Being self – employed trend, advantages and disadvantages

Being self – employed: trend, advantages and disadvantages Trend Self-employment is working for one's self Self-employed people can also be referred to as a person who works for himself/herself instead of an employer, but drawing income from a trade or business that they operate personally The lack of stability in the traditional workplace is resulting in a change in the way people business Instead of looking to large corporations or government offices for full-time paid work, people are taking matters into their own hands Self-employment is growing as an opportunity for everyone who needs work Two popular sub-categories of self-employment are home-based businesses and electronic commerce So, Self employed jobs have risen definitely over the years Advantages With the cost of gasoline and other things on the upward trend to inflation, being self - employed has many benefits You run your business as you see it should be run If things happen that cause you conflict in your business you learn from them and make the needed corrections You can be successful and make your business run smoothly The justifications to why you should think about self employment are:  Time: You not depend on anyone After being successful, you can give more time to family You can have a flexible schedule that sits well with friends and family Family time is important and it keeps every on happy Spending time or going to functions as a family always makes you appreciate what you more when self employed On the other hand, you can fix your own hours and you don’t have to work eight hours a day or have a fixed schedule As a freelance self-employed person, you have the convenience of working from home, which will save you money on transportation and other expenses  To be your own boss: This is a great idea but make sure you have the business sense to recognize problems before they arise A good rule of thumb is to never spend more than you make You need to set up a budget and try to stick to it You are your own boss and you can create your own business network  Money: You can make as much money as you are willing to put the time Your ability to pick and choose jobs that pay well and with little or no time restrictions is a plus You not need to distribute the profits If the business is going well and profits are high, you don’t need to distribute the benefits between others Once you start achieving success, you also achieve social prestige, professional recognition, personal satisfaction, and increased income, which is only yours Disadvantages Outlined here are some of the disadvantages of self employment My intent is to give you a sense of the realities that you will face if you decide to start your own consulting business  Risk – Professional Liability: One of the most significant disadvantages of self employment is that stops with you; You will be solely responsible the work that you deliver and the advice that you give your clients You may face a personal legal liability if you make a mistake or a client is not satisfied  Hard work: In the initial phase of being self-employed, the number of hours worked will be considerably higher, but nobody will be there to tell you that you should this in that period of time On becoming self employed, you are the business… If you don’t it, it either doesn’t get done or it doesn’t get done right You find the opportunities, build and maintain the relationships, sell the work, deliver the work, handle the invoicing, pay the expenses, deal with the business administration etc…  Financial Risk: There is a risk that you will sometimes be without chargeable work there is no money coming in for a period of time You will need to manage your cash flow in a disciplined manner, maintaining cash reserves to cover any lean periods and ensure you have sufficient cash available to pay business expenses and tax bills  Impact on lifestyle and family life: At times, you will have to make some tough decisions - you may need to sacrifice some time with family and friends in order to deliver the project for your client Travel – you may need to work away from home for periods of time to meet the demands of client work You will occasionally need to work long hours, sometimes crazy hours to meet a client delivery deadline There will be stress In my opinion, in the medium to long term, the disadvantages of self employment such as those outlined in the above paragraph are a worthwhile sacrifice You're working for your own benefit and for the benefit of your family, all on your terms and within your control  ... professional recognition, personal satisfaction, and increased income, which is only yours Disadvantages Outlined here are some of the disadvantages of self employment My intent is to give you a sense... business  Risk – Professional Liability: One of the most significant disadvantages of self employment is that stops with you; You will be solely responsible the work that you deliver and the advice... phase of being self- employed, the number of hours worked will be considerably higher, but nobody will be there to tell you that you should this in that period of time On becoming self employed,