Find a job or start your own business?

Business set-up - Carmel Business Law AttorneyWe all know the job market is really tough right now, and it is making some think again about starting their own business. Forbes offers some helpful questions that you should consider before starting your own business.

The change from employee to business owner could not be more different. It is a complete lifestyle change, and you will never “turn off” thinking about work. Since your livelihood is on the line, your business becomes your life. Before you put down your time and savings to start a new business, ask yourself the following questions:

Can you start and finish tasks independently? 

When you are an employee, your boss gives you a task, and you are supposed to complete that task in a given time period. When you are a business owner, you have to set your own tasks and complete them independently. You might be working alone a lot and only be able to rely on yourself. This is something you should be prepared for when starting a business.

Can you set and achieve short- and long-term goals?

As an employee, someone else sets the goals for the business, and you work toward those goals. As a business owner, it is your job to create goals. This means you will need a well-thought-out business plan and mission statement, and plan of action to keep the integrity of your business in place. It is up to you to see that short- and long-term goals are carried out.

Do you have the self-discipline and self-motivation to work for yourself?

Your boss oversees your hours and your daily tasks to keep you on point. When you are your own boss, you need to be skilled at time management and self-discipline. Because there is no one else to keep you on track, you need to manage yourself in order to constantly keep your business moving forward.

Can you manage money wisely?

There is little financial risk when you are an employee. You rely on the financial success of the company, but you know that, unless the company goes under or you lose your job, you will always get paid. When you are a business owner, you need to figure out how to fund your business. There will most likely be financial ups and downs, and you need to be prepared to face financial management.

Do you know how to measure your success?

An employee has a boss that sets the standards for all employees and can measure their success by raises and recognition from their boss. Business owners have to set their own standards and measure their own success. Do you measure success in money earned? Recognition? You need to determine this while weighing the other pros and cons of starting your own business.

Are you comfortable writing your own paycheck?

When you are an employee, your boss is responsible for writing your paycheck, giving you benefits, and paying for other business expenses. You rely on getting paid regularly as an employee. A business owner creates his or her own “paycheck, retirement plan, taxes, insurance, vacation pay, etc.” There might be times when you have to skip your own paycheck and live with uncertainty.

It is important to answer all of these questions before deciding to go job hunting or start your own business. If you have questions about setting up your business, call business law attorney Chris McGrath at (317) 848-6187.

About Chris McGrath

I’m a Carmel, Indiana business attorney providing business counsel, commercial litigation and mediation services based on over 20 years of experience. My firm is founded on a principle of supporting others’ advancement and achievement, and my core values are service, passion, faith & loyalty.Chris McGrath’s Google+ Profile