Beginning in 2007, the United States job market experienced a high level of sustained unemployment which unfortunately continues even today, six years later. The lack of being able to find work often stimulates the act of creating work which results in a large number of people starting their own business, or in other words, buying themselves a job.
What often motivates the employee to become the employer, or at least an owner, is the realization there is not a job in the current marketplace that will provide the same income and benefits as their previous employer. Since workers need to continue making a living, they begin to consider all options accessible to them. The buying a job concept is not wrong as long as the new business owner is able to transition from thinking and acting like an employee, to thinking and acting like a business owner. I often joke that a new business owner trades in the boss they didn’t like, for a really bad boss, the one that looks back at them in the mirror every morning, themselves. After a while, the old boss might not look so bad after all.
The following are a few things to consider when buying yourself a job:
Buying a job means taking something you know or want to know and buying into it. Franchises are often filled with people buying jobs. They may have been unsuccessful in getting a new job. They have some money to invest so they decide to buy a company or a franchise. There are many wonderful success stories of people buying into a franchise. However, it is important to remember a franchise is a business and not a hobby or a job you can easily leave.
Having sufficient capitalization will often make the deciding difference between the success and failure of a new business. The average business requires 1-2 years of capital, without the owner getting paid or being paid very little, to survive. Without adequate capital, you essentially starve the business by taking out essential funds required to make it through the tumultuous first few years.
A new business often becomes a family affair with a spouse, children, and perhaps siblings becoming involved in the business as well. Be aware all the standard opportunities and challenges that come with working with family members apply. Don’t run from the opportunity. Be realistic about what you are getting into and the potential challenges you will face.
The opportunity to work alongside your spouse can be greatly rewarding. Being able to dream, create, deliver and earn a living with your spouse who is hopefully your bestfriend, can be a reality. You may have the opportunity to travel together, solve problems together, to challenge each other to grow and to replicate the best of your skills and talents in your team members and employees. Together you can create a family like environment that makes everyone want to come to work.
The benefits of buying a job and becoming an Entrepreneur includes being able to do what you love to do and have the flexibility to do it how and when you want to. As the owner, you have the ability to leverage your time and money to benefit your family, business, and employees. It is a joy to lead your team through the creation of your dream. Your journey will include a great deal of learning, growing, and experiencing new opportunities and challenges.
If you have made the choice to buy yourself a job, be the best boss you can be to yourself and others. Build a family environment, enjoy your well-earned benefits and, most of all, embrace the journey.