Self-employed do not work for an employer. They run their own business as proprietor, contractor, partner or company. Self-employment is not just a career choice but it is an investment. If you are able to create a successful business, you can pass on to your children.
1. As self-employed you’ll require resources to start work of your own.
2. Self-employment requires more effort and long hours to establish. Being salaried is easy as employer bears the risk.
3. Self -employment requires high level of skills to generate money.
4. Self-employment is risky. There may be loss of savings if business is not profitable.
5. For self-employed it is essential to create back up plan in case entrepreneurship does not work out.
6. A self-employed can work on their own schedule and devote more time to family.
7. Earnings may not be immediate or regular with self-employment. Friends and family do not easily accept therefore it is important to take buy-in from them before you start.
8. As self-employed you’ll not face any coworker drama.
9. As self-employed you’ll require a mentor for guidance and to overcome challenges.
10. Self-employed enjoy the freedom to do what they love and earning potential is huge.