For many of you, the thought of owning your own business is a long term goal. If you work a regular 9 to 5, you’ve probably sat at your desk at one point or another dreaming about the day you become your own boss. Thoughts of setting your own hours, taking more than a 2-week vacation annually and simply working on your terms is probably enough to have you march into your bosses’ office and say I quit. The likelihood this scenario has already played out is unlikely. Don’t feel ashamed. You, like so many, have the dream but reality keeps you planted in your day job. Guess what? That may not be such a bad idea. Best of Both Worlds The concept of entrepreneurship and being your own boss is wonderful. It is an idea that is widely supported and embraced by many. The very notion of making a living from doing what you love as well as being in control of your day and setting your own rules is very appealing. However, being self-employed is not as easy as one may think. It can carry a heavy burden. Having your own small business can mean working long hours and wearing many hats. In the beginning, you will probably assume many roles, including being head of product development, marketing, finance, and general management. People fail to realize that being your own boss can be a lot more work than working for someone else. Statistics say that over 50% of small businesses fail within 12 months of startup. Not having strong management controls and the financial capacity to sustain during the start-up phase is a common reason why many businesses don’t make it past their first year. This is a very real reality that people ignore. Having the dream is not enough to keep you in business. Understanding how your business works including how much time, energy, and money is needed to keep it afloat is key. The reasons just stated are why some folk are willing to start their own business but still hang on to their day job. People who chose this approach should not be frowned upon because of their decision to maintain what is stable. The reality is that you can dream all day, but when you wake up, bills still need to be paid. So if starting your own business means falling behind in payments and/or creating setbacks that you’re uncomfortable with then the idea of keeping your day job may be just the approach for you, at least for now. Depending on what your business is, this will still equate to long hours because now you technically are working two jobs. If you have a glass half full approach you can look at this situation being the best of both worlds – on one hand you still have your 9 to 5, which affords you consistency and stability while on the other hand you are fulfilling your passion through your business. Eventually you may come to a crossroad where your business is growing at a rate that will require more time and attention. At that point, you’ll have to make a few tough decisions – Do you leave your day job to work for yourself full time or do you stagnate your business growth by keeping it at a pace that is manageable while still working your day job? In my opinion, there is no right or wrong answer. The answer lies at your comfort level. It will depend on the amount of risk you are willing to take and the level of faith you operate from. If you’ve reached this junction, just make sure you’ve done your homework and take the leap of faith with the upmost confidence knowing that you’ll end up a winner even if statistics tell you otherwise. Why? Because you would have tried, which, in my opinion, is the biggest payoff. In the meantime, keep your day job, but mind your own business! Till Next Time, Happy Living and Learning The S.P. Team “If you think it, if you can dream it, and are willing to do the work, it can happen” – Duwana (Last Name Unknown) Acclaimed Alvin Ailey American Dance Theater Dancer “I’ve learned more from failure then from success” – Sean “Jay-Z” Carter
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About The AuthorSolonge Robinson is a Co-Founder of Soldon Properties, LLC and proud contributor to The Soldon Corner. Archives
January 2020
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