Employment vs. Business-2

The biggest downside of the having your own business is the uncertainty of the income. For employment, if you are doing an okay job, you will get paid month in and month out and you are mentally satisfied. You bills are getting paid and so is your health insurance, but when you have job, you have to be constantly worried about from where your next bill is going to get paid. If you lose time or waste time, you lose money. There are obviously more risk in running your own business but rewards are greater if you succeed. You are your own boss with your own working hours and the more you work, the more money you can make. There are no excuses to be given to your bosses since you are the boss, but there are no sick days or vacation or personnel days to be availed off.

You have to pay twice the amount of social security (your side and the business side) and the health insurance is also up to you to pay in full. That is why unless you are wealthy or rich; you should not plunge whole heartedly in a business when you don’t know if and when it will succeed. You should rather keep your day job and work on the weekends or on the side and maybe finance your side business with your day job income. Until your side business earns enough so that you can run the business and also pay yourself enough salary to replace the current one on the day job, you should keep your regular job to pay for your bills and other family expenses.