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