Being Self Employed
Let’s evaluate the advantages and disadvantage of becoming self-employed.
Advantages
• No boss or rules to answer or follow. Your creativity is the limit.
• Flexibility be it in time or place of work.
• You are the sole beneficiary if the business is a success.
Disadvantages
• You are “on your own”.
• There is no regular paycheck at month end.
• The business will require some initial investment.
Clearly, there are many more advantages than those listed above of becoming self employed and they definitely outweigh the disadvantages in my views. However, only you can decide whether self employment is suitable for you.
There are 2 main types of businesses today: 1. Brick and mortar 2. Online.
A brick and mortar business will usually require a higher startup capital as it involves a physical location, equipment and resources. However, such businesses will also require a good deal of your own time to run at a specific premise.
As for the online business, one can choose to work anywhere. Example of online business are writing online, deals online, trading …etc., as long as you have internet access business deal could be transpired. There is no need to get up early in the morning and join the rush hour traffic to commute; time is totally on your side. The capital layout for online businesses is likely to be low and hence loans, if necessary, should also be minimum.
Like the advantage mentioned above is that self employment grants you freedom when it comes to creativity and the sky’s the limit. All the income generated goes to you, and the returns are directly proportional to the efforts you put in. Even though it may not provide you with the security of a corporate job, the satisfactions it gives far exceed what a corporate job can provide.
Being self-employed is perhaps that first step to true financial freedom. The reason why I said it is the first step is because being self employed may made you a comfortable living, it does not truly give you financial freedom like a business owner. In the situation of self-employed, it is likely that you will need to attend to the business full time and the business requires your presence to function. Business owners, on the other hand, could reel income even when they are absented and not attending to the business, the idea here is to setup a system that enables you to leverage your time and resources, only then will you be truly financially freed.
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