Drawbacks to Independent Training
While being your own boss has many benefits and can be both rewarding and gratifying, there are also some downsides. It can be more difficult and more costly to find new clients. Because you are working for yourself, you need to continually promote yourself and your business. You need to be thinking two steps ahead, always networking for your next client. Your job security is you and how hard you work; there is no time to rest on your laurels.
It May Be More Difficult to Obtain New Clients
When you work for a health club or gym, you interact with a large volume of people on a daily basis. This allows you to do a great deal of networking for your new clients. Your warm market is quite large. When you work independently, you interact with far fewer people and therefore your warm market is significantly smaller. Because of this, you will have a greater reliance on referrals from your current clients.
Lack of Employee Benefits
When you are a full-time employee at a business, you receive vacation time, health benefits, sick days, and retirement benefits. When you work independently, you must provide these benefits to yourself. This requires a great deal of planning, as well as money. If you do not have a spouse with health benefits, you will need to find a company from whom you can purchase insurance. If you do this through your local small business association or chamber of commerce, it is still costly, but will be a reduced rate. Price out the type of plan you want and need, and budget accordingly. You can bank vacation time and sick days by putting money into a separate account, so you can afford to pay your bills even when you take time off of work. Finally, you will want to open a Roth IRA or some form of retirement fund, and pay into it each month so you are not forced to work until you are eighty. A financial advisor can help you plan where and how much to invest based on your individual needs.