Is your own business really more risky than working for someone else?
Is your own business really more risky than working for someone else?
Copyright 2009 – Mike Paetzold – All worldwide rights reserved
Starting your own business is risky but…
Isn’t it just as risky if not more so to be working for someone else?
If you have watched the news or read a paper over the past year I am sure that you realize that we are in a recession. The facts are indisputable.
Here in the US we have had the Wall Street bailout, the big 3 car companies have been to Washington with their hand out and the whole structure of the economy is changing.
The days of going to work for a company and it lasting your life time are gone. Rare is the person who has been with the same company for their whole career.
In our area when Bethlehem Steel went bankrupt quite a few people who had retired and thought they were set for their retirement lost their medical coverage completely. People who had worked for them for thirty plus years had now lost something that they were depending on.
This placed a huge burden on them and their families and they were totally unprepared for it.
Will this be happening for the Big 3? Not sure but it definitely is a huge risk for those that have retired and even more so for those that work there and are dependent upon a pension from them for their retirement. The bad part is that those companies are not alone.
It is becoming more and more common for this to happen in the new world environment.
Compare that to the risk of running your own business?
Either way you can fail and find yourself behind the eight ball but at least you have some control of your own fate with your own business.
The biggest thing that stops people from starting their own business is the costs not the risks. After all who wouldn’t want to be able to control their fate and not be at the whim of even the best companies. After all 40 years ago getting into one of the Big 3 car companies seemed like a perfect way to be set for life. Not so sure the average UAW member feels that way today.
For brick and mortar businesses the costs can be enormous. Want to start a Mc Donald’s franchise and it is a 7 figure investment. Even to start a small retail establishment can easily be into 6 figures.
That is the beauty of an online business. The costs are much less although despite what you will see from various sales letters there are costs involved.
Just as important though is that it is possible to start an online business with out giving up your current job. It also gives you access to a world wide market.
Start a store in your local community and you have a very limited reach. You are at the whim of the local economy. Despite all the bad news there are still areas of that world that are growing nicely.
For an example there is a specialty store in the next town over that makes kielbasy and is extremely well known through out the area. At the holidays when you go there to make your purchase it is not unusual to find people that have traveled 60 miles or more to get there.
They have a great reputation and a very specialized market thus their reach is probably double the average retail store.
But compare that to online where you can sell to people on the other side of the world. Their reach which seems great for a local retailer seems minuscule in comparison.
An online business can be started and become profitable with just a few monthly costs. You will need hosting, a domain name and an autoresponder.
That is all that is necessary to get started. Yes you will invest more as you grow but what business doesn’t?
So you answer the question we started with…
Is your own business really more risky than working for someone else?
So why not get started today.
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About the author – Mike Paetzold is a well known marketer and mentor. To discover more about starting a successful online business go to Mike Paetzold Recommends and sign up for his free report -”Build Your Business”. For free video training in getting started check out Videos For Beginners.
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Tags: business, business risks, online business, starting business
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It is pretty amazing that it could cost so little to get started in this business. It could take a bit to get established but it is much more rewarding and you are in control of your own destiny.
Andre Arnett´s last blog post..Let 2009 Be Your Year To Succeed
Mike,
Heavy stuff beginning of the year.
Your own business is less risky, you can only blame yourself. But many home businesses do fail as well.
I believe that for any business to succeed you must have a very good or unique product or service. Kielbasy for example..
Fred
Ah but that is the nice thing about working online. You can build it while you still have the job on a part time basis and have the best of both worlds.
Whether you work for someone else or your self, you are always working for yourself. The difference is when you hire an employer they have the power to unhire you, or zig when you know they should zag. When you are working for yourself, you are in charge, but that can be lonely, and while you may have strong skills in one or more areas, you usually have weaknesses as well. Thus, when you go the lone wolf route, be sure to find a group or others you can work with. That way you can hope to cover some of your weaknesses while maintaining control of your own destiny.
Earl Netwal´s last blog post..Marketing in a Recession – A plan for offline businesses
Couldn’t agree with you more, Mike – and recent events world-wide prove you right.
Aniother major difference between the offline world and ours is that a person can start their own Internet business and be up and running within a week of making that decision – let’s see anyone match that in the offline world!
Thanks for the great post,
Doug Champigny.
Doug Champigny´s last blog post..Internet Marketing 2009 – Your Quick-Start Guide
You are so right Mike,
The beauty of this business is that you CAN start while still working a full or part time job and begin building your online business to a point where you no longer need that full or part time job.
There are some initial start-up and monthly costs, but those are minimal compared to the offline world.
BTW: I am for a major automotive manufacturer and no, it is not one of the big three. While they have not asked for a bailout that’s not to say that times aren’t tough, because they are very tough right now.
I personally am in the process of growing my own online business to a point where I do not have to worry about whether I have a job each day when I go to work.
Thanks for such a great post and keep ‘em coming!
Brett McEllhiney
Brett McEllhiney´s last blog post..I Hate Writing Articles – Isn’t There An Easier Way?