A professional job is essential to meet the current needs and to save for the future. Whether you are in a job (employee) or own a business (employer), you have to be diligent and hard working, without which you cannot succeed.
Whether you are a salaried person or have a business of your own depends upon your calibre and instinct. The involvement in commercial activity involving goods and services is called business. On the other hand, the commitment to perform certain activities on a routine basis for which a fixed payment is made is called a job. Both types of professional activities have their advantages and drawbacks.
Advantages of owning a business
Whether it is a small business or a large one, it has several advantages. Here are some of the advantages of owning a business over a job:
Financial growth: there can be no denying of the fact that a business surely has better financial prospects than a job. While a salaried person gets a fixed payment, a business owner can earn much more than a salaried person. Moreover, with a job, the financial growth is linear with only a small raise after every year. However, this is not the case with a business. A business can bring in huge profits.
Flexibility: again with a job, people have to be tied down to a routine and have to work for the fixed duration of 8 to 9 hours. However, with a business of your own, you are the boss and have the flexibility to work at your convenience. This flexibility of working hours and the duration of work can be very handy as there are moments when one needs to give in time to family and friends.
Retirement benefits: for a salaried person, retirement comes in only when they are at least 60. This means salaried professionals must keep working till the age of 60 to get all the benefits of the retirement, no matter whether your health allows this or not.
On the other hand, a business owner can think of retiring when he reaches the age of 50. This is so because once the business has been established and is running smoothly, a business owner can take retirement and hand over the business to their heirs.
ll as a business owner, you do not have to answer anybody as you are the boss. You are not answerable to anybody for your actions or your work. However, this is not the case with a job. A salaried professional is answerable not just to the boss but also to anyone else concerned with the department or office. This can be really frustrating at times, as there is no liberty of thought. Being your own boss, there are no rules that you have to follow. While for a salaried professional, there are umpteen rules, which must be followed in any case.
These advantages clearly indicate that having your business is definitely better than working as a full time employee. You can start with a small business and then work hard with dedication and persistence to see it grow.
Guest Post Author’s Bio:
Working as business & finance analyst in Brisbane, Jim is very much interested in management consulting for finance projects. He writes about new challenges coming up in next year’s in the industry. Follow Jim on Twitter for more information at @JamesForrest8