There are many people that really like the idea of being self-employed. It is true that there are lots of advantages but there are also some disadvantages as well. It is good to have an idea of some of each and this will help you to be able to decide whether it will be a good idea for you to try out.

Advantages

  • You can be your own boss, this means that you will not have to answer to anyone and you will be able to choose your own working hours. You will also be able to choose what you do and when and how often. You do not have to do anything just because someone has asked you to do it but you can decide for yourself.
  • You will be able to pursue your dreams. If there is a job that you have always wanted to do then you will be able to do it. You will not have to pass a job interview to do it but you will just be able to go ahead and do it regardless.
  • You could potentially earn a lot more money. Rather than the company you are working or taking all of the profits, you will get these for yourself. You will be able to pay yourself all of the money that you get in and so you could potentially take a much bigger salary.
  • You might be able to set up a business and then sell it for a lot of money. We do hear about people who manage to do this and start up small, grow their business and then are able to sell it and make a lot of money.
There are many advantages and disadvantages to being self employed.

Disadvantages

  • You will need to be self-motivated if you are working on your own or even if not and have no boss to push you. You will have to make sure that you are the type of person that will easily push yourself to get on with the work, even the work that is not much fun.
  • You have to pay for own training as you will have no company to pay for it for you. This means that if you are moving into a field that you have not worked in before then you may need to get qualifications to be able to do the job. Even if this is not the case, you may still need to learn lots of new things. For example, you will need to know how to do your accounts and you will need to know how to do marketing if you are going to sell products or services. These may not be things you know very much about at all, but if you do not learn them, you will need to pay someone to do it for you and that will be expensive.
  • You have no holiday or sick pay when you are self-employed. This means that when you are not working, you are not getting paid. This is fine if you are fit and healthy and earning enough to be able to afford to take a few holidays every so often. However, it could be the case that you will have to work a lot in order to make enough money to manage and therefore you may be able to afford to take any breaks and perhaps may even have to work weekends as well as week days.
  • Many people that go self-employed struggle. You cannot claim benefits when you are not working as if you are self-employed you cannot be classed as unemployed as you are not job hunting. Therefore, you may not be able to get any help and will have to fully rely on your self-employment being a complete success in order for you to get a good income.

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