Is Self Employment A Good Idea?

Working for yourself sounds like a dream come true, but there are several things you need to be aware of before making the leap. For those of you who have families and other responsibilities becoming self employed can be a difficult decision. The stability that comes from a normal job will be gone. Most new businesses take months if not years to become profitable. That’s a long time to go without a steady income to support you and your family. There is also the very real risk of failure and significant financial losses. Following the self employment tips laid out below will help you enter your new entrepreneurial career with confidence and awareness.The BenefitsThere are a number of great reasons to enter the self employment arena. Being your own boss, setting your own hours, and making lots of money are some of the possibilities that lead people down this road. Many entrepreneurs see self employment as a way to turn their hobby or passion into a full-time career. One of the greatest benefits of self employment is the flexibility it can often bring to your life. You are no longer under the control of an over-demanding boss. Your work-life-balance is in your control when you are working for yourself. For those who become successfully self employed, the rewards are often staggering.

The DrawbacksWhen you are working in a corporate atmosphere or some other regular job, you usually have somewhat regular hours, a stable salary, and a number of other benefits. Once you decide to leave the corporate world for self employment, you lose a lot of that security. Your hours will probably be longer and certainly won’t be set. You will have to obtain your own insurance, which can be very expensive. And you will no longer benefit from pension plans or other retirement benefits offered by many employers.Being financially responsible is extremely important for the self employed. If you own your own business or work for yourself in some other manner, then your income can and probably will fluctuate quite a bit. Having a fluctuating income is difficult to handle for people used to a steady paycheck. This makes financial responsibility extremely important. If you aren’t the type of person who can save money and budget properly, then self employment probably isn’t for your.The RisksSelf Employment may offer a world of possibilities, but it also has some very real risks. The majority of new businesses in the United States and Canada do not succeed. Many entrepreneurs therefore invest significant amounts of money that is never returned. You need to be aware of the reality that hard work doesn’t necessarily translate into success and profits. Speaking of hard work, all that free time and flexibility people dream of doesn’t come immediately. Most self employed individuals work a lot more than workers in traditional careers. Starting a business takes a lot of time and effort. A lot of your future success will depend on how much effort you are willing to put in at the beginning. Working 70 hours a week and not getting paid doesn’t sound like a dream lifestyle, does it? If it was easy, then everyone would be doing it.It’s Worth the RiskThis article was meant to scare you a little bit, but it wasn’t meant to discourage you. Anyone entering the wonderful world of self employment needs to enter with their eyes wide open. If you are aware of the risks and potential problems ahead of time, then you will be better prepared if and when you face them. Starting your own business is an exciting possibility. It gives you the chance to try to make your dreams come true. Far too many people live their lives stuck in complacency because they are too afraid to take any chances. If you’ve ever dreamed of being your own boss, running your own business, or just having a better life, then you need to overcome your fears and take a chance. You’ll regret it for the rest of your life if you don’t at least try.

Teddy Roosevelt Said It Best”Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows neither victory nor defeat.”If the advice above helped you make the right decision, then take the next step and begin reading about some of the many self employment opportunities that exist out there.