The pros and cons of self-employment

Self-employment has become more popular in recent years. The reason for this, is the multitude of opportunities to make additional money via the Internet or by starting one’s own company. That said, there are some cons related to having your own business that are important to consider.

Ponder the pros and cons of self-employment below:

The pros

Having own schedule

If you are a person that dreads the traditional office workweek schedule, then being self-employed can be beneficial to you because there are NO RULES. You get to set your own agenda that works with your personal life and your business.

Being your own boss

If you are tired of looking over your shoulder at your existing position, being your own boss can be liberating and refreshing. You get to meet with potential clients, choose the direction your business is going in, and decide the workload that you will be taking on.

Choosing your own clients/contracts

Many times, clients have proven to be difficult in business. It is ideal when you can control which clients and contracts you will be taking on. This will give you the freedom to decide which clients are worth doing business with and which ones may be worth sending elsewhere.

The cons

Having an unsteady income

One of the drawbacks of being self-employed is the lack of stability in terms of income. You need to be sure you are bringing in enough to cover the essentials such as rent and food. The unpredictability of income resulting from self-employment can cause a great deal of stress if you are not careful.

Major financial risks

As a sole business owner, there are major financial risks. If you are the only owner, the risks fall on you entirely. You must be sure that you are prepared to take on the risks of owning a business, or that you have enough start-up capital to cushion you through the ups and downs of owning your own business.

Managing work-life balance

When you have a traditional job, your workday can end when you leave the office. However, when you’re in charge of your own company, you are always working whether its – responding to an email during dinner or thinking about your next strategy move before going to sleep. Be sure that you are ready to have a shift in your work-life balance when deciding to start your own business.

Final remarks

Understanding the pros and cons of self-employment is important when deciding whether you would like to be freelance and start your own business. Make sure you realise that the freedom you have of being independent does come with major financial responsibility and changes to your workload from a traditional job. If you feel entrepreneurial and want to start your own venture, absolutely do so. However, be sure to consider everything before deciding to start your own business and have the many obligations that come with it.

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