Pros And Cons Of Self Employment

Haven’t you felt, at least when you are annoyed with work, that you want to call the shots and be your boss, making all the decisions by yourself? Self-employment gives you all these, with a bonus of extra income. But you need to look before you leap. If the ‘no boss’ concept is the only thing that tempts you to be self-employed then you are heading towards trouble. You need to be very clear about what you want to do and what you wish to achieve in life. You need to work hard or harder than ever; there are many responsibilities coming along your way. There are times when you feel that you are wasting your potential working at office, when you don’t use much of your skills and get tired of the monotonous job. Self-employment is definitely an open choice if you are confident about your entrepreneurial skills. You need to understand the pros and cons of this concept before jumping into a decision. Let’s have a look at both sides of the coin. 

Advantages And Disadvantages Of Self-Employment

• Self-employment helps you realize your potential and gives freedom both in terms of wealth and work. 
• Independence is the major advantage of being self-employed. You can be your own boss and no one will be there to boss-over you. 
• Your life is not tied to a limited salary. Your income depends on your skills and hard work, whereas you will be paid with a definite amount every month if you are working in an office. 
• No more formalities to get a leave assigned; you can take an off from your work whenever you want to. There is no limited number of leaves or a specific vacation time.
• If handled in the right way, self-employment can be the best thing to be engaged in, for it provides great satisfaction and high income. 
• There is no fixed place or time of work; you can work whenever you want to. You have an option to drop a client if you don’t feel like working from them. You cannot do this in anybody else’s employment.
• Being in charge is a great feeling. It boosts your confidence. You own your office, you own your life.
• Self-employment allows you to work in your areas of interest, however different it may be from your qualification. You have creative freedom in self-employment.
• You may have thousand other skills than your qualifications but, that will not be considered while applying for a job. Self-employment is an opportunity to prove your skills.
• Self-employment leaves an open-scope for career growth; sky is the limit. But, you have a limited, structured growth in an office. 

• The revenue of self-employed person depends greatly on his clients. It is almost like you have many bosses because, here, clients are your boss. They can make or break your business. 
• Assuming that your product/service is incredible and you have good luck,your business may take two to three years to establish and generate an income that you desire. You should have enough resources to meet your expenses till then.
• You may have to face tight deadlines and most often, left with no other choice but to follow them.
• You may enjoy a good vacation but unlike in an office, you cannot hand over your responsibilities to someone else. The pending work sometimes kills all the fun you had in your vacation.
• Self-employment is a big responsibility; you are responsible for its success and failure. You cannot work mechanically the way you work in an office. You need to think about what impact your work will have on your business.
• In an office, you are sure that you will get a certain amount by the end of the month but, in self-employment, you need to convince your clients and until then you cannot expect any payment from them. 
• You don’t have additional benefits like medical insurance coverage, gratuity etc. in self-employment.
• Home-based self-employments make things even worst. You will be distracted by a number of things. You may unknowingly start getting involved in your domestic responsibilities as well, which may take a big part of your working hours. 
• A self-employed person has to pay taxes, which, in case of office goers, the employer pays.