Self-employment is a practice where the person works for self and not under any employer. Here working for yourself can be in the form of freelancing or owning a business. Self-employed person is his or her own boss and generates revenue based on the services that they can offer. They are working as freelancers who help the projects to be executed based on the expertise that they have to offer to the company.
The services could range from financial help, technology-related, content writing, recruitment, or any other service that you have expertise in. Being self-employed is not that easy. Though there are many advantages of becoming your own boss, on the other hand, the responsibilities you need to handle will also be huge. There are a few traits that you need to possess for becoming self-employed.
Some of them are-
- Need to be flexible
- Need to be a self-motivated initiator
- Look out for opportunities and pursue them
- Need to plan ahead
- Put in a constant and consistent effort.
- Though there are many benefits of self-employment, the first thing that comes to our mind is financial security. There are also many other advantages you avail when you are your own boss.
The importance of self-employment is-
- Understanding money’s real value
- Knowing that your skills are good enough that others will buy
- Option for retirement savings
- Expense deduction
- High risk, high reward.
- Self-employment is sometimes the only option if you wish to pursue a specific career path.
- Journalism, certain legal and medical professions, and the creative and performing arts
- Are all sectors where self-employment or freelance work is the typical mode of operation.
Right Skill = Bright Future
For some people, it is a lifestyle choice achievable by:
- Setting up a business, either on a full-time basis or alongside a part-time job
- Working as a freelancer or contractor
- Buying into a franchise.
Reasons why people choose self-employment may also include:
- The desire to sell their skills and/or expertise
- The desire to prove an idea
- Because they relish the challenge
- Wanting to generate a second income stream
- Reaction to an ill-informed first career decision
- Peer or family pressure
- A feeling that there are no other options.
Leaving behind the comfort and familiarity of a regular job and a reliable paycheck is a daunting prospect for many budding entrepreneurs. Indeed, the fear of becoming self-employed often scuppers many great, profitable ideas. Yes, there is no denying that being self-employed has its challenges and that not everyone has what it takes to grow a successful business. But if you feel that you have a great idea, are persistent, determined and resourceful, then being self-employed offers a potential lifestyle you’ll never realize as an employee.
Some of the biggest benefits of choosing self-employment are-
- You control your life-Many entrepreneurs are the type of people that like to take control and make decisions. As a self-employed business owner, you have the freedom to make decisions that shape the present and future for yourself and your family.
- You get to choose your hours-Being self-employed means you get to choose when you work. Rather than being contracted to set hours, you can start as early or late as you want.
- You get to work with people you like-When you’re an employee, you work with people you like and others you very much dislike throughout your career.
- You get the rewards-Sure, as an employee you’ll get paid overtime for putting in the extra hours. But you’ll rarely get a share of the profits generated from that work. Whereas when you’re self-employed, you get to see the financial results of your hard work
- You Create-Being creative is uniquely satisfying. The very best entrepreneurs are often creative people with a desire to solve problems and make life better.
- Self-employment comes with a boon of you being your own boss. You can get to take calls and clients based on what suits you and you can schedule your work from any place you want, be it your home or a coffee shop. Till the point you are able to execute your projects, the clients are not bothered where you are!
- But every system comes with cons also and you need to be aware of them to make you mentally strong whether you want to adapt to this setup of work. If you love and can manage, then you should go for it and be your own boss!
