Pros & cons to consider before becoming self employed

Thinking about making the switch to self employed work?

Becoming a self employed worker can benefit your life both professionally and financially, but it does also have its own challenges and drawbacks that you need to be aware of. Keep reading to discover the main pros and cons of self-employed work so that you can make an informed decision.

Pros

Being your own boss

One of the most obvious benefits is that you are your own boss. This can be a great feeling, especially if you and your current boss do not see eye to eye!

Set your own hours & rate

Following on from this, as a self-employed worker, you are able to set your own hours. This gives you much greater control and flexibility so that you can have a good work-life balance. You are also able to set your own rates, which could allow you to earn more money.

Follow your passions

Many people decide to become a self-employed worker because it allows them to follow their passion. You can also decide the direction for the business, which can be hugely rewarding and it is a great feeling building a successful business on your own from the ground up.

Choose where you work

Those that are self-employed also have great flexibility when it comes to their work location. You are not confined to an office and you could work at home, in a coffee shop or in a shared workspace (or a combination of all of the above). This can be liberating and makes it easier to manage other responsibilities.

Cons

Long hours

One of the main drawbacks to consider is that it can require long hours to earn decent money. When it comes to self-employed work, you are only ever earning when you are working so many people find themselves working during holidays. Additionally, it can be hard to turn down work particularly when you are just getting started so you need to be wary of burnout.

Tricky getting support

As a one-man band, it means that it can be difficult if you need support to manage your workload. This is why you need to manage your workload and avoid taking on too much.

May fall victim to professional negligence

When setting up your own business, you are likely to require the services of various other professionals, such as accountants. When you rely on other professionals, you could fall victim to professional negligence which could impact your business in the long term.

Easy to bring work home

While it is possible to achieve a good work-life balance, many find that it can be easy to bring work home with you (particularly if working remotely). This is why it is important to find ways to keep the two separate, such as working a schedule.

Hopefully, this post will help you to weigh up the pros and cons to arrive at the right decision for you.