Working for a Corportation vs Running Your Own Company

You may have asked yourself this question at one point in time during your life. What’s better for me? Working for a corporation or running my own business? In this article, we will explore the advantages and disadvantages of both. We hope that after reading this article, you will be able to answer this question for yourself.

 

Working for a Big Company – Financial Security? Or Modern Day Slavery?

We were all told by our parents that if we got good grades in school, we would get a good position in a company that would take care of us and we wouldn’t have to worry about anything for the rest of our lives. While this is generally true, as most companies offer great salaries, excellent working conditions, as well as perks, you need to watch out for companies that are solely profit driven, implementing peer pressure and office politics in order to squeeze as much as they can out of their staff.

 

The Nine to Five

Waking up early or being on time may not be something that you are good at. If this is the cause, you may want to consider something else because most employers pay more attention to tardiness than others.

A definite advantage to working a nine to five is that once you’ve put in your eight hours, working fulltime, you can go home, kick back and relax, forgetting about the stresses of your day. You can spend time with your family, go out on the town, or do your favourite hobby after work.

However, there is a down side to this, coming home after a long day at the office makes us lazy and we tend to have the “this is my time” approach to things which can also kill our ambition.

Depending on your position, you might encounter situations where there is a tight deadline to meet or your boss asks you to complete an assignment, and you may find yourself working late hours or coming in on the weekend.

One thing is certain, this type of job offers a stable routine to your life that will allow you to plan your time.

 

A Sense of Community

Employers often organise integrational parties and meetings to help us get to know our colleagues better which is good for forming relationships, which is great for productivity and good team building.

Sometimes, office politics can lead to competition between employees. There is nothing wrong with friendly rivalry as it can boost an employee’s output but it can also sometimes sour relations.

It is important to be a positively motivated team player but remember to be careful and look out for yourself. If things go wrong, react, recover, and remember not to take things too seriously. After all, it’s only a job and you can always find a new one with nicer people.

 

The Fruits of Our Labour

We all work for a living and therefore expect financial compensation for our sacrificed time, as we are trading our time for financial security. Some employers award us with good salaries, others give us bonuses for our work.

Most employers like to retain their employees for as long as they can, due to the costs related to recruitment and training. This is why they also offer their employees additional incentives in the form of benefit packages. Some of these benefits positively motivate us to stay with the company (i.e.: a dental plan, free gym membership, or two weeks paid holiday), while others may cause us to be dependent on our employer (i.e.: a company credit card, a car, or even a flat).

Some employers even allow us to work remotely, which frees us from the office but we need to remember to maintain a good work life balance.

 

Growth & Training

Some companies offer promotions, job training, and travel opportunities, which is great for people who want to grow professionally and experience new things. You may be asked to relocate to another city or office. Some people may be fine with this, others not. It all depends on how attached you are to your location, the people in your area, and whether you have a sense of adventure.

One thing that is certain about working for any company is that even though you are dependent on your employer, you have job security, a stable income, and are able to separate your professional life from your personal life.

 

Running Your Own Business – Financial Freedom? Or Financial Suicide?

Everyone has heard of the humble beginnings of  today’s giant companies like Microsoft, Google, Facebook, etc. All of the founders of these companies had some sort of vision and burning ambition to realise it when they were starting out and thanks to their determination, perseverance, and hard work, they achieved success and are where they are today.

 

Big Business Means Big Responsibility

Running your own business means that you call the shots and are the boss of you own time but it also means that you have to take care of everything when it comes to your company, which can be very stressful. If you make the wrong decision, it can have detrimental consequences on your business.

Most entrepreneurs and business owners go above and beyond the norm. They often find themselves working long hours , and constantly worrying about the well-being of their business, even while on holiday.

Most business owners are very versatile, resourceful, ambitious individuals who are dedicated to making their business a success and are therefore committed to it 24/7, so say goodbye to your social life.

While this may seem like a lot, the rewards are well worth it.

 

Getting Your Name out There

Starting up a business can be exceptionally difficult for anybody, namely because no one has ever heard of your company and what product or service it provides. This is why it is important for you to build your company’s brand name, although it can be a tedious task, with all the competition on the market.

How do you convince your potential clients to try your brand?

You need to ask yourself:

How can I add value to my target client group in a way that your competition can’t?

Do you want to make your product or service accessible by keeping the price down? Or do you want to target wealthy clients providing a more high end product or service?

 

The People Factor

At the end of the day, business is people doing transactions with each other, which means that you are going to get all sorts of different situations. Fortunately, there are measures you can take in order to avoid some of them, although some are less effective than others while others are costly and time-consuming.

A major problem all business owners face is cash fluidity resulting from overdue or unpaid invoices by clients for delivered products or rendered services. Business’ have been known to go under because of this. Another issue is income instability due with seasonal business’. Some business’ have trouble getting by in the off season simply because people are not interested in what they have to offer at the time.

The approach of some employees can also have adverse effects on your business because after all, it’s not their business and they may neglect your customer’s needs, or render unsatisfactory products / services.

 

Using Financial Loopholes for Big Payoffs

With great responsibility come certain benefits. As a business owner, you set the price of your product or service, all within reason and what the market dictates of course.

You are also allowed to deduct the cost of things you buy for your company in order for it to function form your taxes. This is why some companies generate expenses, in order to pay less in taxes.

Some company owners may decide to outsource their services to other companies or work as freelancers for big companies in order to optimize their earnings.

Most medium and large companies generate a passive income for their owners or shareholders, meaning that they get paid regardless of how many hours they put in, which allows them to use their time for other things

 

 

So, it seems that no matter if you work for a corporation or run your own business, there is a flip side to everything.

Some prefer security, and stability in return for subordination while others prefer freedom, and gratification in return for liability.

It all depends what you are looking for and where you feel most comfortable.

 

Useful Vocabulary

English             definition or synonym
salaries the amount of money one earns
working conditions the terms and environment you do your job in
perks advantages, benefits, bonuses
profit driven motivated by making money
tardiness lateness
fulltime a job that requires you to work 40 hours per week
kick back get comfortable and rest
the stresses of your day the problems and annoyances that made your day difficult
a down side a negative aspect
a tight deadline a fixed target date or time frame
assignment a job or task
integrational parties events organised for the purpose of getting to know your co-workers
office politics actions and behaviour involving competition for status or power in a workplace
friendly rivalry a situation in which people, teams in a non-hostile way
sour relations to worsen affiliation
team player someone who works well with others
work for a living
bonuses additional rewards and benefits
retain their employees keep their workers
incentives motivational helpers
work remotely do your job from home or away from your place of work
work life balance the ability to separate your profession life from your personal life
relocate move or change location
a stable income regular earnings that do not change
founders the people who started a company
vision a dream or idea
burning ambition unstoppable aspiration
perseverance endurance
achieved attained, accomplished
call the shots make key decisions
detrimental consequences unfavourable ramifications
entrepreneurs business people
the norm that what is considered normal
odd times unusual hours of the day
well-being prosperity, welfare
versatile flexible
brand name a company’s trademark
tedious task a difficult assignment
competition opposition
add value to provide useful function or purpose which makes a difference
measures you can take things that can be done
costly expensive
time-consuming prolonged, drawn-out
cash fluidity a good flow of finances
overdue late
unpaid invoices outstanding bills
rendered services help or work that has already been done for someone
go under to close down, go bankrupt
income instability varied or uncertain earnings
off season slow period
the market an area or arena in which commercial dealings are conducted
deduct subtract from
taxes compulsory contributions to state revenue
generate expenses create overhead
passive income earnings derived from an enterprise in which a person is not actively involved
owners proprietors
shareholders an owner of shares or percentage in a company
outsource contract (work) out
freelancers people self-employed and hired to work for different companies on particular assignments
a flip side another aspect or version of something
subordination servitude
liability obligation, burden

 

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