It may seem that everyone is pushing you to quit your 9-5 job to pursue entrepreneurship but should you? Here are 5 things no one tells you about leaving your 9-5
1. You Don’t Have To Leave Your 9-5– People leave their 9-5 jobs for many reasons but you don’t necessarily have to leave yours. If you want to make more money, you could take up a side hustle. If you’re looking to build wealth you could invest and you’re looking for flexible time you could find another 9-5 that allows that or take it up with your boss. If you love where you work, you don’t have to leave your job because you may feel pressured to do so by others are around you. There is nothing wrong with a 9-5, benefits and consistent pay are desirable. The bottomline is if you’re comfortable or only have a few issues that can be resolved then you don’t have to leave no matter what LLC and Rise and Grind Twitter says.
2. You Have to Go Get The Benefits For Yourself- This was brought to my attention at one of Thriving Dollars’ money meetup. When you leave your 9-5, you’re the boss now and so you have to take money out of your “salary” to pay for your pension, health insurance, NHT contributions and taxes. You can figure it out of course, but they are extra things to place on your to-do list. It only becomes a problem when you can’t find the money to pay for these things because you aren’t earning enough or because of poor money management.
3. You’ll Be Working More Than 8 Hours a Day- Many people leave their 9-5s for freedom and don’t get me wrong, many achieve the level of freedom they wanted. However, especially in the beginning, you may find yourself working more than 8 hours per day. Some entrepreneurs may tell you that it feels as if you never stop working. For some people, since their business is their passion it doesn’t feel as draining as it would feel working for someone else in a job you barely care about. However, we, as entrepreneurs really shouldn’t try to pull the wool over anyone’s eyes about how much work running a business really entails. For most of us, in the early stages especially, you are the copywriter, the accountant, the whole marketing team, the customer care representative, the manager and everything in between.
4. Not Everyone Who Owns a Business is Rich– I know it certainly feels that way, especially with the way people talk about owning a business but for many people, especially in the beginning, they operate without making a profit for a long time. Some entrepreneurs will tell you that sometimes they don’t have any money left to take a salary. Of course, there are rich entrepreneurs but being an entrepreneur doesn’t mean you will get rich but you certainly can. You can make a profitable business by marketing your product/service well, making the right decisions, luck and having money to throw into your business in many cases.
5. Businesses Can and Do Fail…..a lot- According to Investopedia, most businesses fail. The said, “20% of small businesses fail in the first year, 50% go belly up after five years, and only 33% make it to 10 years or longer”. This may seem depressing but it’s true. People love to paint businesses as fool-proof and pretend that they have to work and that’s simply not true. Sometimes, you give it your best shot and it just doesn’t work out.
I’m someone who left a 9-5 and haven’t regretted it but I feel as though many entrepreneurs who try to “recruit” others aren’t being 100% straight forward with what entrepreneurship entails. Sure, entrepreneurship can be rewarding and profitable but it’s not for everyone nor does it have to be. I always feel like it’s better people understand the risks before they jump head first into something instead of being shocked, broke and filled with regret. At the end of the day you need money to live and not all of us can just toss the 9-5 away and plunge into uncertainty when there are people depending on you for their daily needs. Don’t let anyone make you feel like you have no ambition for sticking with your 9-5. In that same breath don’t let anyone tell you that you can’t make it as an entrepreneur either.
If you’re looking to start a business, hiring a copywriter to write social media posts, emails and press release will not only save you time but you’ll look more professional. You can hire a copywriter here.