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The Pros and Cons of Self-Employment

Jun 30, 2008
Thinking about the future after college graduation can be considered as one of the most challenging part of life. For most college students, there is the big question of: will I work for a company and be a follower of a boss, or will I be my own boss? This has been a question of young professionals, before and until today.

With the fast-paced world that were living today, there is a fondness for people to change work style views, most wanted to put up their own business to avoid the traditional master- slave set-up. With the use of technologies such as the internet, an ordinary person from home can start earning big bucks in just a simple click in front of his personal computer.

Self- employment is a growing trend in most countries today. By definition, it means that a person works on his own, without any outside employer. He or she does not need to report to a superior, follow orders or undergo year-end evaluation. In other words, he or she is a freelancer. A freelancer is someone who controls her kind of work, time, energy and money.

There are a number of advantages of being self- employed.

1. Personal freedom. One of the exciting facts of being your own boss is being in control of everything. But, be cautious of making choices and decisions. You might fall into your own traps.

2. Financial flexibility. Being free from any legal attachments such as contracts, you can opt to grab for better, more profitable works easily.

However, there are also some costs and disadvantages in being self- employed.

1. Can be more costly on your part compared to benefits paid by the employer. If you are employed in a company, the employer carries the burden on payments of basic benefits such as social security services and medical benefits.

2. Working home-based gives the responsibility to you for paying self employment taxes. Managing your own business entails you to do the payment tasks and procedures yourself because you don't have any staff to do it.

3. Retirement benefits also become the second highest cost. When you get older and lacks the strength to work, do not expect to receive post-employment benefits.

So, which of the two types of work suits you, being an employee of a company or being your own boss? The answer to these big question lies on how you see yourself as a career person. A number of factors must be considered in deciding for freelance work.

1. Entrepreneurial Traits. Choosing the type of employment and occupation entails so much self- realization of interests, skills and abilities. Capitalize on your strengths and modify your weaknesses.

2. Financing. Putting up your own business also requires big bucks of money. Once you've decided to become your own boss, be resourceful and creative on earning and multiplying your assets.

3. Type of Business. Be clear on the kind and type of business you are interested in. Consider location, target customers and in-demand markets.

4. Success Spotlights. Look up to success stories of other businessmen and learn from those.

5. Taxes and Permits. Be informed on the different obligations to secure in putting up your own business establishment.

6. Business Plain. It is very essential to set clear- cut goals and objectives for your business to be successful. Devise unique and doable business plans.

7. Support and Education. Continuous flow of knowledge and updating oneself of the latest trends and news on business is a powerful force in any uncertainties.
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