Start a Business or Not
I just got laid off and don’t have a clue when or if I’ll go back to work for my employer. Is this the right time to start a business of my own or should I be out looking for another job? That’s a difficult question to answer without posing questions you must first answer. 1. Do you have enough savings to keep your bills paid for six months or a year? It will almost surely take that long before you will experience any reasonable revenue from a new business – particularly in this environment. 2. Is this business already in existence? Do you have a business plan in place? Do you already have product ready to be sold? If not, the start up time could use up all savings before you ever see one dime. 3. If at all feasible, attempt to do both right now. You may end up – hopefully – with a new job that will pay your bills for the foreseeable future while you build this new business on the side. It could germinate into something substantial over time – or not. Unfortunately, it all takes precious time. Neither position - being self-employed or working for someone else - will solve the financial security issues we all struggle with from time to time – especially during a recession where so many businesses are closing their doors. Those of us who are self-employed daydream about getting a job and leaving all the stress involved in having our own businesses behind. As employees, we daydream about being our own boss just so we don’t ever have to take orders from anyone again. We are usually pretty certain that we could run the business better than our bosses anyway. Neither position is the magic pill we all wish we could purchase for $2.00 over the counter at CVS. Good luck!