There seems to be thousands of posts online about the joys of self-employment, but there are some definite drawbacks too. It’s just hard for anyone to admit when a job that they created isn’t perfect all of the time. Here are some pros and cons of self-employment.
The most well-known benefit of self-employment is to be your own boss. At least then when you have a bad day, you know why and how it may be improved. You may even know that the hard days lead to better results for you in the future.
Flexibility also seems to be a huge benefit for some if they can work from home or run their business online. Then they have more control over their hours, location, and even the amount of work they sign up to take. Online freelancers seem to love this point the most.
Another huge advantage is that whatever you earn, you get to keep when you work for yourself. If the business is doing well, you are doing well. And that gets even better if your company has low overhead. Less costs means more banked income. Obviously, the opportunity to earn big is one of the attention grabbers for starting your own company. But of course, there is the downside.
You can make money but you can lose money too. That’s usually the worst part of self-employment. If your business doesn’t take off or takes a turn for the worst, you are personally affected very quickly. In a normal day job, a business continues paying its employees until it throws in the towel. If your own business hits tough times, you will feel it immediately. Savings is a great way to pad yourself for the bruises so you don’t have to turn to guaranteed payday loans uk or in your area.
Motivation can also be a huge con. If you have a day job, you may have sick days and vacation days to use on the days that you just rather not work. With your own business, you usually have to work or you don’t make money. Since you probably need that money to pay the bills, it means you work.
That leads me to the last huge con to working for yourself. You are rarely off. You have to keep working. So even on vacations or weekends, there is probably something you have to take care of at least in a couple of hours you can squirrel away. Not many people expect this from the very start. Eventually, a balance is usually found. Or the business is let go.
In the end, every job has its pros and cons. Self-employment is no different. Would it work for you?