Self-Employment: Advantages and Disadvantages
By Srabon Nath
Working for yourself is a very appealing idea and some like to commit themselves to
become a freelancer. But is self-employment really that great? One thing to keep in mind is
that a lot of these advantages/disadvantages apply to some people. Some people are able to
make self-employment fit themselves and others aren’t up to the task.
One of the most apparent advantages is the ability to control your work life. You are able
to make your own decisions and aren’t limited by the opinions of others.
Many people enjoy the fact that they can choose when and where they work. Making
their own schedules can be really convenient for some people and not having strict deadlines can
help reduce stress. But on the flip side, these very “freedoms” might pose a disadvantage. Not
everyone is disciplined enough to do their work if they don’t have strict schedules and quotas. Not being held accountable is a big issue. Without a third party deciding when you work also might lead you to not really follow your own schedule.
Apart from schedules, another advantage that comes with the ability to make your own
decisions is the ability to choose how you make money. Being able to choose who you work
for or what products you might sell means that you are able to customize your income. There is
no pressure of always trying to get promoted since you control how much you get paid. But this
isn’t really true. This fact also means that while you can create a high income, it won’t always
remain high. There are a lot of inconsistencies that come with being the only employee in your
company. Your profits can fluctuate greatly. Being the only employee also means that you have
to pay more taxes. Plus, a lot of the benefits that come with a job are also gone. Health insurance
and other plans that a job might offer are not available to you anymore. Plus, there is no such
thing as paid vacation. This will eventually lead to your work bleeding into your personal life.
Finally, some people might consider the freedom to choose also makes self-employment
much more enjoyable and less monotonous. This might be true to some. Some of the aspects of
self-employment might mean that they are less stressed. However, this isn’t true for everyone
and it takes a disciplined person to manage their work-life when they are self-employed.