Unexpectedly Self Employed: 10 Pros – 10 Cons

“Failure is the condiment that gives success its flavor.” ~ Truman Capote

I’m 46 years old, and for the third time in 24 years I find myself in the wide-open world of self employment. Though it’d been on the radar screen for 18 months or so, it didn’t come about exactly as I’d planned, but it’s all good because my subconscious was mentally preparing for life’s next exciting move anyway. It’s all because the owners at my previous place of employment “…decided to make a change in direction.”

i.e., “Your fired.”

Again, it’s all good.

This go-around will be the decider. In the previous two immersions into the world of the self employed my record is one and one.  This time’s for the championship, and each morning I wake up early, adrenaline flowing, ready to get back in the game.

For those of you who blog, I’m happy to share this important reality: During the last 10 months, I’ve spent 3 to 4 hours a day blogging in my spare time. If it hadn’t been for that, I’m not sure I’d be in a position to take on a brave new world in the communications market. Blogging’s opened up countless partnerships, alliances, relationships and learning experiences that are simply invaluable. In the beginning, I had no idea where it was all going, but the blogosphere’s definitely led to something more significant and meaningful in my life.

e.g.- One of the most surprising, and rewarding opportunties came from a sister blog I set up some time ago – one designed for personal reasons only – that chronicled an adventure Dana and I set out on last April. Over the months, it’s connected us to dozens of others in the expat world, and now I’ve been given the opportunity to write for International Living magazine on a regular basis. See www.internationallivingmagazine.com. It’s a huge blessing and thrilling opportunity.

On January 2, Dana and I will launch two new businesses abroad in Puerto Cayo, Ecuador. The web had already opened up an opportunity to freelance some social media management gigs, and now we’re ready to formalize it all into a more focused umbrella of targeted opportunities. I’m now thrilled to focus 100 percent of our efforts toward the work we most love.

PRO Ecuador Marketing is a comprehensive marketing company that will manage ad campaigns (new and traditional media) for tourism-related industries along the emerging Ecuadorian coast. Its website is currently under development.

Ecuador Guided Tours www.ecuadorguidedtours.com is a full expat service assisting travelers and potential expat explorers looking for new opportunities along the Ecuadorian Pacific Coast. It’s an idea we had almost immediately after we spent two weeks exploring Ecuador on our own, and found no formal services to guide us in a way that would make the most of our time and money.

It’s an exciting thing to get back into the world of self employment. I’ve been thinking about all the pros and cons, and these are my thoughts so far:

CONS

1. Aside from the work itself, there’s a lot to learn, especially when you own a business that operates both from the U.S., and a foreign country. Different rules apply in both places, and it’s easy to see how a business owner could make serious, consequential mistakes in the complexity of it all. A legal, yet advantageous tax strategy is foremost on the list.

2. In the past, I’ve had the luxury of hiring really smart co-workers who compliment one another’s skills and talents. At least for now, it’s just Dana and me, and I’ll miss the synergy that comes from a small group of really smart people.

3. Also missing from the group dynamic is the luxury of specialization. Previously, I’ve been able to pass on the more technical work to people MUCH smarter than me, but now I’m required to be more tech-savvy than I ever imagined because I simply can’t afford (at this point) to hire highly specialized co-workers.

4. Because the business world is radically different than it was just three years ago, and because technology changes at the speed of light on any given day, there’s a ton of prelimary work that must be managed to properly launch a new business. There are business cards to print, websites to develop, social media distribution tools to create and link together, ad campaign strategies and much more. Our situation is all the more challenging because our communication methods must be effective in two very distinct cultures. I’d be totally lying if I didn’t say it’s all a lot of fun though.

5. It’s a given that income will fluctuate from month to month. That requires a lot of thought with regard to current debt obligations and the cost of necessary future investments.

6. Balance is critical. I’m old enough now to know my strengths and weakness. One weakness is the tendency to immerse myself in work, but experience tells me that’s a double-edged sword. I’m working hard to learn proper self-scheduling. It’s just not possible to monitor email 24 hours a day.

7. In our “spare time,”  Dana and I must become fluent in Latin American Spanish. Those six years of college Spanish were a long time ago, and today, I’m a gringo defined.

8. Today, we’re 38 days out from wheels up to from Memphis to Atlanta-Quito-Manta-Puerto Cayo. The checklist for things to do moves two steps ahead of us every time we take a single step forward.

9. I’ve always enjoyed responding to other bloggers’ requests for coaching or critique. It’s sort of my way of giving back. Now, I’m required to be much more selective in who I can help and whether it will be free or not.

10. There are rare moments when I’m scared. I never want anyone to see it, so there’s a mask to put on from time to time.

“A little bit of something is better than a whole lot of nothing.” ~ my banker

PROS

1. It gives me the opportunity to thank God for second and third chances. I’ve been praying the Prayer of Jabez for three weeks now, and it often brings a tear to my eye, because I believe those prayers have been answered in such an overwhelmingly unexpected way.

2. I’d by lying if I didn’t tell you it’s the most exciting time in my life.

3. The perks! Unlimited vacation, knocking off at 3 p.m., coming in late. Ha! I know I’ll never really do those things.

4. Never again (I pray) will I be subject to the whims of a pre-maturely elevated, 30-something whipper-snapper who thinks he’s got the world by the tail and has it all figured out.

5. For those us who have certain personality types … I’m a High D, ENFJ, there’s no substitute for sailing your own ship.

6. Pursuing a vision (whatever it may be) is the most fulfilling thing I know.

7. Technology makes the global business world smaller and smaller every day. Dana and I love the opportunity to meet and develop relationships with people in other cultures. A few months ago, I met a Peruvian lawyer and French-trained chef. His name was Caesar. When he first introduced himself, he said, “I’m a citizen of the world,” and it sent chills up my spine.

8. At 46, I’ve made a TON of mistakes in both my business and personal life. Lessons learned the hard way, yet invaluable. With a little luck, I’ll see those issues looming ahead this time, and take the appropriate detours.

9. Four years ago, I had a “great idea” for a business where I intended to be the sole proprietor – all me – and I went to visit several banker friends soliciting a loan to get the business going for a year or so. On my last visit to my last resort, this is what one banker told me: “A little bit of something is better than a whole lot of nothing.” He wanted me to solicit investors – to go out and sell others on my idea, and rather than take on the full risk of investment and the potential full rewards – to share both the risk and those rewards. I ignored his advice and the idea flopped in three months. Sidebar – I didn’t get the loan…  This time, that’s my philosophy going in because it’s quite true: A LITTLE BIT OF SOMETHING IS BETTER THAN A WHOLE LOT OF NOTHING.

10. Honestly, I’ve never been more alive.

What Pro/Con experiences have you enjoyed in the world of self employment, or what advice would you have for others considering a new adventure?

(Steve Watkins is a professional journalist and blogger, and a contributor to International Living Magazine. For more information, see his “about me” page @ https://wp.me/P2bjEC-7:  or contact him at stevewatkins71@yahoo.com.)

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