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Job vs Own business

By himanshu981 ·
Hi,

I am very confused today and got this site to discuss my problem.

I am 29 years old, married and have 3 months baby. I am a webmaster working on Joomla platform, and very good hand in graphics as well. I worked in rediff.com for 6 months and sahara computers for 1 year. but since last two years I am working my own. having my own company have 2 persons employed.

I get approximate 30-40k per month maximum incoming. and I have below expenses fixed.

My own personal expenses - 10,000
Loans repayments - 5500 (All ends in this year end)
My office expenses including salaries of employees - 12000
and some other misc expenses - approx 3-4000

I have no savings right now. My business is going in no profit no loss since last year. how much I earn I wish to buy my office equipments. I dont have any financial back support from my parents.

Now Question is - Should I go for a Job as I can get a job of approximate 30K in starting or should i continue this business and struggle for my life.

Regards,

himanshu

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All Answers

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When you say

by IC-IT In reply to Job vs Own business

you can get a job for 30K, is that a monthly or annual amount?
If annual that is 2500 per month, if monthly it is triple your current funds. Now it becomes a decision of how much do you like working for yourself and what are your goals.

If your business expenses for salary and office expenses are 12K and your personnal expenses are 10K, that suggests that you could trim back your spending. You have 2 employees that can make it on approx. 5K each.
At the end of the year you have the potential of the 5500 to upgrade equipment and/or send directly to savings.

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Manufacturing, Trading, Profit & Loss Account ...

by OldER Mycroft In reply to Job vs Own business

That's what you need.

It would be a prudent move to have one drawn up for you by a qualified accountant. An up-to-date Balance Sheet wouldn't go amiss either.

You MUST have hard financial facts upon which to base any comparison, and there may be several unaccounted-for items that you have forgotten about; you may have some Creditor or Debenture interest that you have not yet allowed for.

At school I was cr@p at Physics/Chemistry and dropped those subjects in favour of Economics/Accountancy

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What you are pulling in a month.....

by Peconet Tietokoneet In reply to Job vs Own business

If you are on 30,000 a month, that will be 360,000 a year. Now if that were in Dollars or Pound sterling that is a lot of money. If i were you, i would keep going, keep at what you are doing, and cut back on a few things you DO NOT need in the coming months.
Hope all works out for you. :)

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