Introduction
Many people looking to start their own businesses perceive that doing so will grant them greater freedom than they experience when working 9-5 jobs. After all, isn’t it the common expectation that starting a business allows one to become their own boss, and with that comes unlimited success?
Unfortunately, reality is often not so kind. Most new business owners quickly discover that, in fact, they end up working considerably harder than they ever did in their 9-5 jobs. Rather than benefiting from a steady paycheck, health insurance, and promotions, business owners encounter constant pressure, risks, and new challenges.
With this blog post, I intend to shed some light on the inquiry: Is a 9-5 job still worth it? I will analyze the benefits and disadvantages of both sides, and share my genuine perspectives of the entrepreneurial journey. Without further delay, let’s uncover the facts from fiction.
1️⃣ The 9-5 Job: The Comfort of Stability
The Benefits of a Steady Job
People are motivated to keep their 9-5 jobs because of stability. Having a job means that you know what to expect each month.
You have your salary, promotions, bonuses, even annual trips—all guaranteed. The risk of financial instability working for a company is much lower than operating your own business.
You enjoy the guaranteed benefits of a paycheck and the peace of mind it brings.
Stress-Free Benefits
Unlike entrepreneurs who deal with the weight of the world on their shoulders 24/7, employees have less stress to contend with.
Yes there are challenges of employment, but most 9-5 workers don’t have to concern themselves with payroll, bills for the office, or business liabilities.
Employees can focus on their tasks because the rest is taken care of by someone else. From a mental health perspective the less that is on your shoulders, the more positive benefits you can reap.
A Secure Path to Career Growth
Having a job comes along with various benefits, career advancement being one of them.
In a corporate setting, the structure and expectations are outlined by way of concrete milestones such as; gaining promotions, bonuses, incremented payments, as well as being placed into leadership positions in due time. Your structure is clearly defined, and most roles outline a job description for you at the onset. Quite a number of individuals take pleasure in advancing within a company.
If the company you work for invests into your personal and professional development, then a 9 to 5 job can be very useful in nurturing your career goals.
A company looking to grow will want to keep a seasoned professional and the more experience you have, the better your chances at getting advanced roles, making steady employment of five years or more highly beneficial.
2️⃣ The Entrepreneurial Dream: From Employee to Business Owner
The Hard Truth About Business Ownership
Owning a business is a different beast altogether. Business ownership, if done right, has the potential to return insane amounts of value.
However, most undue effort goes into overcoming the difficulties advanced. And while one enjoys the liberty of being their own boss, it does come at the cost of a few brutally enslaving conditions.
Becoming an entrepreneur does not mean that one gets to “run a business.” It simply means having the authority to make every decision including those with regards to payroll, marketing, customer services, etc.
When I started my business, the first thing to really hit me was the fact that I had to let go of the comfort that came with a paycheck.
For some time, I stopped drawing my salary to be in a position to pay my employees, settle bills, or even buy essential stationery. The burden felt from a financial standpoint can be stressful and in cases where a person has a 9-5 job, the risk is way much greater.”
A Real Example: A Costly Mistake
Let’s discuss the example of an entrepreneur’s workload.
Someone on the team failed to communicate that a letter from the government had arrived, which led us missing out on an opportunity to meet a deadline and, as such, incurring a hefty fee. The blunder costed both time and effort in addition to money.
I didn’t let the employee go after this debacle, which is contrary to most founder’s perceptions. Entrepreneurs learn and grow from mistakes and that’s the mindset every founder should have.
The Real Cost of Entrepreneurship
An entrepreneur’s work comes hand in hand with complexities and self-imposed risks such as incurred debt and work hurdles.
Even the slightest error from an entrepreneur’s side comes with the risk of costing the entire business.
Unlike employees who have rarely, if ever, thought about the far future of a business, an owner is perpetually worrying about how to safely steer the business towards growth.
3️⃣ Should You Quit Your Job? The Answer Isn’t So Simple
As for the question of whether or not you should quit your job to become your own boss – well, the truth is that it depends.
In the case that your 9 to 5 job is actually providing value to you at this point in your life and you see potential for progression in that role, it is best to hold on to the position for some time. Consistency pays off. You don’t have to flip careers in hopes of finding a ‘better’ opportunity. More often than not, commitment is what often brings growth.
Start Slow: Side Hustles First
If you are determined to carving out your own path, you can still hold on to your job for the time being.
As a first step, consider setting up a side hustle like freelancing, e-commerce, or consulting which will allow you to gauge if entrepreneurship suits you without risking your financial stability.
Keeping your job while growing your side hustle means that you can figure out what really works without the pressure of needing to make your side hustle your main source of income.
The option of freelancing or e-commerce allows you to start small with little investment and minimal risk.
It provides the opportunity to learn the nuts and bolts of business ownership while having a steady income coming in. This will also help you establish your brand, gather an audience, and test whether your business idea is viable prior to taking the big step.
Avoid High-Risk Ventures
Businesses like trading or gambling come with high financial risk. Avoid these kinds of ventures if you don’t have any experience.
Begin with low-investment, low-risk business strategies that can be managed while working a full-time job. Only once side hustle generates a steady income should you consider the transition to full-time entrepreneurship.
4️⃣ The Key Takeaways: What’s the Right Path for You?
- Patience: If it is entrepreneurship, or even a 9-5 position, either way, you need to remember that being patient is essential. If it is a career in business or even corporate, getting to a successful position takes time. Endless self-improvement will always pay off.
- Analyze Your Job: Ask yourself if your present job is offer growth opportunities before making an exit. If it does, then it makes sense to stick around for at least five years to realize promotions, pay increments, and receive valuable experience. An established role comes with immense stability and balanced growth potential.
- Test the Waters: If building an LLC is on your agenda, initially place low bets, and try out your business idea through a side hustle to determine its practicality and viability before making the leap.
- Everything Else Is Easy: Business ownership is not easy. With a pretty hefty list of challenges, along with the rewards, comes endless responsibilities for making decisions, imperfectsome fiscal health, and a lack of funds.
- Relax: You can get the two things you want. Start slowly and while at your full-time job, start establishing your side hustle then gradually make the leap to self-employment when you are ready.
