Should I work for someone else or start my own company in 2020?
Contemplating a new career?
At this time of year you’re not alone, with research suggesting that one in five people are on the hunt for a new job in January.
So, if your New Year’s resolution is to reinvigorate your career, you’ll be competing in a crowded job market. Depending on the industry you work in, this could make it difficult to find a job that ticks all of your boxes.
And while there are ways of making your application stand out, your CV might not even make it in front of the hiring manager given how many other people are bound to be applying as well.
All this might leave you wondering whether employment really is the right way forward for you or whether starting your own business might be a more fulfilling path.
In this article, we’ll explore the signs that you might be better off setting up shop on your own if you’re looking to kickstart your career in 2020.
You dread going to work
With one in four people unhappy in their jobs and more than a third saying they’ve considered leaving their current job because of work-related stress, you’re not alone if you dread Monday mornings.
There’s plenty of reasons why you might hate your job, from not enjoying the work you’re doing to a toxic company culture, or even a particularly unpleasant colleague you just can’t stand to be around.
And regardless of how much research you do into a new role, you could end up in another job you dread heading in to.
Starting your own business, on the other hand, gives you full control over what product or service you provide, how you provide it, and who you employ or do business with. Instead of being at the whim of your employer, you’re your own boss – you decide what you do and when you do it.
If you find the idea of setting up on your own daunting, remember that you would be daunted at a new company as well, where you’ll be expected to hit the ground running.
There are also incubator programmes that remove the barriers and risks associated with launching your own business idea. If you’re based in County Durham, you can join the next DCI programme, where our expert mentors will support you through every step of your entrepreneurial journey.
You need more flexibility
According to research, flexible working is near the top of many people’s lists of requirements when they’re looking for a new job. And while forward-thinking employers are happy to oblige, many companies still expect you to be glued to your desk from nine to five.
Whether you want to work around childcare, you’re tired of shiftwork, or you’d just like to be able to work when you’d like to, you may need to think outside of the box if your current employer is inflexible on your working hours.
When you run your own business, you’re in control of the hours you work. This not only means you decide when you clock in and out each day, but you’re also free to take impromptu days off and extended holidays.
You want to use your education
If you’re a student or a graduate, it can be a struggle to land a job where you get to apply what you’ve spent all those years studying.
If you’re like most students and graduates, you’re full of ideas and enthusiastic about using what you’ve learned to make a dent in the world. What better way to put this and your education to use than starting your own business?
Your job isn’t secure
With AI and automation on the horizon and recent political events putting the UK economy in a precarious position, a lot of industries are facing unprecedented uncertainty.
Sadly, this means that most jobs don’t come with the security they used to, especially in at-risk industries.
With employment a less secure option than ever, there’s never been more incentive to set out on your own and forge your own path.
This is especially true if you work in an industry that’s facing severe uncertainty in the coming years. Now might be the best possible time to take your transferable skills, knowledge and connections and leverage them to launch your own venture.
Whatever reason you find yourself contemplating a new career, if you’re based in County Durham and looking for help getting a new business off the ground rather than changing jobs in 2020, apply to be part of DCI today.
For more guidance on starting your own business, be sure to take a look at our blog, where you’ll find insights into why 60% of new businesses fail in the first three years (and how to make sure yours doesn’t), the six skills every entrepreneur needs to master, and how to register your first business.