The seven benefits of being self-employed
Some dream of leaving a regular job as an employee and venturing out on their own as a budding entrepreneur. While the idea of leaving behind the comfort of a steady pay check may be too daunting for some, others relish the thought of setting their own rules and being responsible for their own success.
Being self-employed definitely has its own challenges, and not everyone will have what it takes to grow a successful business. Though for anyone on the fence about whether to take the plunge, here are our top seven benefits of being self-employed.
1. Independence and control
No need to check with your manager if you need to leave early for a doctor’s appointment, or to pick the kids up from school. Part of being self-employed means having the independence to choose your own hours, and make your own decisions when it comes to the business. Being an employee means a lot of red tape and waiting for approval on projects. If you’re an entrepreneur, you have the control to make decisions on growing your business and making final calls on where your efforts go. There’s no better feeling.
2. Choose the people you work with
Even though we’re all adults in the workforce, sometimes workplace drama can still creep in and affect your day. As an employee of a company, you have no say who you work with every day unless you specifically choose a job for the people. If you’re self-employed, when it comes time to grow your business and hire your staff, you get to hire someone you know you’ll work well with and will share the same values you have in your business.
3. Follow your passion
If you’re starting your own business, it’s most likely you’ll enter a field you’re truly passionate about. Those that often become successful entrepreneurs are the ones that are driven by their passion, not income.
4. You get the benefits
While some employees get paid overtime for extra hours, it’s not a common benefit when working for a business, and you rarely get to share the profits generated for that work. Though, if you’re self-employed, all the benefits of your hard work get delivered right back to you.
5. Increase your earning potential
One of the greatest rewards of working for yourself is the unlimited income potential you now have. No more capped salary package per year, you are in control of how much the business makes. This isn’t going to be an easy slog, and your income will depend on how hard you work and what ideas you can bring to the table to market and grow your business.
6. Job security
This isn’t to say there aren’t any risks with being self-employed. You won’t have a guaranteed paycheck and you won’t know how successful your company will be until you try. Though if it goes well, you’ll have job security until you decide to retire or sell. Knowing you’re in full control of your future is a very motivating factor in running a business.
Turning a profit in something you have created from scratch is a very rewarding feeling. You will constantly be growing and learning how to make your business succeed, and that personal development will do wonders for your mental health along the way.