Pros and Cons of Self-Employment

Are you considering in becoming self-employed or work for someone else? The table below weighs the pros and cons of being self-employed.

Pros	Cons
Earn beyond limits There is no fix way of doing things and you can bring ideas into practice. And usually you are paid higher than those who are doing the same thing as you. Only difference is they work for someone else and they were usually underpaid.	Not financially secure You don’t get paid every month and your first few ideas might not work. If that happens, there is no income. Preferably, you need to have two months of savings before becoming self-employed.
Own time, own target Do you want to only start working in the afternoon in your pajamas? Or do you want to go swimming in the middle of the day while others are working?	No social interaction Most likely you will be working alone. You will seldom talk about topic and discuss things regarding your work unlike in an office. Most of the people you interact are your friends and families.
No office politics If you are working alone, there is nobody to stab you at the back, unless your dog does that. But if you hire, you are the boss, who dare?	Can be tough Working on your own can be very tough at first. You may have to start from scratch and manage your business records, market your product everything else by yourselves. Unless you hire, which it cost money!
Stretch your creativity You need to be constantly looking for ideas and that stretches your mind!	You need to be very disciplined There will be no daddy or manager to supervise you. This can be a good and bad thing depending on your personality. But the main thing is you have to bear the responsibility.
Learn to take initiative There will be no daddy or manager to supervise you. This can be a good and bad thing depending on your personality. And having initiative is very important.	No coverage and benefits from company Unlike working for a company which you might be subsidized for medical bills.

Not everyone can be self-employed. It boils down ultimately to the person’s personality and situation. You need to ask yourselves, do you have family responsibilities? Do you have the money you need to get started? Or saved enough money to keep you afloat until your business runs smoothly? Do you have the character and the discipline? Do you have the skills?

No matter what you have decided, there is no right or wrong answer. As long as you are willing to work hard, work smart and fine tune your character, you are bound to succeed!