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drkelp > Intel > The Ups and Downs of Self Employment

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The Ups and Downs of Self Employment

I have now been self employed for 18 months and I would not go back to being an employee again. That doesn't mean that everything is easy. In fact there are Positives and Negatives in being self-employed. On the balance though the positives of self employment outweigh the negatives.

Some people purposely set out to be self employed while others have it thrust upon them by redundancy, changing job markets or unemployment. I was working for a software company and consulting through them. I worked in five countries over six years and gained a lot of valuable experience. What riled me was that the company made a clear $700 a day on top of what I was paid. The company ended up downsizing and there was no longer enough work to go round. So I decided to strike out on my own.

The Positives

You get to call the shots

You can earn a lot of money

Flexible working hours (you can spread your 14hrs a day over the times you like...)

You get paid for what you do, when you do it

There are good tax breaks and many things can be legitimately charged against the business

You get the credit for your good ideas

The Negatives

You take all the risk and the blame

You can have periods of downtime

It can be lonely

You have to do all the books for your business

Overall

So if you want to be in control of your life and get the benefits from your own work then consider self-employment, you will be surprised what you can do without a boss breathing down your neck.

Contributed by drkelp on March 18, 2008, at 4:41 AM UTC.

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