Due to the high unemployment rates globally, people are turning to self-employment through starting small businesses. At times I tend to think that we cannot all fit in the employment world. Hence a certain percentage should think out of the box and create jobs for others. If you have ever worked for yourself, you are familiar with the ups and downs. We are going to discuss the pros and cons of being self-employed below. Read on.
This is the first benefit of operating your own business. No one is above you. No one will be commanding you around. You will be the boss, and in most cases, things will be done your way. Who doesn’t want such? It, however, requires a lot of discipline and commitment to continue being your boss.
Enjoys all the profits alone
Unlike in employment where you get a fraction of the profits made, here all the money goes to you. The feeling is more fulfilling if you have previously been employed working so hard for someone who pays little. Again you must be financially disciplined so that your business continues to grow. At times you will be forced to plow everything back in the business with the hope of earning more.
It will no longer be a nine is to five pm affair. You will not be needed to write letters day before if you want a day off. In employment, you can miss important events because your boss could not permit you to attend. All this will come to an end when you operate your own business. You will be the one to plan your time. The only important thing is that you utilize your time wisely and never neglect your business.
Bears all the risks
Business is all about risks. If you make losses, it will be all on you. At times you will be forced to use own money to pay employees if things are not working well. At times your suppliers will deliver poor quality items. As the boss, you will bear the weight alone. As you enjoy the profits leave room for such hard times.
This happens mostly when the business is small. Things might be tough the first years. You will sleep late and wake up early to do what is necessary for your business to bloom. With so many businesses, you should stay relevant and move with technology. At times of transition, you might be required to work very hard as well.