Can You Handle Zero Job Security?
Starting your own business is the scariest thing you can do. During the start-up phase of a company, most folks go without insurance plans, retirement plans, salaries and vacations.
Long hours and no pay can take a toll very quickly. The start-up phase can last two years, and the only thing that keeps you going is the belief that you are on the right track.
Even after the business gets off the ground, the market for your product or service can change at any time. As the owner, you are usually the first one to cut back on your pay or vacation to help keep the businesses bills paid. Once you have employees, your responsibilities will be for their salaries first, yours second.
Things to Consider
Start your business part-time.
This may be your best bet if you don’t have the savings to last the “winter” of the business. Keep your insurance plans, salary, and vacation time in order to keep your stability. Once the business is established, go full-time.
Develop a freelance relationship.
The beginning of a business is often about learning the craft or market. If you develop a freelance agreement with a larger firm that has already made it in your line of work, you can learn the ropes while knowing that they will send you a certain amount of work.