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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 February 13, 2020

    What Is Speed Reading and How to Successfully Learn It

    What Is Speed Reading and How to Successfully Learn It

    Too much to read, too little time! Don’t you wish you could read faster without compromising your knowledge intake? This is where a valuable learning technique comes to the rescue: speed reading.

    Speed reading is the top skill to learn in 2020. Read on to find out all about this amazing technique!

    What Is Speed Reading?

    On average, an adult can read somewhere between 200 to 300 words per minute. With speed reading, you can read around 1500 words per minute.[1] Yes, that sounds impossible, but it is true.

    In order to understand how this skill works, you first need to know how the reading process works inside a human’s brain.

    The Reading Process

    The first step is for the eyes to look at a word. This “fixation” on every word takes around 0.25 seconds.

    Next, the eye moves on to the following word. It takes 0.1 seconds for the brain to move from one word to the next. This is called “saccade.”

    Usually, a person reads 4 to 5 words or a sentence at once. After all the fixations and saccades, the brain goes over the entire phrase again in order to process the meaning. This takes around half a second.

    All in all, this allows the average person to read 200 to 300 words in a minute.

    Speeding up the Process

    The concept of speed reading is to speed up this process at least 5 times. Since the saccade period cannot be shortened any further, speed reading emphasizes quicker fixations.

    To accomplish this, scientists recommend that the reader skips the subvocalization: when the readers actually say the word in their mind, even when reading silently.

    Basically, speed reading is the technique of only seeing the words instead of speaking them silently.

    Do not confuse this with skimming. When a reader skims through a text, they skip the parts that their brain considers to be unnecessary.

    You may skip important information in this process. Moreover, skimming does not allow the brain to retain what has been read.

    Why Speed Read?

    Speed reading is not just quick, but also effective. This skill saves a lot of of time without sacrificing information.

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    Also, it has been proven to improve memory. The brain’s performance improves during speed reading, which allows the reader to remember more information than before.

    Since speed reading stabilizes the brain, the information is processed faster and more efficiently.

    Believe it or not, this technique leads to improved focus, too. As the brain receives a lot of information during speed reading, there is far less chance of distraction. The brain focuses solely on the job at hand.

    Since the brain is, after all, a muscle, the process of speed reading acts as an exercise. Just like the rest of your muscles, your brain needs exercise to grow stronger, too.

    A focused brain means improved logical thinking. As your brain gets used to receiving and organizing so much information so quickly, your thinking process will become faster.

    As soon as a problem is thrown at you, your brain will quickly put two and two together. You will be able to retrieve stored information, figure out correlations, and come up with new solutions, all within seconds!

    Still not convinced? Read 10 Reasons Why You Should Learn Speed Reading

    Greater Benefits

    With a healthier brain, you can expect better things in other parts of your life, too. A boost in self-esteem is just one of them.

    As you begin to understand information at a faster pace, you will also begin to figure out more opportunities all around you.

    With the ability to deeply understand information in a shorter period of time, your confidence levels will quickly grow higher.

    Moreover, all the aforementioned benefits will relieve you of stress. You will manage your readings in lesser time, your brain will be healthier, and you will feel so much better about yourself.

    With all these advantages, your emotional well-being will be healthier than ever. You’ll feel less stress since your brain will learn to tackle problems efficiently. Speed reading will lead to a relaxed, tension-free lifestyle!

    How to Learn to Speed Read

    Speed reading is a superpower. Fortunately, unlike other superpowers, this one can be learned!

    There are different techniques that can be used to master this skill. Opt for the one that best suits your learning style.

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    1. The Pointer Method

    The person who is credited for popularizing speed reading, Evelyn Wood, came up with the pointer method. It is a simple technique in which the reader uses their index finger to slide across the text that they’re reading.

    As the finger moves, the brain coherently moves along with it. It is an effective technique to keep the eyes focused where the finger goes without causing any distraction.

    Readers have a tendency to back-skip. The pointer method prevents this from happening, thereby saving at least half the reading time.

    2. The Scanning Method

    In this technique, the reader’s eyes move along one part of the page only. This can be the left or right side of the text but is usually the center since that is the most convenient.

    Instead of pacing through the entire text from left to right, the vision shifts from top to bottom.

    This method involves fixation on keywords such as names, figures, or other specific terms. By doing so, the saccade time is minimized.

    3. Perceptual Expansion

    Generally, a reader focuses on one word at a time. This technique, on the other hand, encourages the brain to read a chunk of words together. In doing so, this method increases the reader’s peripheral vision.

    Here’s the thing: even though the fixation time remains the same with perceptual expansion, the number of words that the eyes fixate on increases.

    So basically, the brain receives 5 times more information within the same amount of time.

    This technique is the hardest to master and takes the most time to learn. You’ll need help from speed reading tools in order to practice the perceptual expansion method.

    However, once you master it, this technique will offer you the fastest reading pace with the maximum knowledge intake.

    The Best Speed Reading Apps

    The easiest tool to aid any process in any part of life these days is your smartphone.

    You can use mobile applications to learn speed reading on the go. It has been proven that regularly practicing speed reading is the fastest way to learn this skill. [2]

    Here are a few great options to look into:

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    1. Reedy

    If you own an Android smartphone, you can download Reedy to your mobile. Otherwise, get the chrome extension on your laptop to enjoy speed reading with Reedy.

    This app trains readers to read faster by displaying words one by one on the screen. Instead of having to go through lines or long texts, Reedy prepares the user to focus on one word at a time.

    Although this isn’t an effective method to learn speed reading long texts, it is a great way to start.

    Once your brain gets used to the idea, you can shift to another app to train speed reading sentences or longer texts.

    2. ReadMe!

    Whether you’re an android or iOS user, you can take advantage of the ReadMe! application. This app even comes with some e-book options to practice speed reading on.

    Start by choosing your desired font size, color, layout, etc. Other than that, there are different reading modes for the user to choose from.

    If you want to practice reading sentence by sentence or in short paragraphs, you can choose the focused reading mode.

    The beeline reader mode changes the color of the text to guide the eye to read from the beginning to the end at a certain pace.

    Lastly, there is the spritz mode in which the app focuses on chunks of words at once. This controls the reader’s peripheral vision. However, this mode is not fully available in the free version of the app.

    3. Spreeder

    Spreeder is available on both iOS and Android. However, users may also gain benefits from Spreeder’s website. This application lets the reader paste in any text that they would like to speed read.

    Starting off at a rather low speed, the app flashes words one by one. Gradually, as the user becomes more comfortable, the speed increases.

    Slowly, the user is trained to speed read without having to skip any words.

    This app is different from the rest because it tracks the user’s reading improvements, recording the overall reading time and speed.

    The progress and improvement are tracked in order to motivate the user to perform even better.

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    Adjustable settings, such as the speed of the text, background color, etc. are in the control of the user.

    The Controversy Surrounding Speed Reading

    Truthfully, speed reading does sound too good to be true. It’s hard to believe that it is humanly possible to attain such a fast pace in reading without compromising the quality of information you receive.

    Perhaps as a result, there are people who do not trust the process of speed reading. They believe that when you read through a text at such a high speed, you cannot comprehend the information successfully.

    According to these people, your brain is unable to process information at the speed that you’re reading, and so, they regard speed reading as problematic.

    It is true that speed reading will be of no use if you do not understand the text you’re reading, no matter how quickly you did it.

    Similarly, if you were to read slowly and still not retain or understand the information you read, that would be useless, too.

    However, there a few factors to consider here. When reading at a normal pace, there is enough time in between every step of the process for the brain to get distracted.

    Conversely, speed reading leaves behind no time for the brain to focus on something else. It is unlike skimming. No part of the text is skipped, which means that the brain receives every single bit of information.

    Conclusion

    Keeping all of this in mind, speed reading cannot be labeled a hoax or a failure. Science has backed up this technique, and numerous readers have been using this skill to improve their learning ability.

    At the end of the day, it is your decision whether or not you want to trust this process.

    However, if you decide to take advantage of the opportunities speed reading provides, you will find a world of possibilities opening up to you.

    We live in a fast-paced world. Consuming information faster will help you keep up with that pace and find further success.

    Speed Read Like a Pro!

    Featured photo credit: Blaz Photo via unsplash.com

    Reference

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