7 Differences of Employment vs Self Employment
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7 Differences of Self Employed vs Employed
Being an entrepreneur is NOT for everyone, but neither is being an employee. In this blog post I will give you advice in the form of 7 real world tips to help you make the transition. This comes from my real world experience of seeing the difference of my own employment vs self employment, from high salary corporate guy to someone that makes a lot of money from his work from home business.
Employment vs Self Employment
I think the very first question one should answer is why are you considering having your own business? I recently blogged about my journey of employee to entrepreneur, and I can tell you, it is not always an easy transition.
Why are you wanting to become self employed? IF you are doing this because you think it will be easier, think again. It will almost never be easier, at least in the beginning. It can get easier as you build residual income but certainly not as first. The reasons I chose to make the jump from employee to entrepreneur are as follows:
- I was tired of the line of work I had chosen and was burnt out.
- I was tired of having to ask permission to do everything like take my kids to the dentist or travel to someone’s wedding.
- I was tired of barely seeing my family that I was working so hard for.
- I was scared. I was scared that when the next round of job cuts came I would be one of the ones cut and I would be caught flat-footed.
- I was terrified to think that 20 years down the road I might actually be doing the same thing and might feel I had wasted my life.
- I wanted to be able to travel more.
- I wanted to build something I actually owned that could be passed down to my children.
Those were a lot of my reasons, you want to have your own set of reasons. My initial goal was not to make more money, it was to have more quality time and freedom.
The difference between entrepreneur vs job or employee vs self employed are pretty significant, this list should help prepare you if you are going to attempt (and hopefully succeed) at going from employee to entrepreneur.
1. The income, especially at first, is not steady. Be careful how you manage your bills and your expenses. With that being said, I would NOT suggest quitting your job right away even if you are really “pumped up from that meeting last night”. Let your job finance your dream lifestyle until you no longer need it to or are at least at a position where you have some money coming in from the business.
2. You will no longer be told what to do for every second of the day. This represents a huge problem for most people that start working on their own. All of a sudden they can watch a TV show or clean that garage and no one will tell them different. Understand this: Your time management will dictate the velocity of your success. For help with this visit my three blogs on this matter:
Daily Routine for Success
Time Management and Your Routine
How to manage your day as home based business marketer
3. Friends and family members will tell you that you are crazy. It almost never happens when you are going for any type of job that someone tells you that you are crazy but happens all the time when you decide to break those corporate chains. I think it opens up the fears of other people that you could actually create a better lifestyle than them and escape being a working stiff.
4. You won’t just be receiving checks, you will have some expenses. It is easier for someone to go from owning a traditional business to a work from home business because they understand this fact all too well. However, Employee minded people struggle with this. You are going to have some expenses such as hosting fees, autoresponders, marketing systems, autoship, etc that you NEED to have to build something that will last.
5. Most of the daily actions that will help you have success are actually easy to do, but, that makes them easy NOT to do as well. Your consistency in your home business is most important.
6. You are going to HAVE to work on yourself. Most jobs you only need to know their specific jargon or knowledge, if you are building a home business, you are going to need to constantly work on making yourself better. Self improvement in self employment is mandatory. If you are not growing, you are dying.
7. You may have heard the saying, if it is going to be it’s up to me. That is very true when it comes to self employment. YOU are the one that will make this happen. Not the market, not external forces, not someone leaving a vacancy in a job, YOU are the one that can make this happen and in a big way.
Between Being Self Employed vs Employment, I choose ME!
You have to do what you feel is right. If you look forward to Monday mornings and your job really fulfills you, keep in mind you can always stay there and build a home business on the side. What I feel a home business does while doing that is create options. We all want more options. If you had the OPTION of leaving your job, well, the next round of layoffs would not scare you, would they?
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