I want to suggest entrepreneurship as an alternative, but I realize that it isn’t a great option for everyone. I’ve been putting together a list of pros and cons in an effort to decide whether starting up a business is really a good idea for some people, especially in the middle of ongoing financial problems. I’ve tried to stick to financial and business issues while it’s nice that many small business owners can spend more time with their families, I don’t think that’s the biggest issue for many folks considering entrepreneurship right now.
The Pros
The Cons
My Conclusion
Freelancing, consulting, and running your own business isn’t for everyone. There’s a certain amount of security in working for an employer, even if that employer is considering cutting costs with little tricks like suspending 401(k) benefits. That said, if you’re comfortable with the risks, I think there are a lot of opportunities right now: even big companies are turning to freelancers and consultants to handle the workloads of those employees who suffered under a cost-saving measure. Either choice requires a lot of careful consideration and shouldn’t be made lightly. There are plenty of situations that can negate the cons I listed, as well as the pros. I mentioned that there’s no such thing as paid vacation if you run your own business — you can get around that negative fairly easily if you concentrate on building passive income. A lot depends on your field, as well as whether you have the self-discipline to run your own company. Before you make your decision, research all your options. You might even consider doing a test run: with a lot of businesses, you can get a head start on things even while you’re still gainfully employed. Do you have any pros or cons to add? Please leave them in the comments.
