How Owning a Business Compares to Working for One

Not everyone can do it, work for “the man”. Just as not everyone can become that said man or woman. One choice for one person might not be the right choice for someone else. Owning your own business and working for one have different obligations. The benefits, drawbacks and responsibilities aren’t the same. We are going to discuss how owning a business compares to working for one.

how owning a business compares to working for one

Stepping out into the world as your own boss can have its perks. Being your own boss can give someone a sense of freedom. With being able to create one’s own schedule. Which means, always having Christmas and other holidays off if one chooses so. Having the freedom of making all of the decisions for one’s company. So, you can decide how you want to run your company. That and no one can tell you what to do or how to to do it. Having the ability to choose the people you want to work with is a big perk. However, the best part about owning your own company is that no one can ever fire you.

When you are working for a business, you don’t get to choose who you want to work with or pick your own schedule. The worst thing is that you can get fired. Although working for a business doesn’t sound as great as owning one, there are lots of benefits that come with working for a company. For one, you don’t always have to work longer hours, where sometimes you may as a business owner.

A nice thing about working for someone else is that you are always bringing in an income. The corporate world is a great place to start. Someone else is paying you to learn about the skills you will need in the real world. When you own your own company, risk is a significant factor. Especially knowing that fifty percent of small business fail the first five years. The absolute best part of working for the boss is tax season, and not having to file business taxes.

The responsibility of owning a business is a lot different than working for one. When you own a business, laws and regulations are required to be met. Some legal requirements include registering your business name, business permits, and licenses. There are also federal, state/province, and local taxes that must be paid. While working for a business, you are required to follow the company’s rules and be a team player. Your responsibilities at a working job can also include keeping up with a certain amount of sells, attending meetings, and participation.

Whatever your choice may be, it’s a great idea to dabble in a bit of everything before deciding what’s for you. There is no “right choice”, find what works for you. If you like working alone, owning your own business could be great! If you love interacting with others, you may want to consider working for a company. You need to decide how owning a business compares to working for one and make it work for you. With both owning a business and working for one have different benefits and responsibilities, they both will teach you a great deal in work ethics.