by Alan Goldberg, Fran-Link Franchise Advisory & Consulting Group
Every day we talk to executives who are considering leaving the paid gig to do their own thing. It’s a big decision to walk away from a regular job with regular pay. In a business, there is typically very little income for the first year and maybe even two!
On the other hand, as I heard just yesterday, you can’t leave a W2 to your kids! That really brings it home doesn’t it? Yes, the job does offer a measure of security. On the other hand, if you’ve ever been through a “rightsizing” you know that as you get older, it is harder and harder to land somewhere else at the same pay grade.
Do you have the courage to make a life-changing decision? Some do, and many do not. Not without fear, but many find a way to light the wick and set in motion the flames of action and change.
And, in a shameless attempt to steer you towards business ownership – here’s my top 10 reasons to go for it!
- You will be the last fired. Enough said.
- There are 3 income streams when you own a business: the salary you pay yourself, the tax savings of running your car, day care expenses, health insurance, cell phone bill and much more through the business, and the wealth accumulation from the asset you are building for the future (which will ultimately be monetized one way or the other).
- Lifestyle – when you’re the boss you can schedule yourself in and out whenever you want to! Not to mention ultimately put someone else in place to run the day to day while you monitor the business from your mobile device on the beach or golf course.
- You get to choose the clients and the coworkers (your employees) that you like and want to work with
- No office politics – unless you are creating them!
- You have the satisfaction of adding to the economy through your job creation and marketing and other dollars spent in your community
- The pride and respect you will feel when you talk to others about your business
- Your sphere of influence will grow – you will meet lots of interesting people including other business people and maybe prominent folks in your community
- You have a chance at being a millionaire. Read the Millionaire Next Door. It’s harder to become a millionaire as an employee – you would have to be saving at least 20% of your salary over quite a few years
- You can wear whatever you want to work! OK that last one was a stretch but top 10 reasons sounds so much better than top 9 reasons, right?