This article is more than just the pros and cons of self-employment, as it was written to help out all those people who’re either self-employed, or are considering taking a plunge. In case you don’t know what self-employment is, it’s the kind of job where you are your own boss. Doesn’t that sound intriguing? Sadly, to some people, it doesn’t. Read on…
I had the pleasure of talking to some of my recent coworkers; most of them had already quit their jobs, while the rest of them were still working 9 – 5. Those who were already doing a job underneath some kind of boss said that they envied the self-employed lot. Likewise, the self-employed friends said that they were better off if they didn’t have to work for themselves, because of the time constraints and all that stuff.
Clearly, there was a misunderstanding somewhere…
Self-Employment – Dreams and Realities Associated With It
There’re a lot of people who dream of working for themselves. Most of these folks are those people who’re:
• Holding office grudges against someone
• Who don’t like work space politics
• People who have a hard time keeping their boss happy
• People who don’t like their job and timings
So the next thing you know is that they listen to some hot shot, who keeps on talking about how he made a million dollars all by himself. It is quite possible but people don’t see the years of effort and isolation that this so called “hot shot” put behind his/ her earnings. People simply see the big and final picture…
The reality of this entire situation is going to pin you down quite brutally. I’m not saying that self-employment is a bad idea, or it’s something that’s regrettable. All I am saying is that you have to be realistic and accept some things that might haunt you down the path.
Now we’re going to take a look at the benefits of self-employment. Bear in mind that any normal day job, or a pure self-employment case, has their own advantages and disadvantages. We can’t really take sides because some people just love doing something for their own, even though if they aren’t making any money at all.
Benefits of Self Employment:
1. You’re Your Own Boss:
• “I am self-employed and I’m lovin’ it”. Perhaps you’ve heard or read this phrase over and over again, somewhere on the internet or on someone’s wall, at Facebook. The biggest advantage of self-employment is that you’re the only decision maker in your business. You’re not supposed to report to anyone about the haves and have nots of your work policies, because everything lies in your hands.
• You have the power to make decisions.
• You define your own timings.
• You get to take away all the profit.
2. Minimum Economic Constraints:
• During the time of economic recession, you will not be fired from your job. We’ve seen thousands of people getting fired from jobs that they had been doing for the last 10 years. Where’s the employee – employer loyalty factor? There isn’t any. The employer is only loyal to you as long as the economy is good. And you will be fired without any regards, respect or thoughts about how you’re going to take care of your family.
• If you’re self-employed, take it as a part time and back up gig because it’ll help you in the long run.
3. No Timed Schedules to Follow:
• Imagine doing a job where you don’t have to work within a certain schedule. Another great advantage of self-employment is that you get to define you own timings. No one is going to pester you for waking up late in the morning, or reporting late than your usual office timings.
I’m sure that there’re tons of other disadvantages about self-employment. However, for the sake of a word count limit on this article, let’s take a look at some disadvantages of self-employment.
Disadvantages of Self Employment:
1. The Loneliness Factor!
• If you had been working as per a part time deal, then you wouldn’t know about the loneliness factor at all. The thing is that when you’re all into this business, alongside a realization that there’s no turning back, the so called “fun” starts to diminish.
• Your business will take its toll on you.
• Even of the work hours are not defined, you’ll have to work every single day for 20 to 30 years.
• There’re no guarantees in the self-employment business.
• You’ll get lonely; you’ll start having panic attacks later on in your life. So much so that you’ll be cut off from your own family members.
To kill that loneliness thing, you need to interact with people once in a while. Go out with your friends, or hang out at the local restaurant. Just talk to someone for a few hours every week and you’ll be in a working condition.
If there’s no one to interact with, you should arrange for an office where you can just work and see other people passing by. Just get out of your home because you’re going to be sick sooner or later.
2. Entrepreneurship Takes Extra Guts!
Entrepreneurs are not made, they’re born. Those who’re made, they have to work extra hard to survive in this world. Entrepreneurs have a rebellious nature and that’s the sole reason for their success because they feel like carving their own destinies.
If you have been running your own business, or if you are self-employed at a small level, you have to take some time off and contemplate the fact whether this thing is working for you, or not. If it isn’t, it is time for you to take a real job and mingle with people on a real life level.
3. No Defined Income!
For self-employed folks, the income is not defined, and you always have to worry about the forthcoming months and all the “what ifs”. Perhaps it is one of the biggest disadvantages of self-employment that people have reported so far.