If you are thinking about becoming self employed and a life of working for yourself, it would be obviously wise to size up the risk of the business going wrong against the potential rewards that come along with setting up the business.
The following benefits and drawbacks of setting up a business are only suggested features that could apply to you. You have to bear in mind that some features that are advantageous to you, won't be to others and that certain aspects will weigh higher with some people than others, therefore when assessing the pros and cons it is important to analyse what are the advantages, how important they are specifically for you and then compare them against what disadvantages there are, and how important to you they are as well.
Benefits of Becoming Your Own Boss
Flexible - You are the boss and therefore what you says goes, you can turn up to work when you like, work to the schedule off of your own accord and take holidays as you please.
Decisions - Being the boss means you call the shots, you are making the decisions and you don't need permission from anyone to carry out certain tasks and being told what to do.
Tax Benefits - When you are running your own business, you will be entitled to take advantage of certain tax breaks and reduce your tax liability each year - possibly making things cheaper.
Reward - By working for yourself you are essentially setting up how much you get paid, the more you work the more you get paid, where as with a job it could a pretty different story.
Satisfaction - By running a business you make seek huge amounts of satisfaction through making yourself a success or providing a moral need and service.
Drawbacks of Becoming Your Own Boss
Financial Ruin? - No matter what spin you put on it, starting up your own business is a financial risk that could potentially cost you your savings and end you in financial shambles.
Flexible? - Are you actually that flexible, sure you decide when to go to work, but if you have made an agreement with another company that you will get something done by a certain deadline, you have to get to work.
Stress - One of the major points that most entrepreneurs encounter when setting up their own business is that of stress, stressed due to financial requirements, stress due to leading the business and having to be a jack of all trades (especially at the beginning of the business). Stress just to make it work.
Time Consuming - Another major issue with setting up your own business is that it can be extremely time consuming, perhaps taking 14 hours a day seven days a week to get your business fully up an going.
No Perks - You don't get any perks like you do with a job, no company car, no health insurance paid for you, and you have to try and take care of your own retirement.
Summary of the Benefits and Drawbacks of Becoming Your Own Boss
Hopefully the points above have given you just some things to think about, but there are more and they will be individual to you, so make sure you analyse the situation properly and understand exactly what you are getting yourself into.
To help you I suggest reading business guidance books 'Uncertainty' is a book I highly recommend, for conquering those doubts that lay in the back of your mind and also that of 'The Entrepreneur Equation: Evaluating the Realties, Risks and Rewards of Having Your Own Business' to go into more detail about what I have informed you about above.