You’re ready to be your own boss. You have great ideas about your own business and how you’d run the best business, you possibly can.
However, perhaps you’re a little worried about the risk of striking out on your own. Or you wonder if the rewards of self-employment are worth the hard work as opposed to working for someone else.
It’s necessary to evaluate the pros and cons to provide a good perspective and help you decide the path forward. Let’s examine them.
The Top Benefits of Being Self-Employed
1. Independence and Freedom from Routine
Your customers are businesses or people who you work with, not your bosses. They can tell you what outcomes are required of you as customers, but they don’t guide your work.
Of course, if you want to get more jobs and good reviews, you want to please your customers. Yet you are your own manager – you know when to get the job done, where to work and how.
2. Unlimited Earning Potential
The ability to earn an infinite amount of money is one of the biggest benefits of self-employment. Unlike working for someone else, your pay is not limited. Ultimately, you are in control of how much money you make.
3. More Flexibility
Employees want greater flexibility in their work schedules. It could be going to work an hour late, leaving the office an hour early or doing assignments at home or on the road.
As your own boss, you enjoy this flexibility without anyone looking over your shoulders. You can effectively work from home, the library or in a coffee shop.
The Drawbacks of Being Self-Employed
1. Less Security
One of the biggest downsides of being self-employed is the lack of job security. As a self-employed person, you will be responsible for ensuring you consistently win new clients. This means that there will be times when no job will come in, and that means no income.
2. Long Work Hours
Working for yourself comes with time freedom, but it’s not all rosy. Your workday can be much longer and more erratic than if you were working for someone else’s company, especially when you are working from home.
Business commitments can mean spending less time with your friends and family or struggling to get away from working life. You may even be concerned that when you’re not involved, you’re letting your customers or business down. This can make you spend a lot of hours working.
As a self-employed person, you will find yourself working alone most of the time. Before long, loneliness will set in, which can affect you psychologically and impact your productivity negatively. In addition, there will be less opportunity for growth as you don’t interact with others.
As with other things in life, being self-employed comes with advantages and disadvantages. However, the benefits that come with owning your own business far outweigh the disadvantages.
However, the good news is that there are ways you can deal with the cons. It is up to you to find effective ways to handle the disadvantages and run your business successfully.