Myth of Career Stability: Leaving Your Corporate Job to Start Your Own Business

Career stability – is it a fact or a fallacy? Job instability is among the reasons for starting a business, but there are many other considerations.

Is There Really More Risk in Business Ownership?

Among all the reasons for starting a business, job instability ranks high on the list. But leaving a corporate job to start your own business still makes you nervous. It’s a huge risk, after all, isn’t it? Or is it? Is owning your own business riskier than a corporate career?

The myth of corporate career stability

Once upon a time, people had career stability. You started work at an employer, and you had a job for life. That is no longer the case. According to research published by the Bureau of Labor Statistics, young baby boomers held an average of 12.3 jobs between the ages of 18 and 52. Millennials change jobs even more frequently – an average of six jobs by the time they are 26.

We have been conditioned to think that a corporate career is how to achieve stability. The statistics show that this just isn’t true. Even the most high-profile CEOs get fired (like Steve Jobs from Apple). If the CEO of a profitable business can get thrown out of their job, you don’t stand a chance.

You’re now at the point where you are considering all your options. You may have been laid off previously. You might be fearful of being laid off now. You’ve been looking for stability in a job, but you look back at your career history and realize it’s a myth.

Reasons for starting a business

Should you start your own business? There are many compelling reasons to do so. This is why, according to the Small Business Administration, 600,000 new businesses open each year. And small business is big business:

  • There are around 31 million small businesses in the United States
  • These businesses employ around 60 million people 
  • They account for almost half of all employment in the United States

So, why do so many people start so many new businesses each year? Here are just a few of the reasons:

  • You get to follow your passion
  • Your business can deliver your purpose
  • You can achieve financial independence
  • There are some great tax benefits to take advantage of
  • Any investment you put in – whether financial, time, or otherwise, is for your benefit
  • You can design your worklife around your personal life
  • You could make more money and become financially independent
  • You create an asset to leave to your family

Need I go on? Okay, then:

  • You get to give back to the community
  • Owning a business gives you a sense of pride
  • You escape the nine-to-five
  • You become the master of your own destiny
  • You no longer do a job that you had begun to hate
  • You create jobs for others

Business or franchise ownership utilizes your corporate skills

One fear that first-time entrepreneurs like you have is that they aren’t cut out to run a business – which is why our quick and easy franchise aptitude test is so popular. That test will tell you a lot about your business acumen. But here’s something you should consider:

As a business owner – whether starting a business from scratch or investing in a franchise – you are the boss. You’ve developed a lot of skills during your corporate career. Leadership. Project management. Financial foresight. Strategy development. You are used to making decisions, so handle pressure well. You think outside the box to create innovative solutions. 

All these skills are among the entrepreneurial qualities possessed by business founders and owners. Is it time to use your entrepreneurial talents to create something that you control, rather than being controlled by something and someone else?

Should I quit my job to start a business – What is your path telling you?

You shouldn’t start a business to escape something that you are no longer in love with. The first couple of years are usually the toughest for a new business. You’ll have an uncertain income, and you’ll probably need to work long hours to boost revenues and cashflow. You’ll also lose the benefits you had as a number in the corporate world (health, medical, retirement, etc.)

If you are considering starting a business, make it for positive reasons. You want to be your own boss, and to build a business that benefits your employees and your customers. You want to use the experience and knowledge you have gained to create something great. You want more control over your life, with the opportunity to build something of real value for the future.

What is your motivation telling you? 

Do you have what it takes to make things happen? 

The fact that you are reading this article tells me something important about you. That you are considering your options. You shouldn’t do this on your own. 

This is a decision that needs to be discussed rationally – it’s easy to get wrapped up in your emotions. If you do, you could end up making a bad decision. You may start a business that isn’t right for you, or you may decide to stay in the corporate world and miss a golden chance to break out and do something breathtaking.

If you’re at a career crossroads and you are considering all your options, then I’m here for you. With years of experience in executive career transition coaching and as a franchise consultant, I’ll help you understand your motivations more clearly and put perspective on your options.

To get the ball rolling, book a free consultation with me today.

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