Considering Self Employment?

In a recent survey conducted by Homepreneurs, potential home business owners were asked if they would consider self employment.  All respondents had full time jobs, but most were interested in working for themselves.  Many desired freedom, but had concerns about risk and reward.  Hompreneurs believes that in today’s economy – and for the immediate future – owing a business is a worthwhile and necessary risk.    Unemployment, despite recent slight gains, remains high and is not expected to change significantly for several years.

Business ownership can work with day employment; startups often begin on a part-time basis while working a full time job.  This requires extra energy and resources but gives an entrepreneur a chance to test ownership waters with less risk.  The potential rewards are significant: extra money during difficult times and networking contacts made.  Further, one may find that business ownership is ideal or not worth the time and effort.

Below are some survey responses to self-employment consideration:

1) “Yes. Being my own boss is appealing.  On the other hand, the risk required is frightening to me”

2) “Yes, because I enjoy creating things.”

3) “Having been self employed for a number of years, I understand the opportunity and responsibilities.  At present stage, I need to have something that I can count on to move forward in my living situation.  As such, working a 100% commission or self employed status without a steady stream of income is not practical.  However, once that is achieved, I am convinced that we all need to be pursuing multiple streams of income as nothing, I repeat, nothing is guaranteed.”

4) “Yes…would love to work from home”

5) “Yes and no.  My current financial situation requires that I focus on a “”steady job,”” but I am looking at alternative streams down the road.”

6) “Yes, I’m registered disabled in the UK and have disabilities that prevent me going into a normal office environment. Rather than rely on benefits, I choose to be self employed.”

7) “Yes, I would like to start my own business, but I fear that I would not have the necessary skills to be successful.  I would actually consider self-employment on a part-time basis if that is at all possible.”

8)“yes because childcare is to expensive and I needed to be able to be my own boss and work when I can instead of a traditional schedule.”

9)“Yes.  Ownership opportunity. A home based business would allow me “”my time””, self management.  Tired of working for others.”

10) “Yes. Appealing for flexibility and potential income.”

The reasons are common and not surprising.  A healthy mix of desire for flexibility and a need for additional or supplementary income.  These are offset however, by obvious concerns about risk.

Regarding risk, as one quote pointed out –  “..nothing is guaranteed…” – a lesson many of us learned during this prolonged recession.  Ask yourself one question: Which is riskier?  The probably of a layoff or controlling ones own destiny via self-employment?  The local high school teachers tell students they should expect to work 10 to 12 jobs in their lifetime.

At present, those unemployed are competing against many millions of other Americans for the same jobs.  Every opening has roughly 100 applicants.  This translates to a 1% chance of landing a traditional job now as opposed to 100% chance of starting one’s own business.

We’ll ask again:  Which option is riskier?

By Dion D Shaw

Homepreneurs.  New Day.  New Opportunity.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012

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