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self-employed

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marco rabadan
marco rabadan
Mexico

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self-employed

by marco rabadan
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responsible risk fire skills self fail employed in charge

Pros and cons of having your own business

One researcher found that - people have four times higher chance of becoming millionaires than those who are employed by a company . Think about people in your area or people you know . Is it not true that those who are quite wealthy often have their own business ? Even if they complain that they have too little money , they seem to have a great car , a modern house , and all the latest gadgets . It can't be that bad then ! It may be true to some extent . However , it's not as easy as it seems . According to U . S . Bureau of Labor Statistics , about half of new businesses survive five years or more , and about one - third survives ten years or more . It means that 50 percent of these new projects . If you are thinking of setting up a small company , take a look at some pros and cons of it .

Advantages

Almost everyone on this planet , at some point at least , works in exchange for money . Do you feel you work very hard , but you just can't make enough money ? Being self - employed , you can make much more money than working for someone else . In the course of time , if you have employees , they will be bringing you additional money as well . Also , this way you can be your own boss , and make all the important decisions yourself . Finally , it's you who is . If you are the boss , you decide when you work and when you have a day off . Such flexibility is wonderful , especially if you have a family . You can also choose your workplace and people you work with . If you have an annoying or lazy business partner or supplier , you can usually change them . No one can you , so you don't have to worry about that . Last but not least , you work in a field that you really enjoy , so your satisfaction level is higher .

Disadvantages

To set up a business , people usually have to take some financial . They need to invest money into it . If everything goes well , they won't lose that money . This is of course what everyone hopes for . Even though you are your own boss , you'll probably have to work long hours because you are for everything . To reduce costs , probably you will have to do more than just one job . Maybe you will need to learn new to be all - in - one : a manager , an accountant , a marketing specialist , a customer service specialist , a secretary , and more . Also , sometimes you may earn a lot , but sometimes you may earn almost nothing . This can be very stressful .

So what is more important to you ? Freedom ? Good salary ? Flexibility ? Job security ? A satisfying job ? Your answer will tell you whether being self - employed is something for you or not . It could be a dream come true , but it could also be the worst nightmare .


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