SHP_Financial_Logo_Square_FBThe interdependence a steady job provides makes it difficult to just up and leave.

The company you work for relies on you to provide your expertise, and in return, you are compensated with pay and other benefits. Each party relies on the other, which means you can’t go willy-nilly quitting your job to start up your dream business. Or can you?

While it’s important to feel needed and experience the camaraderie of working alongside others, the flip side of interdependence is independence — in this case, setting out on your own and not relying on a single employer or person to provide for you. Unfortunately, happiness and a high-paying job do not always go hand in hand, so for some people achieving professional satisfaction means branching out on their own.

It’s common for employees to desire career independence to a degree, but in the big picture, even those who open their own small businesses have interdependent connections in some form. The U.S. economy and employment market can’t be sustained by large employers alone, as small businesses contribute the most jobs.

In addition, you can’t be an independent entrepreneur without customers to buy your goods and employees to help you sell them. It’s like a strong marriage, which is typically characterized by two spouses who rely on each other for varying forms of support.

We get that. We also understand that sometimes you have to put your own financial security at risk toward the dream of owning your own business, and that can add another layer of complexity to planning for your retirement. Don’t hesitate to reach out to us for help in creating a retirement income strategy that works for your circumstances.

[CLICK HERE to read the article, “You Will Never Be Paid So Much That You Will Love Your Meaningless Job,” from Entrepreneur, Nov. 25, 2015.]

[CLICK HERE to read the article, “Are You Ready to Be an Entrepreneur? Ask These 5 Questions,” from Huffington Post, Nov. 16, 2015.]

The pursuit of independence has led many skilled professionals to cut the corporate umbilical cord in exchange for contract work. In fact, during the recession some were forced to do so, but have since learned to appreciate the advantages of greater work/life flexibility, autonomy and control. So much so that now companies are having a hard time recruiting pros back into the full-time, cubicle-style workforce. In 2014, nearly 35 percent of the average company’s workforce was contingent or contract-based — and that number is expected to grow to 45 percent by 2017.

Ninety-six percent of contract workers say they prefer their new employment status because their clients are more likely to value their work, and 89 percent say they like having more control over their schedule. Moreover, a recent study found that 2 million (of the country’s 6.4 million corporate contract workers) earn $75,000 or more a year.

Of course, the contract arrangement is interdependent as well. Companies have found that employing independent workers enables them more flexibility and agility, as well as the ability to find employees with specialized talents.

[CLICK HERE to read the article, “Your Company Needs Independent Workers,” from Harvard Business Review, Nov. 23, 2015.]

However, starting out on your own can be tough. You need to know how to price your services, negotiate contracts, create internal processes for billing and client communications and, perhaps most importantly, network to get business.

[CLICK HERE to read the article, “Startup Marketing 101: An Entrepreneur’s Guide,” from Founder Institute, Nov. 20, 2015.]

[CLICK HERE to read the article, “Succeed in New Situations,” from Harvard Business Review, December 2015.]

If a family member or significant other relies on you, it’s likely you rely on them as well. Just remember when you meet with a potential new client or customer as an independent contractor or vendor, that they need you just as much as you need them. That’s how the world works — successfully.

[CLICK HERE to read the article, “8 Entrepreneurs On the Magic Moment When They Knew Their Startup Had Made It,” from Fast Company, Nov. 25, 2015.]

We are an independent firm helping individuals create retirement strategies using a variety of insurance products and investments to custom suit their needs and objectives.

The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.

If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
Was this information helpful? Should we publish more like this?