Being self employed is a great lifestyle. I have worked for so many employers before, but never liked the idea of having to follow some one else’s orders. I love the fact that I am my own boss. I get to sleep in if I want to. I feel like I have job security, and not have to worry about some one having to fire me. Having said that, today I will share with you the disadvantages to self employment.
Wage Employment Vs Self Employment
Wage employment is whereby an individual working for an employer and gets paid a salary or wage biweekly or monthly. On the other hand, self employment is whereby an individual works for him or her self. They are their own boss.
Why Do People Want To Be Self Employed?
Simple, people love the idea of being self employed, because they are their own boss. They are in full control. There are awesome reasons to self employment. However, there are also disadvantages that one should be aware of when it comes to self employment.
Disadvantages To Self Employment
First and foremost, the risk of failing is a huge disadvantage to self employment. The reason I say this, because new businesses have the tendency to fail in their first years.
Second of all, making mistakes is another disadvantage to self employment. The reason is becasue you will not have someone that will train you and show you how it is supposed to be done. So when you work for someone else, and you make a mistake, they will bail you and teach you for next time. The way to overcome making mistakes when self employed, is to simply learn from your mistakes.
Moreover, when starting your own business, you need to devote so many hours into your business. This may take up some of your personal life. You may also not have a vacation for the first while.
Further more, your income may fluctuate at the beginning. So you will need to have some money saved up to live off of, in case you are short on money.
Not to mention, if you are self employed and work from home, you might not be eating well, so you would need to watch out for your eating habits. You may find yourself snacking more often, and maybe drinking lots of soft drinks and etc. So maintaining a good health may be a disadvantage to some people.
Lastly, You are in charge, which means you need to pay attention to every little detail. Being self employed means you are now responsible for record keeping, payroll and income tax documents, and etc.
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