Entrepreneurship-Focusing on Long Term Career Goals
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The last couple of weeks or so have been busy with work. This past week, for example, I was asked if I wanted to extend my temp time into something more permanent. I was surprised and was definately flattered that they thought of me.
I was also contacted about doing some work for a project related to our small business. Different options, different directions – it's certainly a good dilemma to have.
Weighing Short Term and Long Term Benefits
It's a fork in the road – should I take this opportunity and have a steady income or should I focus on building our business? Many bloggers will talk about following your passion, but realistically you also have to consider your finances.
Pros of the Office Job
- Steady pay (less hourly than freelance work)
- Great atmosphere (hardworking group)
- Non stressful work
Cons of the Office Job
- Time (cuts into my online and freelance endeavors)
- Work is not my passion
Putting my time and energy with the office job would be beneficial in the short term due to the stable influx of money. We can go ahead and budget that income immediately towards other goals, such as:
- building up the car fund
- improving our savings
- paying down student loans
Home Office Work
On the other hand, our little business offers higher pay per hour and some of it is starting to become semi-passive. The appeal with this is that as I devote time and energy towards this, we are building sustainable income with location independent work.
As for the online work, if the paperwork and everything gets done quickly, then I'm going to start this month. It has work that I enjoy, some exposure, and some residual income.
Entrepreneurship Is a Group Effort
Something that I'm grateful for is having a supportive husband. We've been on the same page and have adjusted our lifestyle to accommodate our goals. Keeping a simple lifestyle hasn't just been about saving money though. It's also about keeping our options open and hopefully meeting our 5 year goals.
I'm just going to enjoy my work at the office and see how it works out. It may be too much long term, so I'll see how it goes this next month or so. I'm always a bit cautious with new opportunities, which can be good or bad. I'll definitely update here on how everything turns out.
Your Thoughts on the Fork in the Road
I'm really curious to hear from everyone who has their own business and/or does freelance work. Are you a conservative entrepreneur or do you more of a risk taker? How supportive is your spouse on taking the leap?
Photo Credit: sacks08
Hi Elle, congrats on the extension. Is it not possible to do both?
Thanks Sam. I’m not sure if I could do both long term, but I’m still on my trial period, so we’ll see in the next few weeks!
Elle,
I think I’d agree with sam. Doing both would probably not be the easiest thing, but it’s certainly something to look into. I work 1 regular hours office job, 1 part time office job and am trying to build up my blog at the same time. It’s definitely a lot of work, but it’s fun as well. The only reason I’m doing all 3 is because I’d like to start my own business, but there is groundwork I need to lay first.
Good luck, Elle.
I guess I’m in the camp that you try to work both, too. Building a business is often a long, slow process, and it really helps to have the other income to take the pressure off depending on your new business to generate cash flow. Although there is always more you can do to build your business, if you’re committed to it you can find time to do the most important stuff while also keeping your day job. It may grow a bit slower than otherwise, but it’s a safer route to travel.
@Jeff & Doug: Thanks for your feedback! For now, I’m going to try and juggle it all, but eventually I’m going to have to make the leap. Time will be crunched, but I think I have a schedule that will work. I’ll definitely write more about how it turns out later.
I hope it works out Jeff, I really enjoy your blog!