In this blog post, we're going to compare a business vs job, specifically how they differ in terms of how/when you get paid, income potential, and work environment.
Before even thinking about starting a business, you must ask yourself…
Do I want a business or a job?
While people often are enamored with the idea of owning their own business, many times I've found that what people actually need is a job (or a second job).
First, let's compare the two and see where your needs lie…
Business vs Job: A Comparison
Owning a business is an amazing venture that I encourage all to take. It's not for the faint-of-heart, but the upside can be unlimited.
Let's compare the two and see what you really want and need… a business or a job.
Income: How and When You Get Paid
There is a fundamental difference between a business and a job regarding how and when you get paid. It's often this difference that really determines whether you should start a business vs. look for a job (or second job).
For a job, typically you get paid by the HOUR. You work 8 hours, you get 8 hours' worth of pay. The payment comes at regular intervals, typically weekly, biweekly or monthly. Like clockwork.
You work. You get paid.
In a business, you don't get paid by the hour or according to your effort. You get paid from RESULTS.
And because these results may not come about immediately, you may have to wait for the money to show up.
This one difference between a business vs. a job is enough to send potential business owners scurrying for the exits. They want their money now. And when it doesn't come, they get discouraged.
Immediate vs. Delayed Gratification
Typically with a job, there is immediate gratification regarding income. You work, you get paid.
But business owners must develop a mindset embracing Delayed Gratification and that's not always easy, especially when the money is needed to pay the bills.
Delayed gratification is easy when there's extra money at the end of the month. Not so easy when there's more month than money.
Thus, it's important to be honest with yourself about your current financial status. If you need money NOW, a job (or second job) is probably what you ought to be looking at. If you can wait for the money to show up, a business is a great option.
Income Potential
Generally speaking, your income is limited when you have a job. You can only make as much as your company dictates. Sure, you may be eligible for overtime or bonuses, but this is decided by your boss, not you.
In a business, your income is virtually unlimited. The sky is the limit, only limited by YOU.
Business vs Job: Work Environment
In a job, you have a boss. He/she tells you what to do, when to arrive, and when to leave. A boss often controls every aspect of your work environment.
With a business, YOU are the boss. You set your hours. You determine your activities. You decide if it's okay to take a day off.
While many aspire to “be their own boss”, there are often pitfalls that go along with it. Often, they let themselves off the hook too easily, aren't disciplined in their approach to business, and goof off.
A good question to ask yourself is…
If this was a job and I was your boss… would I fire you?
Quite often the answer is a resounding YES!!
Your Coworkers
In a job, you usually don't get to choose your coworkers. They are chosen by the boss.
It's up to you to get along with the rest of your team.
With a business, as boss, you decide who to work with. You can choose whether or not to take on a client.
This is definitely a strong positive for owning a business, especially if you've had some bad job experiences in the past.
Freedom
Finally, a word about freedom.
Freedom means different things to different people, but generally, people think in terms of financial freedom, time freedom and location freedom.
Here is where a business far outweighs a job.
When I was working in healthcare, I had no freedom. I could only take vacations when my boss approved them. I had to work at our laboratory in Manhattan. There was no alternative.
When I went full-time in my business, those restrictions melted away.
Now, I'm able to go on vacation anywhere I want. As long as I have my laptop and a wifi connection, I can work anywhere in the world.
It's true time and location freedom.
And financial freedom? As I said, the sky is the limit.
Still want a BUSINESS? Here are 5 proven side business ideas when you still have a job.
If you think a work-from-home JOB is what you need, you can start here.
Recommended Courses To Jumpstart Your Business
Crush Consistency NOW! - if you find yourself lacking consistency in your business, you must own this course!
Focus and Implementation Challenge - learn how to dramatically improve the focus in your business and become an implementation machine!
Part-Time Shortcuts - who says there are no shortcuts to success? This course reveals 4 shortcuts that will cut your learning curve in half.
Part-Time Mastery - if you're short on time for your business, this course is the answer!
Part-Time Profit Machine - my flagship course, this 7-module course covers all aspects of your Side Business, from mindset, time and focus, prospecting, lead generation, building a list and selling to your audience... all using the most time-effective strategies.
It's Your Time to SHINE!
Dr. Bob Clarke
Email: Bob@BobandRosemary.com
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