Being self employed is not as easy as you could think as it has its own limitations, risks and responsibilities. If you are planning to jump into the sea of self employment, here is a overlook of some of the pros and cons of being self employed.
· Independent: All the decisions, profit, loss, marketing, working hours and holidays can be decided by you as you are the sole decision maker in your business
· Flexible: You can extend or reduce the number of hours you work every day or every week based on your requirements and personal commitments, and you don’t need anyone else’s permission for doing so
· Face value: You will gain all the credits for successful project completions, not as a business, but as an individual, if you are self employed. Your customers will directly address you by name instead of discussing with you as a representative of some business entity
· Scalable: You can incorporate a business body such as a partnership or limited company whenever you wish to and you don’t have to answer anyone before you do so
· Limited Cash flow: Self employment may fail to make enough money to help you expand your business reach to as many customers as you wish, as you are the only person who is going to work
· Stress: There is probably a high risk of developing stress due to handling multiple tasks such as managing business operations, taking care of finances and helping customers with their queries
· Failure due to interruption: You will have to constantly switch between multiple roles in your self-employment and personal life, and too many interruptions of such instances may lead to reduced performance in an individual level
· High Risks: There is a high risk of losing valuable clients if you are working for another client when they wanted you to work for them. Word may spread about your inability and may result in you losing all the clients overnight even before knowing the real reason.
If you think you can take care of all the cons listed above and if you are still interested in choosing self employment as your career path, then you can go ahead with confidence as success awaits the brave.
Read also How cash flow consideration will help manage your self-employment?