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Should You Be In Business For Yourself? Some Pros and Cons

Should You Be In Business For Yourself? Some Pros and Cons

    I write a lot about personal finance. I hear a lot about how different employers are handling the current economic crunch and, lately, what I’ve been hearing makes me pretty uncomfortable about working for a long list of companies. Some employers are slashing benefits — effectively cutting their employees’ salaries while inflation reduces their buying power.

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    I want to suggest entrepreneurship as an alternative, but I realize that it isn’t a great option for everyone. I’ve been putting together a list of pros and cons in an effort to decide whether starting up a business is really a good idea for some people, especially in the middle of ongoing financial problems. I’ve tried to stick to financial and business issues  while it’s nice that many small business owners can spend more time with their families, I don’t think that’s the biggest issue for many folks considering entrepreneurship right now.

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    The Pros

    1. If your employer is letting you go, offering early retirement or using another euphemism for firing you, it may be hard to find another job immediately. Being in business for yourself allows you to immediately start working on making money, rather than proofreading your resume.
    2. Without the middleman (a.k.a. your employer) you can charge significantly more for your services — along the lines of what your employer was charging for your work.
    3. You don’t have to go whole hog into running your own business. You can try out your business on a part-time, evenings and weekends, basis while still working your current job.
    4. It can be easier to pick up overtime if you no longer have to get your manager to sign off on it. If you run your own business, overtime is a matter of finding another client or customer.
    5. The cost of working at home is much lower than for your employer: you don’t have to pay to commute, you can eat inexpensively in your own kitchen and you only have to meet a dress code when you’ll actually be seeing a client. And, while this isn’t particularly noble, you can avoid the constant birthday parties, baby showers and other office events that constantly drain your time and your wallet.
    6. Just about all of the expenses associated with your business are tax deductible. Running your own business can make your tax burden significantly lower — and a surprising number of things are considered business expenses, like conference registrations.

    The Cons

    1. While getting health insurance without an employer providing it isn’t impossible, it can be pretty difficult — especially if you actually need. Pre-existing conditions can make it absolutely impossible to get health insurance on your own.
    2. With a job, if you aren’t quite on the ball one week, you still get paid. But if you fumble on your own business, you can wind up losing money. Even if you have a contract, sometimes things can go very wrong. An employer absorbs those problems, but can you do that if you’re on your own?
    3. There are some great jobs that simply aren’t possible to do in a small business that you’re just starting yourself. If you have one of those jobs and you like it, why mess with a good thing?
    4. It’s all well and good to jump off the deep end if no one’s depending on your earnings. But if you have a family or other dependents, you have to be absolutely sure before you strike out on your own.
    5. You have to buy your own equipment when you run your own business: no more company laptop — or printing out your personal stuff at work. A computer, a printer, maybe even a fax machine: you’ll have to buy what ever you need for your home office.
    6. There’s no such thing as vacation time or sick leave when you run your own business. You can certainly take time off when you need to — after all, you’re the boss — but you just don’t get paid when you’re not working.
    7. While the flexibility of working for yourself can be nice, more and more employers are offering flex time and telecommuting options. You can have a lot of the benefits of working for yourself without having to give up a regular salary.

    My Conclusion

    Freelancing, consulting, and running your own business isn’t for everyone. There’s a certain amount of security in working for an employer, even if that employer is considering cutting costs with little tricks like suspending 401(k) benefits. That said, if you’re comfortable with the risks, I think there are a lot of opportunities right now: even big companies are turning to freelancers and consultants to handle the workloads of those employees who suffered under a cost-saving measure. Either choice requires a lot of careful consideration and shouldn’t be made lightly.

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    There are plenty of situations that can negate the cons I listed, as well as the pros. I mentioned that there’s no such thing as paid vacation if you run your own business — you can get around that negative fairly easily if you concentrate on building passive income. A lot depends on your field, as well as whether you have the self-discipline to run your own company. Before you make your decision, research all your options. You might even consider doing a test run: with a lot of businesses, you can get a head start on things even while you’re still gainfully employed.

    Do you have any pros or cons to add? Please leave them in the comments.

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    Last Updated on August 6, 2020

    35 Top Productivity Apps for iPhone (2020 Updated)

    35 Top Productivity Apps for iPhone (2020 Updated)

    Over the years here at Lifehack, we’ve discussed plenty of apps that you can use to improve your overall productivity.

    There are certain ones that many of our contributors and editors (past and present) have adopted over the long-term — there are always the stalwarts that stick around. But there are also new apps that crop up every day, adding more and more depth to the app category.

    Some of the apps are incredibly plain and simple, while others are more robust and offer more features than you can shake a stick at. And everyone has the one they prefer.

    It’s been our job (and still is our job) to keep abreast of all of the productivity-type apps out there. As a result — and as a bit of a refresher — we’ve put together a list of 35 best productivity apps for iPhone (all categorized based on their functions) to provide you with an all-in-one resource for you.

    For Getting Things Done

    1. OmniFocus

    This app is, while pricey, considered to be one of the (if not the) most robust and full-featured productivity apps on the market.

    Download it here.

      2. Forest

      Train yourself to put your phone down and stay focused on the task at hand by playing with this planting game. It’s fun and will help you achieve more.

      Download it here.

        3. Things

        Another robust choice, this app is a favorite amongst “productivityists”.[1]

        Download it here.

           

           

          4. Any.Do

          A beautiful-looking app that is both easy on the eyes and your wallet.

          Download it here.

            5. PocketLife Calendar

            This calendar app is specifically designed to be stylish and super easy-to-use. You can organize your life easily with different modern features.

            Download it here.

              6. Asana

              We’ve covered Asana here at Lifehack

              , and it is being actively developed by a strong team committed to making collaborative task management a more efficient and effective experience.

              Download it here.

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                7. ToDoist

                This app keeps track of everything – from simple errands to your most important projects – so you can get it all done and enjoy more peace of mind along the way.

                Download it here.

                   

                   

                  8. Calendars 5

                  This calendar app focuses on events that help you to keep track of upcoming events and tasks easily. It has everything you need to organize, track, and complete your to-dos.

                  Download it here.

                    9. Clear – Tasks, Reminders & To-Do Lists

                    A fun and innovative list-making app that relies on swiping and pinching to make things happen. Clear created a lot of buzz when it launched, and might be the perfect to-do list gateway app for many.

                    Download it here.

                      10. Due

                      A robust reminders app that lets you store and maintain reminders of all types. It’s replaced Reminders for me when it comes to the basics, and it’s worth a look if you want to keep the mundane stuff out of your head and cluttering your mind.

                      Download it here.

                        11. Checkmark 2

                        I use this app

                        for location-based reminders (such as groceries I need to get or single items I need to pick up from various locations). Checkmark is simple to use and valuable addition to my productivity arsenal.

                        Download it here.

                          12. TeuxDeux

                          Created by Tina Roth Eisenberg and Fictive Kin — TeuxDeux is simple and incredibly stellar in terms of design. If you like lists (including the popular “Someday Bucket”) and want to associate dates with tasks, then TeuxDeux will be right up your alley.

                          Download it here.

                             

                             

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                            13. Nirvana

                            For the GTD enthusiasts, there’s Nirvana. Straight from the source: “Nirvana frees your mind to focus on actually getting things done. If you’ve had enough of generic to-do lists, it’s time for Nirvana.”

                            Download it here.

                              14. Priorities

                              An elegant-looking task management app that has received decent reviews,[2] this could be the one for you if you’re not a fan of OmniFocus or Things — especially if you need (or want) to share tasks with others.

                              Download it here.

                                For Building Habits

                                15. Productive

                                With this app, you can plan your habits with an easy-to-use interface, schedule habits for any time of the day, set smart reminders for each time of the day, and stay on track with useful feedback. This app is perfect for anyone who wants to build a habit that sticks.

                                Download it here.

                                  16. Habitica: Gamified Taskmanager

                                  You can complete tasks and build habits in a more fun way with this app. Input your Habits, your Daily goals, and your To-Do list, and then create a custom avatar. Check off tasks to level up your avatar and unlock features such as armor, pets, skills, and even quests.

                                  Download it here.

                                    17. Streaks

                                    This app follows the model of the popular “don’t break the chain method” in that you use the app to track how you are donig in the pursuit of your goal. Great for goal-setting — and an easy and elegant interface to boot.

                                    Download it here.

                                      18. Remember The Milk

                                      Another popular to-do list app, Remember The Milk has a huge following. It has plenty to offer, including the ability to share tasks with others.

                                      Download it here.

                                        19. Day One Journal

                                        When it comes to journaling, nothing really beats Day One. Its latest update added a slew of features that will make you want to start making journaling a habit.

                                        Download it here.

                                          For Files Organization

                                          20. Evernote

                                          Touted as the world’s most widely-used productivity app, Evernote is an be used simply as a notetaking app or can be customized to be your GTD app of choice — among other things.

                                          Download it here.

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                                            21. Pocket

                                            You can save an article, video, or link you want to read or watch later to Pocket from anywhere including your computer, Safari, email, and your favorite apps like Facebook, Twitter, Flipboard, and Feedly.

                                            Download it here.

                                              22. Sync.Me

                                              This app identifies unknown phone calls, warns you from annoying spam calls, and adds a caller picture to your contacts from Facebook, Twitter, and Google+.

                                              Download it here.

                                                23. Droplr

                                                One of the most popular file-sharing apps out there today. Straight from the source: “Stay productive on the go. Droplr for iPhone keeps you in sync and makes sharing on the iPhone natural.”

                                                Download it here.

                                                  24. Dropbox

                                                  Before iCloud, there was Dropbox. And there still is Dropbox, which is still widely used by both Mac and PC users all over the globe. It’s like having a flash drive on your iPhone. A must-have.

                                                  Download it here.

                                                     

                                                    For Working Smarter

                                                    25. Captio

                                                    A simple capture tool. Straight from the developers: “It’s simple. Open Captio and start typing. When you’re done, hit Send. The note is immediately delivered to your email inbox.”

                                                    Download it here.

                                                      26. Drafts

                                                      A tremendous capture tool that allows for simple capture, followed by sending items to various applications such as OmniFocus, Things, and more.

                                                      Download it here.

                                                        27. NoteShelf 2

                                                        This is a perfect note-taking app for you. You can take beautiful handwritten notes, type, annotate PDFs, record audio & create lists. You can organize them into categories or groups.

                                                        Download it here.

                                                          28. Doodle

                                                          This app links directly with the Doodle service, which is one that allows you to plan and organize meetings far more efficiently and effectively. Lifehack contributor Steve Dotto has written about Doodle more in-depth here.

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                                                          Download it here.

                                                            29. TextExpander (Legacy)

                                                            I have saved countless hours of time with TextExpander, and despite its inability to be as robust on iOS as it is on the Mac, it is still a worthy app to have in your arsenal.

                                                            Download it here.

                                                              30. Launch Center Pro

                                                              A quick launcher for the iPhone that doesn’t just launch an app…with some of them it can do much more. This app saves you time by launching complex actions in a single tap.

                                                              Download it here.

                                                                31. GoodReader

                                                                This may seem to be an odd one to make this list, but here are plenty of reasons why it is here with this article.

                                                                Download it here.

                                                                  32. LogMeIn

                                                                  Want to be able to control your Mac from wherever you are? Then get this app.

                                                                  Download it here.

                                                                    For Improving Security

                                                                    33. 1Password

                                                                    There is simply no better password manager out there. I’ve even put together a 1Password Emergency Kit worth looking at here.

                                                                    Download it here.

                                                                      34. LastPass Password Manager

                                                                      You can store passwords and logins, create online shopping profiles, generate strong passwords, track personal information in photo and audio notes.

                                                                      All you have to do is remember your LastPass master password, and LastPass auto-fills web browser and app logins for you.

                                                                      Download it here.

                                                                        35. Truecaller

                                                                        Identify and block spammers, search for unknown numbers, and call friends easily with this app. With a community-based spam list from over 250 million users, you’ll need this app.

                                                                        Download it here.

                                                                          There are plenty of other options out there (and we’ve heard from readers in the past as to what they enjoyed using), but these 40 are among the best.

                                                                          Featured photo credit: William Hook via unsplash.com

                                                                          Reference

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