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Advantages and Disadvantages of Self Employment

Almost every employee, at some point of their career, feels the desire to be self-employed. Being your own boss sounds really tempting. But, if this is the only reason behind your wish to be self-employed, then, let me warn you that you need to think twice before deciding to proceed on a self-employed career path. Not everyone gets the chance to taste success by starting their own business. You need to have a crystal clear vision of what you want to do and your final goals. Of course, self-employment gives you space to earn limitless but then again, you need to work really hard to achieve your goals.

We all know that deciding upon a carrier is perhaps the biggest decision in life. A small miscalculation in the decision making process can cost you lots of your precious time, money and life time of dissatisfaction. If your entrepreneurial skills are really good, then definitely self-employment is a big choice for you. But anyway you must be aware of the positive and the negative aspects of self-employment before jumping into it. Let’s have a look at the various advantages and disadvantages of self-employment.

Advantages of Self Employment:

  • Self-employment gives you the freedom to do what you love to do. You are free to choose whom you want to work with and whom not.
  • You can make your own decisions about your work and there will be no one to question your decisions.
  • Job Insecurity cannot hit you. You are your own boss and you cannot get fired. So you have total control over your career and job.
  • If you want to go for a vacation, then you no longer need to take permission from anyone. There is no limited number of leaves or a specific vacation time. Just you have to arrange your work perfectly, so that it gets completed according to your time.
  • You can have great benefits if you work hard and in a right way.
  • Being your own boss is itself a great feeling and boosts your confidence and potential.
  • You can work whenever you want to and choose your own work place and conditions.
  • Unlike other forms of employment, there is no need for a self employed person to miss special occasion due to work. It’s upon you how you manage your timings. So, self-employment helps to maintain a perfect decorum between work, family and friends.
  • Self-employment gives you an opportunity to show your others skills you have regardless of your qualification degree.

Disadvantages of Self Employment:

  • Work hours of self-employed may get longer with inconsistent income.
  • Relationship between self-employed and the clients plays a big role in the in the business. They can make or break your business.
  • Even if your business is small but you will end up paying more tax then that of a regular employee. It’s because, you will have to pay both the employer and employee tax and extra local business/mercantile taxes (some in the form of licenses) in addition to regular income tax.
  • Self-employed don’t get paid leaves like others who are working under someone. You will have to work hard in the starting of the business and sacrifice all your vacations and leaves. 
  • Employers usually pay for the health insurance of their employees but, when you are self-employed, you will have to pay for your own health insurance.
  • No one knows your business at the start and you will need some really hard work to build up your business reputation.
  • Self-employed have more responsibility than working under other, as here you make your business plans and strategies. So none other than you will be responsible for your success and failure.
  • At the end of your hard work, still you are not sure to whether your business module will work. In fact you may also go in for loss at times. On the other hand, you are sure to get your salary if you are working under other.

Self-employment is a good choice for the people who can withstand risk and stress and are determined to achieve what they want to achieve, no matter what comes in the way. But at the same time, self-employment demands good entrepreneurial skills. Simply jumping into it without having the basic skills and knowledge of its advantages and disadvantages won’t help you to become successfully self-employed.

Image Credit: Stock. Xchng

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