The advantages and disadvantages of self employment
It takes a lot to wake up day in and day out to report to the same job over and over. At least for me! I enjoy creative avenues with variety. There is nothing wrong with traditional employment at all. In fact without employees how can any company thrive? Nope! For me, I chose the self employment route in barbering because of the flexibility it brung and the allowance i had in creation.
In what I thought would be easy to just start making money at my own pace was shortly lived. Being self employed requires twice the work and five times the dedication. I just want to share with you the advantages and the disadvantages of being self employed. After 15 years in the business I have grown to realize nothing is perfect and we should always look at both sides of the coin.
The ADVANTAGES
Working for yourself has it's morsels of goodness and the main morsels are that there is no physical clock to punch, no supervisor to report to, and a schedule fits YOUR life. Having NO ONE breath over your shoulder or clocking your every move is a wonderful feeling. It's an even bigger rewardwhen you can sustain your self employment.
Every year i download the tax laws from the IRS to see what changes have been madeand I realize that being self employed gives you many breaks that the regular worker is not afforded.
If you use your car to travel for work events that mileage and gas can be deducted. Anything related to your field that you purchase is a a deduction. Tools, supplies, even company related lunches can be an expense deducted.
The greatest advantage of self employment is that there is NO cap to the potential of income one can make. The sky is yours to create whatever outlook you want your career to take.
The DISADVANTAGES
Being self employed can be overwhelming if you’re coming from employee to owner. You’re in charge of EVERYTHING and many hats you have to wear in the begin stages.
There is no hourly wage so the potential to earn sits squarely on your shoulders. Paying your taxes is totally your respponsibility so you have to be a good bookkeeper. The money to outsource these jobs won't be there and yet the job has to get done.
To build a reputable business it starts with being reputable. In the barber business customers never wait on you, you wait on them. Although you can't satisfy everyone all should leave feeling satisfied. Your brand depends on how well you interact with your guest.
Knowledge in your craft is a must so you need to make time for educating yourself on what's new and upcoming. The haircuts of yesterday will often return but tomorrow the styles will change and if you aren't able to achieve the NEW looks your business will suffer.
Finally
The freedom attached to a successful business outweighs the stress of having to create that successful business!
Peaks and valleys are apart of every walk of life and business is no different.
Enjoy the ups as well as the downs and hang in there brighter days are for sure to come.....
Shannon Kamal
Recent Comments
19
It's hard work, a lot to take in, but it's your own business, nothing better.
Great post Shannon.
I think discipline is the most important for the self-employed. I remember the work didn't start and finish with my first and last customers.
After that, I had to do my books set up new bookings get my receipts sorted and everything kept for my accountant.
Yes self-employment can take a lot more time than you think.
Derek
Self employment always sounds great but I don’t think many take into account the routine to stay self employed
Self Employment requires real discipline and determination- I have been self-employed for my working life and love it so much
Discipline is a MUST! Everyone wants success but no one wants to do the trench work.
Just like everyone wants to go to heaven but no one wants to die.. 🤷🏾♂️
So true...
Thank you for organizing the good and the bad points. If we work hard why not work hard for ourselves. It is much more satisfying. Best wishes and looking forward to meet you at the top.
Good post with many good points.
We have been self-employed for a while now.
Regards
Darren & Nicola
We have had another online business for the past 16 years.
Wealthy Affiliate we expect to take a good 12 to 18 months to start creating income.
Darren :)
Awesome! So you guys are experienced in the online world? What would you say is the toughest area of online entrepreneurship?
The one thing I would advise is that you have to be self-motivated.
Having a never give up attitude and to just keep going and learning all you can along the way.
I'd say that it's worth all the disadvantages! All this freedom you could get, not having to live day by day for someone else, repeating the same tasks everyday and complying to a schedule, and it's not even for a great amount of money.
But hey, nothing ever truly good comes without sweating your soul for it.
Anything worth having is worth all the sweat it takes to get it! Don’t think I can have it any other way!
Thanks for stopping by!
Hi Shannon,
Thanks for sharing this great post! It is a great reminder for us as we are all building businesses here at WA! Some of us are also self employed. Great points about the advantages and disadvantages of being self employed.
Much success to you!
Kind regards,
Nichola
See more comments
S Corp is the only way to go. I incorporated 12 years ago and so glad I did. The five-month extension you can get is sweet.
Mark