September 25, 2021

Is Self-Employment Right Decision For You?

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As a fresh or a new graduate for you to decide if self-employment is right for you, all you need to do is to take your time and carry out extensive and proper researches. Though running or managing your own business come and provides a whole lots of opportunities and many advantages, striking out on your own requires tenacity and hard work.

After your research, you might discover that self-employment is an appealing and delicate career path, for some enterprising individuals, it won’t be right for everyone. As you are still contemplating of starting your own business, you’ll need to weigh up your options and calculate whether you can afford to take the risk of setting up a new business.

Few common jobs for self-employment;

Some popular self-employed job:

1. Accounting technician

2. Actor/actress

3. Acupuncturist

4. Barrister

5. Chiropractor

6. Dentist

7. Financial adviser

8. Illustrator

9. Interior and spatial designer

10. Life coach

11. Make-up artist

12. Musician

13. Photographer

14. Private tutor

15. Sports coach

16. Web designer

17. Writer

Major Difference between Self-Employed and Employed;

People are tagged self-employed when they are working for themselves as a freelancer or a business owner. They manage the business themselves and bears all the risks and success in the business.

A self-employed person doesn’t work for anybody who pays them continual salary or wage like somebody that is employed.

As a self-employed, you don’t have the same employment rights and responsibilities as employed workers.

In some cases, it is still possible for you to be working on your own (self-employed) and still be a worker (employed).

For example, you can be working on your person business during the week or during the day and works as employed during the weekend, nights or vice versa.

Few Advantages of Self-Employment;

As a self-employed person, you’re in charge of decision-making. Been a self-employed also means that you are your own boss, so it makes you to have your own personal time and freedom to explore numbers of businesses and other creative solutions to problems that my come up and have full satisfaction when done.

One good advantages of a being a self-employed person is the abundant time and freedom, with this, you will be able to set up your own time that fully fits your time without much inconvenience.

 If you can be able to always map out your own time, this often leads to leads to an improved quality of life.

As a self-employed person, reaping the rewards of your hard work can be very satisfying, while you also have the autonomy to do the things you love most.

As a self-employed person, working from home, if applicable, means that you don’t have to worry about office politics, company hierarchies or an expensive and stressful daily commute.

As a self-employed person, your earning potential is much higher when self-employed – everything is in your hands, meaning you can take on more work at various times of the day. Financially, the sky’s the limit.

As a self-employed person, you controls your workload because of this, it gives you the opportunity to work on different projects with a number of clients and develop new skills.

Few Disadvantages of self-employment

Since you are self-employed, you will Lack employee benefits like; you won’t get sick pay, holiday pay or any other employee benefit.

As a self-employed person, your working days might be longer, irregular and unscheduled than someone who isn’t self-employed. Sometimes, Business commitments can make you to have less time for yourself, friends and family, or struggle to switch off from work life.

As a self-employed person, you’re in charge of your salary and pension, what’s more, you’ll pay tax even if your business makes a loss because the success or failure of the business is down to you and can increase your stress levels.

As a self-employed person, you’re starting from nothing to establish your own business and building a client base can be long, tiring and at times frustrating process. As a self-employed person, all you need is a perseverance and serious determination to succeed, even if the progress is slow.

As a self-employed person, your finances are Unpredictable, your income may be irregular depending on how old and how balanced your business is, most especially in the early days when the business is not yet balanced. You’ll always have to pay running costs such as rent, insurance and internet access even after going several months without earning a profit.

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