Ep 10: Should you get a remote job or start a remote business? The answer might surprise youApr 20, 2022
This episode answers the question should you get a job or start a business? The answer might surprise you because it’s not so black-and-white. In this new era of job market shifts, and more people than ever starting businesses, you should be prepared to take advantage of any and all work income opportunities.
In this episode you’ll learn:
- Why thinking about a job vs a business is too limiting
- Opening up your options for various employment types
- Putting yourself in a position to jump into any and all options if needed
Here’s what you can find in this episode:
[:45] Today’s episode is more casual instead of letting perfectionism get in the way. See Episode #8 to hear more about perfectionism.
[2:02] Why I’m answering this question and the various scenarios that people come to Remote Work School with. This pattern comes up over and over, which is people want to do their own thing but they need income right away, People tend to think in binary terms and that’s too limiting in these times.
[5:30] There are many shifts in the job market, stock market, inflation, etc. If you are approaching retirement, using social security, or other investments, this is something that people need to consider as potential impacts to their income sources.
[7:20] While the job market is still good, data suggest (and I predict) that a slowdown happens by end of summer. I don’t believe there will be mass layoffs, but a slowdown in job creation and pull back of benefits is likely.
[8:28] If you're a job seeker it’s a good time to make a move, or a new career, industry, or negotiate a higher salary. But if you come from traditional employment, then your thermometer is set at “I need a job”. You may be programmed to believe that you will make that salary or even less. But there are other ways to structure your employment income.
[10:11] But if you are used to a job and don’t want to work for someone else anymore, you may think that your only option is to start a business, which may be intimidating. But there are a lot of other choices besides those two choices.
[11:00] There are popular digital business models right now like coaching, course, and memberships. These are leveraged products and not trading time for dollars. There are more models like client services, eCommerce, etc. There are many to choose from that fit what you need. And the risks are low.
[12:24] But there is another model in between which is working for yourself part-time and ways to dip a toe in without going all-in on your own business. And doing a little of both (working for yourself and someone else) because it reduces the risks and if one gets impacted then you have a fall-back. Then you can work on the longer time plan for yourself while you work for consistent income now.
[14:47] This is a good model because you can build something long-term. If you want to wind down a job you’ll have something to step into in the future. You can also structure your own business and also get a job working for someone else with the same skill set. Now you can get paid to develop the skillset while you have a consistent income. This can help you offset the expenses in your business.
[16:30] I am following this model myself and recently got a marketing strategist job to help offset my business expenses. But it’s a job that continues to develop a skill I already use and need in my own business. This is a smart way to structure things especially if you are just starting out.
[18:29] If you definitely want to run your own business then there are some risks to consider. There is financial risk. A remote/digital business is less risky but there will still be some costs and you may not make money for a while. The emotional risks are that running a business has highs and lows. You don’t have to run a business this way. But a lot of people want to jump in right away and will burn out.
[21:00] There are equal risks with only having a job. You could lose a job, get laid off, your bonus might get cut, you don't like your boss, no promotional opportunities, etc. So you have to figure out what works for you.
[22:00] The bottom line is that in 2022 with everything going on, you should be prepared to take advantage of any and all employment income models. Be open-minded. If you’re working in a job right now could you freelance on the side? Or have your resume ready for freelance or job opportunities. Consider a combination of these things to reduce the risk. If you left a job or lost a job tomorrow, are you in a position to get another job or start a business right away? You should be.
[23:40] Get yourself in a position to be able to jump into any of these opportunities and it’s on your terms. So to wrap up the summary if you should consider any and all options at any given time. Here’s some inspiration…don’t feel like you don't have the skills. We all have situations where we didn't know if we could do something like start a business or go back to work, but we all figure it out. There are a lot of options out there right now, so be willing to consider them all.
[25:40] If you want more free training that digs deeper into this check out my free training at www.camilleattell.com and click the Free Training buttons.
Looking for more inspirational ideas? Sign up for my free training:
How To Get Remote Work Tp Have A Flexible Lifestyle 9Without Running Out of Money), https://www.camilleattell.com/remote-training
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