young children at home or for anyone who has trouble being an early riser. A freelancer who works from home has the flexibility to set their own hours from day to day. This lets you enjoy quality time with your family without missing out on holidays, family reunions, school trips and vacations. It also allows you to choose the work you want to do versus working on projects that may not interest you. Additionally, there is no salary cap or people in line ahead of you for a promotion. The income you stand to make is solely up to you.
Today, there are more people working either from home or for themselves than ever before. If this is something you seriously consider doing, just make sure to do research on others in your field to see what it takes to earn enough money to enjoy a prosperous life. Working for yourself is possible if you have the drive and dedication to properly promote your business and the willingness to sacrifice your time during the first few critical years.