Should You Work A 9-to-5 Job or Start A Business?

Many people are turning toward the gig economy as job security, and job happiness, seem to decrease. In fact, 36% of people in the U.S. workforce were freelancers in 2017.

But some people still seem to prefer working a 9-to-5 job. In terms of security and a happy life, should you work a 9-to-5 or start a business?

Keep Your 9-to-5 Job

A 9-to-5 job provides structure, benefits that entrepreneurship doesn’t (like a 401k, insurance, paid days off, etc). It’s also nice when you prefer having a work/life balance and being able to meet with people on a regular basis. 9-to-5’s do offer the opportunity for growth, and many can help you utilize your college degree if you have one.

Also, a 9-to-5 job can help you build your skills, like communication, marketing, and more. It’s a great way to get your foot in the door, build your network, and start your career.

The con of working a 9-to-5 job is that you only have one stream of income, and if you lose it, you’ll have to find a way to replace it quickly, even with an emergency fund. It’s hard to build passive income when you’re working a 9-to-5 unless you’re side hustling as well.

Are many people happy working the traditional 9-to-5 job? That can be up for debate. Three out of five workers feel like the traditional 9-to-5 is becoming obsolete, and companies are starting to embrace a 32-hour work week versus 40.

However, a 9-to-5 doesn’t have to be an end-all to making more money and following your dreams.  For some, the corporate life is a dream come true. And that’s okay.  Also, you can pursue a career where you can work in an office on different working hours. Some tech companies offer high-paying salaries to their employees and allow a flexible schedule as long as they guarantee to meet the weekly deadline.

Here are some jobs with flexible hours in the tech industry:

1. Software Engineer
2. Web Developer
3. Project Manager
4. Web Designer
5. Database Administrator

Start a Business

If you are a creative and don’t like to do things by the book, then pursuing entrepreneurship may be more your speed. The perks of starting your own business can include working at your leisure, choosing the type of work you’d like to do, and working from anywhere. You could also build multiple streams of income all at the same time, without worrying about adding yet another task to your plate.

However, being an entrepreneur doesn’t come without cons. You’ll have to pay for everything outright, startup costs can be high, and work hours can be long as you start building your business. Many entrepreneurs have discussed going back to work after trying entrepreneurship for a while. However, don’t let the cons make you feel as if you can’t pursue entrepreneurship. It’s possible to build up a business, and succeed when you put in the work.

Overall, becoming an entrepreneur is a great way to boost your income (without an income ceiling), do what you love and make money from it, and have the opportunity to give others the opportunity to work with or for you. Plus, entrepreneurship helps boost the economy.

Do Both

Should you work a 9-to-5 job or start a business? Why not both? It’s possible to start a business while you still work your 9-to-5 job. It takes some extra planning on your part, but it can be done. Many people who have pursued entrepreneurship have started so while working a traditional job.

If you choose to go this route, you could start off with a side hustle or two, or make an investment into something like a rental property to start earning residual income. You could also request to work from home so you have a little more flexibility in growing your business. There are many ways to balance both entrepreneurship and working a 9-to-5 job, that way you can get the best of both worlds. A business that is built to reflect you and your life can be managed and work around your busy schedule, no matter what it is.

Overall, the choice to work a 9-to-5 job or start a business are ultimately up to you. It’s possible to dabble in both and see which one is the best fit for you and your situation.