In today’s world, there has been an increasing number of people who jump on the bandwagon of self-employment as opposed to working for an establishment. Although this trend is immensely growing due to certain obvious reasons, there is no denying that it entails a set of challenges that one needs to be aware of before venturing into it.
To commence with, one of the main reasons people opt to be self-employed is due to the freedom and flexibility to work on their own terms. Elaborating on this, by being one’s own boss, one can choose to have more control over one’s income, the projects one wants to work on, the pace at which it should be completed, and work schedules according to one’s personal needs, such as attending to personal errands or family commitments. Additionally, self-employment can even cater to opportunities for creativity and innovation which may not be possible if one is working for an employer.
Nevertheless, independent employment brings with it a set of drawbacks. One of the main demerits is the lack of financial stability. To explain it, self-employed individuals are responsible for finding their own clients and projects which can be a bit of a task at times. Resultantly, the income can be highly unpredictable and subject to fluctuation. Moreover, these individuals are demanded to manage almost all the aspects of their new venture like finances, marketing, administration, sales forecasting, and customer service. This could turn out to be highly overwhelming and time-consuming.
In conclusion, working professionals are leaned towards working for themselves because of the freedom, flexibility, and chance to be more innovative that the option offers. However, the financial uncertainty and being responsible for the overwhelming aspects of the business are the disadvantages it brings along.