Con:
1. Small business owners pay more taxes than employees. Even if you keep your business small, employing only yourself, you will find your tax bill increasing. In addition to regular income taxes, you will have to pay both the employee and the employer portions of the social security taxes and extra local business/mercantile taxes (some in the form of licenses). You will likely be paying quarterly estimated taxes, and if you sell something, you are responsible to file sales tax forms. Those last two requirements might not add up to more money, but they will add up to more time spent calculating earnings and filling out forms.
Pro:
1 Should mention that you also have more write offs. That the object is to write off everything you humanly can. Your GAS if you ever use your car for business, even your home lights and heating bills. You can find a good account to help you get more deductions. (Clothes, DVDs, Books, Magazines, lunches everything)
Con:
2. When you work for someone else, not only does your employer cover half of social security, but the company might also offer other financial benefits, such as a company match for a 401(k) plan or opportunities to purchase company stock at a discount. When you work for yourself, you lose these opportunities to increase your salary. Any money saved for retirement plans or invested in the stock market comes directly from your own earnings.
Pro:
2. 401k are high risk nowadays. If you switch jobs a lot which you probably are going to anyway since you arent happy then collecting isn't going to be good. If you putting your money in stocks which the government suggest is the best retirment plan now or days you may have better yeild. You will be lucky if there is soc.security benefits when you retire. Personally I feel you have a better chance going it on your own. You may make the kind of money that you won't need a fixed retirement plan.
Con:
3. The self-employed also miss out on paid days off. When you wake up with the flu, you lose out on the earnings for that day. Not only do you have no paid sick days, you also have no paid vacations – and you may miss out on vacations entirely. As Amy pointed out, running a small business is hard work. To make enough money to live on, you will have to put in many, many hours, especially when you first start.
Pro:
3. You can also take paid weeks off. Depending on your industry, you can work only 6 months out of a year and still be paid tops.
Two weeks vacation is absurd. Two months is better. I always take off a week or two after big projects. You could be working for someone just as hard with no overtime pay if you have a salary job.
Cons:
4. Also on the line of benefits, you will have to pay for your own health insurance. Many would-be entrepreneurs continue to work for someone else simply because they can’t afford to buy health insurance and they don’t want to risk debilitating medical bills.
Pros:
4. There's also independent groups and unions of people who band together to get a health insurance plan.
Cons:
5. Not only do you go without certain personal benefits, you also miss out on some of the benefits longstanding businesses enjoy. For instance, you will not have an established inventory or client list. Even if you bring some clients with you from your previous employment, you will have to spend time and money building assets and a customer base.
Pros:
5. This one is inaccurate. What personal benefits? You can get health insurance and you have your own budget, credit and probably your own office. This gets worst. Established inventory? Everything you buy is YOURS and it's a possible expense write off. NO ONE has guaranteed CLIENTS!! And what do clients have to do with an employee? Every business has to maintain it's own clientele. However the money you make from one or two clients paying you instead of your boss can be more than the boss paying you from 100 clients.
CONS:
6. Unless your business is a franchise, you will have little or no name recognition when you start, and you will have to work hard to build the company’s reputation as you build a customer base.
Pro
This is way off. You can simply get a salesperson to get your client or an agent, or pay finders fees. More than likely you will have some client and a good reputation before you go full time. I don't advocate stealing client but often doing better work wins them over. Some client may follow you anyway. People are often looking to outsource.
Con:
7. While building your business reputation, you will likely be competing with bigger, more established businesses. These big businesses have more resources and are better able to offer a greater variety of services and/or better prices than you will be.
Pro
7. This is a dam lie.
Sorry. Them mafakas usually buying their shit from China. America is as at it's weakest it's ever been. It imports most of it's Oil from it's enemies haha. And those cats can be bought. People need to have good Asian friend or friends who are friends with Asian.
To compete with really big entriprise of course people would have to have a more collective effort. Also, we gotta stop thinking we are competing for the same dollar. Rockawear and Sean John is beating the heck out of their competitors.
Cons:
8. If you cannot afford to hire others right away, you will need to do multiple jobs. In addition to doing the work that actually makes you money, you will spend time in marketing, accounting, and billing among other things.
Pros
Misleading. If you have a "contract" then you CAN afford to hire others. If you don't then you just a greedy fool and should fail. If you can't afford to hire others, then either you have the wrong clientele or bidding wrong. Also, under some fair business laws, major corporation are suppose to a lot 10% of their contract to minority business. In essence, there's no competition for certain contract. Problem is too many blacks read crap like this and gets scared.
Enough already.
I know there's far more Pros than con and I haven't articulated them cuz I don't know them all. I haven't taken advantage of the ones I mentioned.
We gotta do better.
I understand that the Bush and Clintons are for big business and the war or middle class.
The Bigger they are....the Harder they fall baby.
Giant Killa.
