Do You Own a Business or a Job?

Do you own a job or a business? Does owning a business make sense for you? Either way, you need to approach this intelligently, thinking about the business you’re in and the job you have.

Check out the Stupid Tax podcast, with Scott Hambrick and Mitchell Baldridge.

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SHOW NOTES

Job or Business – Should I Own a Business?

Not everyone should own a business. Probably, most people should not own a business.

It’s not an insult: it’s reality. Owning a business is too much risk and stress for some people.

You still may be an excellent coach or technician. You may provide a huge amount of value to your employer or to your customers.

If you’re the right person to own a business, you probably find yourself unable to put up with some of the downsides to jobs and tend to naturally get after it.

Matt and Scott are great examples of people who are natural business owners.

Job or Business – Which Do You Own

You may want to consider simply owning your own job, rather than a business.

For example, you may want to be a coach, get as many clients, but not be a business owner. You may own a job.

You’ll still have to be your own boss and complete certain functions that aren’t simply coaching, but you may not want to have other employees, and may be happy with growing to a point, making good money, and not be worried about a business.

As a business owner, you assume the risk. You will likely, over time, hire employees – some will be technicians, others will be managers. You need to understand the nature of the business you are in.

For example, Scott talks about the gym owner business as a type of real estate.

Job or Business – How Good Can This Get?

Regardless of whether you own your job, a business, or you work for someone else, you need to think about what your options are.

What is important to you? Can you deal with the risk and stress of business ownership, or not? Do you want to grow a business, or are you okay with a smaller, steady income stream? Would you like to simply punch the time clock and not worry about things when you’re off?

Understanding the nature of your business or job and whether it is really a business or job is important.

On the Stupid Tax podcast, Scott and Mitchell discuss thinking or your job, even if you work for someone else, as a service you are providing that employer. It may make sense, for some, to work for that company as a contractor rather than an employee, for example.

Do you own a job or business?

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