Welcome back to part two of our “Should I…” series, the series dedicated to helping you make the right choices for you whilst transitioning into the ‘Diginomad’ lifestyle! In our last article we looked at a few of the pressing pros and cons of having a job; you can read it here. In this article, we’re going to get deep and philosophical as I go through some of the major pros and cons associated with taking the leap and owning your own business.
Setting up a business is a journey that has the potential to completely change your life. It’s an exhilarating adventure requiring vision, perseverance, resilience and passion. It’s also likely to be one of the hardest things you can attempt as far as career aspirations go and what is clear is that it is not a road for the faint of heart. What drives a person to step outside of status quo and build their own sustainable income source is different for everybody. For some,the driving force behind pursuing a business idea might be a desire to make life for themselves and their families better. For others, they needed and wanted more flexibility around how they work, where they work etc. For others still, there was a problem they noticed and they wanted it solved, so they built a business that solved that problem. Whatever the reasons are, deciding to build a business is almost like deciding to have a child in that you need to think carefully about how you will facilitate the business thriving. Like a child, building a business from the ground up is time consuming, a little stressful at times and unpredictable in a lot of cases. But as a way of diginomad life, being an entrepreneur is something more than a few of us recommend.
Lets see why…
An opportunity to bring your unique vision into reality...
Setting up a business utilises your unique creativity and that is why even though it’s hard to do, people love the process of setting up their own thing because it’s theirs. You’re working hard of course, in fact probably harder than As we are all unique in an untold number of ways, it doesn’t matter that there could be other versions of what you do out there. If you stay true to yourself, your special way of doing things or thinking will imprint itself into the DNA of your business, and give people something different to take an interest in.
When you work for somebody else, you have to fit yourself into their vision, and whilst there may be plenty of values that you agree with, it’s still somebody else’s thing that you’re working on and if you’re an entrepreneur deep down in your heart of hearts, you’ll never be entirely content with anything that becomes a barrier between you and making your own dreams a reality. It’s not arrogant to say that, it’s a truth for a lot of people that want to live the lifestyle of being self employed. Conventional living doesn’t suit us lot clearly...
Pursuing Your Passion
Setting up a business, however small, is a chance for you to do something that you’re good at and as well as something that you’re passionate about. For example, I’m writing this article right now and I enjoy it, I’m passionate about it and it’s what I now do for a living - I sell this skill and have opened up a whole new realm of possibility that allows me to start living life on my own terms, writing things that I’m passionate about. I did my degree in Human Resource Management, and was fully prepared to enter the corporate world, suited and booted. But I wasn’t passionate about it and as a result, I sucked at it as well. This way, I can follow a passion that I’ve had for so many years and I can hand on heart say that it’s given me a new lease of life and a confidence to finally be able to say that I have the keys to follow my passion, on my own terms and in my own way. It’s an incredible feeling. It’s also exceedingly uncomfortable at times as well but we’ll discuss that later on…
Making an Impact
If you’re a millenial you’ll have heard about our desire to make an impact as soon as we can in our working lives, but truth be told, I don’t believe any generation has been without those that have wanted to push the boundaries of the status quo. In fact most people out there are born wanting to do something that makes them and others around them better off but we don’t always know what to do or how to get there from our current circumstances.
Setting up your own business can be incredibly rewarding and fulfilling especially if you’re working towards solving the problems of others. Dharmesh Shah said the following “Success comes when we shift our focus from making a million dollars to helping a million people.”; he’s suggesting that helping somebody get over something that is a problem for them is something that fulfills more than a desire to be financially buoyant. It gives people a real sense of purpose and you can see with your own the eyes the positive impact that your decision to work for yourself has on the lives of those around you. Now of course, when you work for someone else you can have a positive impact on those around you; I’m in no way suggesting that only business owners have that opportunity. But if you are just part of the corporate rat race and you feel as though your contribution to the workings of that company is like a drop in the ocean, and you need more, perhaps as a digital nomad, being a business owner is right up your street.
Unlimited Earning Potential
Of course, setting up your own business opens a huge pool of opportunities regarding earning potential. It’s limitless. Well that’s the short answer. The reality is that if you’re business is successful, you stand to make enough money and more to support the lifestyle you want. Most people’s salaries will peak at some point and billionaires don’t get that way by being somebody else’s PA or even CEO. Millionaire perhaps, yeah of course. But I’d say that to enter into the truly limitless earning potential stratosphere, owning your own business is the way to go. This of course is assuming that money is at the top of your priority list.
Autonomy and Flexibility
This is a huge topic of discussion for remote workers trying to make the decision about what to regarding their income stream. In Part 1 of this series, we looked at some of the restrictions around working for someone else. One of those things was that, when you work for someone else you can have flexibility up to a certain point; i.e. if your flexibility affects the needs of the business negatively then, your need for a flexible lifestyle will be swept aside because the business you work for has to achieve certain things. When you go into business for yourself, you set the terms around, how you work, where you work, WHEN you work and as the boss, if you feel that there’s an element of your business model that robs you in some way, or negatively affects an element of your daily life that you are unwilling to compromise on, you are at complete liberty to change it (within reason of course). There’s no meetings, or spending hours on a business proposal as to why you want to work Tuesday-Saturday for it to be rejected because your company is Monday to Friday. You just let your clients know where appropriate and you do what you see fit.
So we've looked at the pros now and I hope you're feeling inspired. But in the interests of being fair, lets go on and have a look at some of the cons; we all know that there are two sides to every story!
With Authority comes great responsibility
We discussed earlier that building a business gives you the opportunity to decide the vision and carry it out in your own unique way and style. Your individual creativity and values can be allowed to permeate through every aspect of your business and that tends to be a really good thing; your business is an extension of who you are. BUT, there is always a balance because with all of the above said, one thing being a business owner will always be, is a huge responsibility. The buck stops with you. For better or for worse, for richer, for poorer, every decision you make to keep the business healthy and growing is on your head and the reality is that not everybody wants that level of responsibility. There are jobs out there that allow you to be a silent, creative partner that fulfills your need to be creative without being entirely responsible for the impact of what you’ve created. Let that sink in for a moment…
Some of you out there will be like, “I’m ready and I want to do this.” Go you! Not everyone will view the above con as an actual con; a lot of us that choose this way of living, are predisposed to being completely up for the challenge anyway, but for the benefit of balanced argument, we need to look at it.
No Stability...at first
What stops many people from starting their own business is that there are no guarantees that a limitless, billionaire lifestyle actually awaits you at the end of getting your business off the ground. The harsh reality is that most businesses don’t generate enough income for you to completely live off at first and when you want to be able to work remotely and you’ve got costs to pay out for, like accommodation and not starving to death, not having enough income is not likely to be a massively fun experience.
I think the scary thing about this is not knowing how long the initial dry spell is likely to last, so it’s difficult pace yourself. To get around this though, maybe consider transitioning into being a full time entrepreneur where you gradually reduce your freelance work as your business grows. This way you don’t have to give up the dream of remote working and travelling but you diminish the risk around not being able to stay afloat.
One thing that can be a potential downside of setting up your own business is that it can be a bit of lonely experience. You’re building an idea that you’re having to keep close to your chest because it’s not a tangible thing yet and it’s vulnerable so naturally, you’re not inclined to share anything about it, especially the struggles. That is why it always good to have people around you, a community around you who will motivate you, encourage you and help you to stay connected to other human beings and allow you to share this crazy journey that you are on. If you become isolated, it’ll be difficult for you to experience the full benefit of starting a business. People that get a job tend to automatically get a team, but entrepreneurs have to be more intentional about finding those like-minded folks.
Negative Impact on Relationships
Often, when setting up a business you’ll have to withdraw from a lot of social engagements for an unknown period of time which means that all of the relationships that aren’t your immediate family or people in your general vicinity have the potential to suffer. Basically, people are likely to get mad at you for being unavailable. If you’re setting the business up in your hometown then this is an issue but if you’re a working on this remotely in a different country, most of the time this can get even worse because people already have trouble understanding your life choices and now you want to set up a business that you can’t say too much about but it’s taking up all of your time and no you won’t be coming to your friends 26th birthday party.
It can feel so overwhelming.
All I’m saying is please be prepared to lose friends along the way. Don’t worry though, this journey has a way of bringing new people into your life to replace the folks who can’t handle your journey into doing something extraordinary.
So that concludes our two part “Should I…” series. I hope it’s as straight talking and as informative as you need it to be. If you’ve got any pros you want to highlight as an entrepreneur or any pitfalls you’d like to share, please comment below as well and add to the conversation around this.
Amanda Scott is the editor in chief for The Wifi Tribe blog and passionate about creating an excellent resource for remote workers near and far to draw from. When she's not editing and writing, she's either cooking, eating or reading a good book. You can never go wrong with a good book.