3 Small-Business Gigs That Can Make You Richer Than Working for Big Companies
Most people assume the path to wealth lies in a lucrative job at a big, established corporation. While that can certainly be true in some cases, there are also many opportunities to make money and build wealth by working at smaller companies.
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Small businesses can offer more potential for equity ownership, performance-based incentives and career growth that typically isn’t possible at large organizations.
There are plenty of small-business roles where hard work and expertise can result in higher pay than you might make at a big corporation. By getting in on the ground floor and putting in the hard work, you can reap the rewards. Here are some tips, along with three specific small business examples.
Make Yourself Indispensable by Wearing Multiple Hats
At a small business, employees often have to juggle responsibilities. You’ll need a wider range of skills compared to being a specialized cog in a big corporate machine. If you have a versatile skill set, you’ll become extremely valuable as an all-in-one resource.
“If you have skills that cover marketing, sales or operations, showcase how you can be a one-stop shop and save them money in the long run,” said Scott Gabdullin, founder of Authority Factors. “This makes you super valuable, and with the right company, your success can be directly tied to theirs.”
If you can demonstrate your worth in this way, you can earn more, too. Even if your company pays you an exorbitant salary, it will still save money over paying multiple employees to do the multiple roles you’re filling.
“Negotiate for a salary with some performance-based bonuses tied to the company’s success,” said Gabdullin. “As the company thrives, so will your earnings.”
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Pick a Niche
On the other hand, if you’re a freelancer working for small businesses, you can build a strong client base by focusing on a niche. Rather than spreading yourself thin, pick an in-demand specialty like marketing, web development, social media, etc., and market yourself as the best person for the job.
“The key is to find a niche you excel in and scale your services,” said Gabdullin. “While there’s no guarantee of overnight riches, with hard work and a focus on building value, you can definitely accelerate your financial goals in a smaller, faster-paced environment.”
Building your reputation will generate client referrals, and the earnings from your premium services can quickly climb past what an ordinary salaried employee makes.
Learn To Start Your Own Business
If you’re interested in eventually launching your own small business, getting a job working at an existing small company is a great way to prepare. You’ll get hands-on education in how to run all areas of a business.
“When you work at a smaller business, you are much more likely to get exposed to all aspects of running that business — much more so than working at a large company,” said Lou Haverty, owner of Skid Retailer.
“Initially you might have to take a lower salary than at a larger company,” Haverty said, “but your goal is to get exposed to how to run all aspects of the business so that you will eventually be in the position to start your own business.
“That type of experience in the right small business would be invaluable to you in the long run and would be worth much more than just the money you’re being paid.”
Ultimately, the behind-the-scenes knowledge you can gain working at a small business will be worth far more than what you’d learn in a corporate setting.
What Kind of Small Business Should You Work For?
Identify a small business where you can get in on the ground floor, and be willing to put in the effort to drive the company’s growth. The risks are higher than taking a corporate job, but the potential rewards in terms of income and equity can be higher as well.
“There are an unlimited number of small businesses out there, just look around your local neighborhood and you will be amazed at how many potential ideas there are all around you,” said Haverty.
“The key is to find a small business that matches your interests and then learn as much as you can before you take the plunge in your own business venture.”
Here are three potential businesses Haverty suggested.
Ecommerce Sales
Commission-based sales roles can earn significant income, particularly in ecommerce. At a nimble ecommerce company, there is frequently unlimited upside based on how much revenue you can generate.
Many companies like this offer high commission rates with no caps. Find a product you believe in and combine your talent for sales with hard work.
Contractor
The construction and contracting fields have also made many fortunes over the years for the hardworking contractors and skilled tradespersons who climb the ranks.
Contractors often have more flexibility to structure their workload and business in ways that corporate employees cannot. They can be selective about the jobs they take, negotiate terms and ease their workload as they get older. With discipline, hardworking contractors can reach higher incomes that may not be possible as employees.
Franchisee
Another opportunity at a small business is by working for an up-and-coming franchisee. Fast-growing franchisors like McDonald’s, Subway and Hampton Inn have made millionaires out of some of the employees who helped drive that expansion in their earliest days.
The most lucrative path is often starting at an entry-level corporate job like operations, real estate, marketing or finance. As you prove your worth, some may offer you equity stakes in the company or a percentage of revenue from new franchise locations you help open.
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This article originally appeared on GOBankingRates.com: 3 Small-Business Gigs That Can Make You Richer Than Working for Big Companies
