What options for your own Business?

All about Starting Your Own Business, Business Options, Part Time Business, Buying a Business, Working from Home and more on Mywage South Africa.

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If you want to work for yourself, there are a few options. You could start a home industry where you operate from your own house. Or you could buy an existing business and run it yourself. Here are a few variations: 

Part Time Business

You don’t immediately have to stop working at your current place of employment. If you can make the time, then starting your own business on a part time basis is a good way to test the waters. You just need to make sure it does not impact on your full time work.

Advantages:

  • You can find out if you are really suited for the work, without losing the financial stability of your full-time job 
  • You can use your current salary to finance your new work
  • It can bring in an extra source of income
  • There is less pressure to succeed fast 
  • You can afford to make a few mistakes without a disaster
  • You still keep your benefits, such as a pension plan and medical aid

Working from Home

If you are thinking of work that can be done from your own home, there are various factors to consider. There are many positive aspects. But you need to be aware of legal and other issues as well.

The advantages include no commuting expenses, having more time with your family, and being able to work at any hour. The disadvantages include feeling isolated, and having to spend money on setting up your home office or operation.

What you need to think about:

  • Do you have the space in your home?
  • Can you make it a professional work space?
  • Can you install your own telephone line, if needed?
  • Can you keep children/family away if you need to deal professionally with clients?
  • Is it legal in your area? Find out from your homeowners association, which may prevent the operation of a home business, depending on what your line of work is

Your own business

There are many pros and cons to starting your own business. But keep in mind, it is a tough job. In South Africa, independent businesses have limited access to funding. And around 70% of businesses fail over a period of ten years. But if you succeed, you will be your own boss, you can set your own salary, and you will have the opportunity to make serious money.

Buying a business

Although it may initially require a large output of cash, buying an existing business is actually one of the safest investments you can make. As long as you know what you are buying! The advantages include being able to immediately access a salary, and providing a form of security. It is important to know something about the business you are buying, however – don’t invest in a horse-riding centre if you know nothing about horses! Or buy a car dealership if you have no interest in motors.

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Do you think you have Decent Work, or is it time to make a change and work for yourself?

And if you want more advice on your future career, being your own boss, training, financing for studies and more, visit the Career Advice Services website.

Find out all about state Minimum Wages for all official sectors.

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