I have the privilege of having both feet in separate ponds: I have my daytime gig as a lawyer for Legal Aid Ontario and I also run my own small business as a certified translator, which I operate during my free time. It's nice to be able to draw from public and private pools for income.
The past week presented numerous challenges, which I would like to think I gracefully overcame, but not without a fair dose of hardship, both mental and physical. I hit a new record in terms of how many clients I assisted during a court assignment: 21. That is a lot of people to process in an 8-hour shift! I also accepted a translation project that I wasn't properly qualified to do (financial accounting) and ended up having to cancel on the client. Unfortunately, I may have lost that client for future projects.
So here's my pro-con breakdown of being an employee and entrepreneur...
EMPLOYEE
PRO:
1. Steady, predictable income.
2. No overhead expenses: all marketing, insurance, office supplies, membership, licensing fees etc. covered.
3. Recognition that comes with being part of an established name.
CON:
1. Lack of flexibility: I have to be available for work at prescribed hours and must dress the part.
2. Heavy workload: I am responsible for meeting quotas and processing a high volume of clients.
ENTREPRENEUR
PRO:
1. Unparalleled flexibility: I can work in my sweats and drink tea all day long.
2. Sense of ownership and fulfillment.
CON:
1. Responsible for "rainmaking" i.e. finding and retaining clients, including following up on collection of unpaid accounts.
2. Responsible for all overhead expenses.
Both are great in their own ways yet present drawbacks. Luckily, I enjoy what I do, so the days pass quickly and I feel like my time and skills are used wisely. The learning curve has been tremendous and I'm gaining a deeper sense of what being professional really means.