10 things to consider before leaving your job and starting your own business
EPISODE 0 - 10 THINGS TO CONSIDER BEFORE LEAVING YOUR JOB AND STARTING YOUR OWN BUSINESS
Welcome to another episode of Silver Stones!
In this episode, Joran talked about the great resignation. People are leaving their corporate jobs in flocks to start their own businesses. But is it right for everybody? Joran shares 10 things that you should know before leaving your job and starting a business. The pros and the cons.
Cons: Very difficult to budget money. Zero consistency until you're well established. Lonely. It's difficult at times when you have no one to bounce ideas off of or get help from. Time and patience required. Great things take time. A lot of time. No immediate return or compensation for most tasks. You do a lot of different things required to keep your business running without getting paid. Admin and other work. When you start out, there is no support team. You have to be the salesperson, the bookkeeper, the social media, the admin person, etc.
Pros: No ceiling. In a job, you have a wage or a salary - this is a ceiling on how much you can earn. Write-offs. You can reduce your tax burden by writing off things you would use anyway. Flexible income. Setting up a corporation allows you to only pay tax on money you need. The rest can remain in the corporation paying a much lower tax rate. Freedom. The ability to plan your day and design it how you see fit. Regrets. People don't regret the things they did. They regret the things they didn't do.
Aside from the financial and investing portion, we will be sharing our experiences and knowledge in cooking, golf, fitness, and building your own business. This episode was brought to you by Silverstone Solutions. Silverstone Solutions make it easier for you or your business to get into Bitcoin. We give you the tools to help you acquire, store, and protect your wealth. Check out the website to learn more and book a consultation with Joran! www.silverstones.ca
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