Monday, February 2, 2015

Coping with Unemployment - New Business vs New Job

Most of you know that I have been blogging about economic news for years, putting you on alert on how the economy impacts your money and showing you how to protect income and recover losses. Now I want to talk about taking on a new small business venture vs pursuing a new job. Which?

While many are open to new job offers the time and rime and effort it takes to find adequate employment can be long and arduous. With the turning of the economy new markets are opening up each day. For that reason many unemployed are trying to find ways to take advantage of stronger markets and new business opportunities. But here's the question? What are the pros and cons of starting a new business vs taking on a new job?

Pros New Business
No more layoffs
No possibility of being fired
Some flexibility
Work own hours
New markets can lead to greater growth opportunities
Government Grants available
Government Contracts may be available
Can work more indepentantly
Greater investment opportunities

Cons New Business
Finding an affordable health insurance package
Taxation and consume a considerable amount of earnings
Zoning laws, regulations and licensing can restrict growth
Competition can limit client acquisition
Slow economic conditions can reduce growth potential

Pros New Job
Guarantee of a steady paycheck can reduce anxiety
Affordable health insurance package
Ability to create a pension/severance and investment package
Opportunity for growth more probable
Further education and training may be available

Cons New Job
Little work hour flexibility
Must adhere to schedule and mandatory overtime
Possibility of strained coworker relations
May not share management work ethics
Possibility of layoffs
Possibility for pay-cut
No seniority

Many who have been laid off for over six months or more are considering business opportunities that give them the flexibility to stick to priorities, namely family.  But the challenge is having the resources to start that business. Regarding the job vs business issue the key is to find the happy medium. And what is that? Many opt for the all too prevalent part-time job while using some of their free time to gradually build and grow the business. Such opportunities may include child or adult daycare, performing arts and community outreach support services subsidized by government grants, a cleaning service or dog walking business, etc. Still there is the cost of overhead. The key is to find a low overhead business opportunity.

How to get start? Simply download a winning competitive business plan. These plans focus on low overhead business development and basic proven winning marketing strategy. Visit the business plan archive at