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Pros And Cons Of Being Self-Employed

Pros And Cons Of Being Self-Employed
By Sharon Housley

Many employees dream of someday being an employer rather than an employee. There is a lot to be said for being self-employed, but it is not always as perfect and wonderful as it may seem. In addition to benefits, there are also some distinct downsides of being self-employed. Let's take a close look at the pros and cons of being self-employed....

Pros Of Being Self-Employed

1. Set Your Own Hours

Being self-employed gives you flexibility that an employee can only dream about -- you get to set your own hours, choosing to work or not work whenever you want.

2. Control Your Own Destiny

Being self-employed allows you to control your own destiny. If you land a big account, you will reap the rewards. But the same is also true if you lose a big account! Good or bad, you will personally feel the impact of any decisions you make. But despite the potential for bad decisions, many people still like having a hand in their own destiny.

3. Vested Interest

Self-employed individuals have a vested interest in their personal success. They are accountable to themselves, and they have far more incentive to make their businesses successful and profitable.

4. Make Decisions

How many times has an employee disagreed with or been confused by a decision made by upper-management? As a self-employed individual, you ultimately have the final say in all decisions.

Cons Of Being Self-Employed

1. Disruptions

Family members often do not understand that even tho you are self-employed and are your own boss... you still have to work! In fact, due to your flexible schedule, you will likely find yourself on-call for all sorts of family errands, doctor appointments, and emergency contact lists.

2. Lack Of Financial Security

Being self-employed often lacks the financial security of a traditional job.

3. Isolation

Being self-employed can often be an isolating experience. Many friends, who are employees rather than employers, are not going to understand or even be aware of the serious concerns and issues that you have to deal with on a daily basis.

4. It Requires Self-Discipline

If you are self-employed, you must have a great deal of self-discipline. There is no "boss" to be on your case if you show up late, or not at all. But even tho you are the boss, there will still be a consequence for not putting in the long hours required to run a small business, and it will normally be reflected in the bottom line and business profitability.

5. Motivation Issues

It can be difficult to get motivated, especially when you are only accountable to yourself.

6. Separation

It can be difficult at times to draw a line between your business life and your personal life. This can be particularly true if you have a home-based office. Creating a balance that works for both your business and family life can be an ongoing struggle.

Before you take the steps to start your own business, make sure you understand the pros and cons of being self-employed.

About the Author:
Sharon Housley manages marketing for FeedForAll software for creating, editing, publishing RSS feeds and podcasts. In addition Sharon manages marketing for RecordForAll audio recording and editing software.


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