The American Dream is the idea that every person has the freedom and opportunity to succeed and attain a better life for themselves and their family. For some people, achieving that is through entrepreneurship. For others, it is attained by salaried positions with large companies. The question becomes, which is a better fit for you? Below are some of the pros and cons of self-employment:
Pros:
1. Flexibility: One of the biggest appeals of self-employment is the ability to set your own calendar. You get to set your own hours, choose which projects you do or do not take on, and block time for your personal life/family when it’s important for you.
2. Control: In a traditional job, your income can be fixed by a salary or hourly wage. When you have your own business, there is no ceiling as to how much income you can generate. The more work you put in has a direct correlation to how much you earn.
3. Personal Satisfaction: Opening your own business, building something from the ground up, providing jobs to people in the community, and watching your business hit milestones can be incredibly fulfilling compared to traditional employment.
4. Tax Benefits: Tax deductions can help offset some of your business expenses and reduce your taxable income.
Cons:
1. Income Variance: A steady paycheck means the company has a commitment to pay you every month. With self-employment, there is no guarantee, and you can be subject to outside factors that can impact your business.
2. Administrative Tasks: Managing your own finances, taxes, marketing, and customer service can all be time consuming and overwhelming for a small business owner that does not have the resources to manage them.
Franchising Is The Happy Medium
For those who are attracted to the pros of self-employment, but want to mitigate the cons, opening a franchise can be the perfect solution. Buying into a franchise system allows you to tap into best practices already in place, training to help you have a fast ramp up, and support to alleviate administrative burdens can help you take advantages of the pros of starting a business without some of the cons.
To learn more about the GarageExperts® franchise opportunity, please fill out a form on our franchise website www.garageexpertsfranchise.com.
