Question: Five years ago, I started an online business on Facebook while holding a full-time job. In the last year, my online business grew faster than in previous years, and I dedicated most of my time after work towards the business. I usually sleep way past midnight now. At the same time, my full-time job is stable and pays well.
This is my dilemma: should I be a full-time employee or a full-time entrepreneur? With the demands on my time, health, and overall well-being, I have to choose, sooner than later. Thank you po, sir Randell. —Kris via e-mail
Answer: Hi, Kris! That’s a very good dilemma to have as you’re in a stable place financially. You have the option to choose. While you’re financially stable, I understand where you are coming from. Your passion, maybe, lies in the online business.
But at the same time, you can’t disregard the security and stability full-time employment offers you.
Below is a checklist I made to help you determine whether you should be an employee or an entrepreneur:
Be an employee if:
You don’t have a safety net, yet you have multiple responsibilities.
If your emergency fund is insufficient, you are still paying down your debts and loans, and you have a family to care for, then employment would be the better option. Entrepreneurship is very risky at the start and you can’t afford that with the responsibilities on your plate.
You prefer working at a set time instead of being on call 24/7.
If you’re the type who stops thinking about work the moment you close your laptop, then the traditional 9-to-5 suits you better. This allows you to focus on your hobbies and passions after working hours.
You’re prepared to experience income swings.
If earning six digits one month and then zero the next will give you a heart attack, then employment is the better choice for you. In entrepreneurship, your income will be fluctuating.
Your workplace offers flexible working opportunities.
Some companies allow you to work from home and will even pay for the furniture for your home office. If your company is like this, then this kind of employment will give you the environment of self-employment with the stability of a full-time job.
The income from your side business doesn’t exceed your salary.
Unless you have a large safety net, never quit your job if your business doesn’t bring in more money than your full-time job. When computing for this, also take into account how much you’ll pay for insurance costs and taxes which your employer does for you in a full-time job.
Be an entrepreneur if:
You thrive under pressure.
Unlike a full-time job where you earn according to the number of hours you log in, in a business, you earn according to the amount of work you put in. If you thrive under pressure and are always looking at how you can improve and grow, being an entrepreneur may be your calling.
You’re a risk-taker.
From getting potential clients to increasing your revenues, entrepreneurship is a very different environment compared to full-time employment where you do the same work and earn a set income every month. If you live the high-risk, high-reward mantra, then entrepreneurship is for you.
You’re a ‘jack of all trades’ rather than a specialist.
When you’re an entrepreneur, you’re the marketer, the finance and sales person, the HR officer, and the business development expert all rolled into one. If you love continuous learning and self-development, being an entrepreneur is the right fit for you.
You can be your own salesperson.
To keep your business alive, this means marketing and selling your business to potential clients. If a room full of strangers excites you, then you have the blood of an entrepreneur who can garner clients and customers with your networking savvy.
Your revenue continues to grow and you have a loyal customer and/or client base.
If you are in this situation, then you know it’s really time to jump.
At the end of the day, this is one of the key factors. Before you jump ship and become an entrepreneur, make sure that your business is stable and continues to grow. This is your bread and butter, and you’ll need the business to still be alive decades down the road to meet your needs.
Kris, hope these checklists help. This is no easy decision. Both options (employment and entrepreneurship) have their own pros and cons. Both options can bring you success and joy. It all depends on your present condition (current finances, responsibilities, etc.), your risk tolerance, and what your inner self is telling you. I also recommend you pray about this big decision of yours — clarity always comes from the Lord.
God bless you as you determine your path!
————-
Join Francis Kong’s Power Up for Peak Performance and start your 2017 right!
According from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) statistics on car ownership, there has been a 27.6% increase in the first quarter of 2016 in terms of car purchases in the country. With down payments as low as P25,000 to P50,000 coupled by historic low interest rates, more Filipinos now have the convenience of owning a car that can help them get around.
Most people think that cars are depreciating assets but if you utilize your car, it can be a big income generator for you. You just have to be creative on finding income opportunities with your car.
Here are some ways to generate income from your car:
Register your car to an online transportation network
This way of monetizing your car is beneficial both for you and for passengers who are looking to have convenience while commuting. There are a lot of online transportation networks like GrabCar, Uber, or Wunder that you can join in order to get commissions based on the volume of serviced passengers.
Just remember to register your vehicle at the online transportation network, attend their orientations, and get the appropriate insurance so you can get the most out of your car insurance. Most insurers will not grant a claim when the insurance used is for a private vehicle.
Be a tour guide
This is an income stream that you can do over the weekend. Just determine the areas you are most familiar with and make itineraries that your customers can choose from.
Choose unique routes in the city which you think get many customers, such as a food trip route or a Pokestop tour. You can advertise your services through your friends and family, Facebook groups, and online forums.
Rent out your car
You can choose to rent out your car to either only people you know or through inquiries you get online. The good thing about this is that you can earn passive income here and also utilize your car if it was just sitting in your garage for the longest time.
What you can do to make sure that your car is safe is get a security deposit or a collateral so that the borrower will not be able to steal your car.
Downgrade your vehicle
This can be done through selling your current car and buying one with a lower fair market value. For some, it can be a last resort because their car is their priced possession. This can also save you money in the long run through cheaper car repairs and maintenance. The premium of your car insurance will also go down once you do this.
Offer carpooling
You can bank on some people to only trust a driver they know. You can offer to drop off your neighbors, their kids, and other people in the area to their schools or workplaces for a fee. Just make sure to compute your expenses so you can price this right.
This is not a common practice for Filipinos since they’ll see this more as a favor you can do for them. Make the benefits of carpooling and your commitment evident so they will agree to your service.
Use your car as a moneymaker
Don’t look at your car just as a depreciating asset. You can also capitalize on it to bring you extra cash by these tips which can surely get in additional income for you in the long run.
Francis Kong’s Will to Win
By Randell Tiongson on August 22nd, 2016
#WillToWin2016
The world continues to change, the nation continues to change.
To thrive in today’s environment, the need to win needs to be instilled in the hearts and mind of people and organization, lest one will find itself forgotten in obscurity or worse, obsolescence. Now more than ever, discipline is not only needed, it is fundamental.
On October 1, 2016, Francis Kong will headline a conference that will equip participants with the disciplines to success. The event is aptly titled “The Will to Win”. Venue will be at the Crowne Plaza Hotel, Robinsons Galleria, Q.C. from 1 to 6pm.
Francis Kong is the country’s top motivational and inspirational speaker and personal development coach. He has been in the forefront of pushing many Filipinos not only to be inspired but also to be excellent. Excellence is something that can thoroughly equip many of us with today’s situation. Francis Kong is a TOFIL awardee and a multi-awarded speaker, columnist, author and multi media personality. With thousands of engagements speaking to virtually every top corporation in the Philippines and hundreds of conferences, Francis Kong is the undisputed influencer in his field.
As the main speaker of the event, Francis Kong will tackle the following topics:
Intellectual discipline
Emotional discipline
Skills and competence discipline
Personal growth discipline
Joining Francis Kong in the conference will be Gretchen Ho, Carlo Ople and myself.
Gretchen Ho is a Filipino volleyball player and television host. She was a volleyball standout of the Ateneo Lady Eagles. She was instrumental in bringing interest to the sport of volleyball, a sport now enjoying unprecedented popularity. Gretchen Ho will speak on physical disciplines.
Carlo Ople is one of the country’s foremost thought-leader in the area of social media and digital marketing. From gamer to blogger and now a managing partner of a leading digital agency, he was influential in brining his agency industry awards and record-breaking revenue. His team was also instrumental in the digital success of the “AlDub phenomenon.” Carlo will be discussing disciplines in the digital economy.
As a personal finance advocate, my work has been in the teaching and coaching of Filipinos in the area of personal finance. With over 200 lectures a year, speaking in 12 nations outside the Philippines, writing books and columns, my advocacy is to see a financially empowered and productive Filipino. I am tasked to speak on financial disciplines.
The learning fee is P2,000.00. Seating will be dependent on first pay, first served arrangement so reserve and pay for your slot early!
