Rising early each morning, in order to drag yourself into a job that you hate, can certainly be soul destroying. Many of us yearn for the freedom that self-employment can bring. Being self-employed may be a much better option but you will need to weigh up the advantages and disadvantages to such work.
Disadvantages to being self-employed.
If your business thrives you may be able to employ others but when you first become self employed you will probably have to work alone. With no colleagues, motivation can be hard. Many people also receive inspiration, praise and guidance from others and sorely miss such input when they are self-employed.
If you are unable to keep your own accounts, you may have to pay an accountant, to do so for you. This could be expensive. However, accurate accounting is necessary unless you want to end up in trouble with the tax office. Such mistakes could cost you dearly in the long run. You will need to ensure that you have the necessary insurance also.
No set income.
Initially your income may vary from week to week. If your business is successful this will level out but in the early stages of going self-employed, it could make life difficult.
So why be self-employed?
There are so many advantages. Consider these few:-
- No Boss
When you are self-employed, you lay down the rules. If you work extra hard some days, and long hours, you will be able to take a day's leave to suit yourself.
When you want to take a holiday, you will not have to fit your leave around other worker's plans.
If you have a successful business, the profits are YOURS. Such a business will grow over the years and may enable you to employ others to do the work eventually. You could become a sleeping partner in the firm.
Then again, you could sell the business as a going concern and retire early. Other self-employed people find that they have a lucrative business to hand down to younger family members.
We all have to start somewhere and many a person who has become self-employed, has gone on to greater things. There is potential for fame and fortune being self-employed, rather than simply being an employee.
Of course, it will be risky at times but remember, "Nothing ventured, nothing gained". If you feel you would be better employed working for yourself check out what would be right for you.
Be careful though as, being self-employed could leave you stranded, financially, if it does not work out.