8 Reasons To Give Self-Employment A Try

reasons try self-employment quit job be your own boss

Are you thinking about becoming a self-employed professional? The thought of leaving behind the security of a regular job can be daunting for many aspiring entrepreneurs. Being self-employed certainly has its challenges, but if you’re confident of your idea, resourceful, and persistent, then you might have what it takes to grow a successful business. 

You are not alone in wanting to be your own boss. According to Forbes, self employment is exploding in the United states. Many aspiring entrepreneurs want to take the reigns of their future careers and also avoid heading back to the office or manual labor job they have dreaded for years.

If you are still on the fence, here are eight reasons why you should consider self-employment. 

1. You Have The Freedom To Choose Your Work Hours 

Being self-employed gives you the freedom to choose your work hours. You can start as early or as late as you want instead of working fixed hours. While being self-employed allows for more flexibility, it’s important to be disciplined in order to run a successful business. 

Striking a balance between work and life can be challenging, but being self-employed gives you the freedom to take time off when you need to. However, be sure to remain realistic. Self-employment provides many lifestyle benefits that you don’t usually get when you are employed. 

2. You Can Pursue Your Passion 

Successful entrepreneurs are rarely motivated solely by money. More often than not, their business worked because they love what they do, as well as the products and services they sell. They have a genuine drive to make their target market’s lives easier, better, cheaper, or more fun. Being self- employed allows you to pursue your passion and make money at the same time. 

3. You Can Take Advantage Of Tax Benefits 

Self-employed professionals typically pay 13.3% of their income towards Social Security and Medicare instead of the usual 7.65% for employees. As a result, self-employed professionals get to enjoy several tax breaks to encourage continued business operations. 

The IRS allows you to subtract business-related expenses from your revenue, such as meals and entertainment, internet and phone bills, health insurance premiums, home office costs, payroll taxes, transportation expenses, and interest on loans and credit cards. 

Check-in with a tax attorney or consult an accountant when tax time comes to know more about specific deductions. 

4. You Can Enjoy A Higher Income Potential 

When you work for someone else, you receive a fixed salary every month. Running your own business allows you to enjoy a higher income potential. Depending on your productivity, time management, and self-discipline, you can make as much or as little you want. When you’re self-employed, increasing your income potential generally means finding new clients or expanding your market reach. 

5. You Can Maintain A Healthy Work-Life Balance 

Traditional employees don’t often have the luxury of selecting their work hours. When you apply for a job, employers establish set working hours and you’re expected to arrive at a specified time. Self- employment gives you the freedom to work at your own pace and set a schedule that best fits your needs. 

For instance, if you prefer to work afternoons, you can take the mornings off and begin working after lunch. If you’re taking classes during the day, you can adjust your schedule and work during your free time. 

6. You Get To Choose Who You Work With 

Self-employment means you get to be your own boss, and being your own boss means you get to choose the people you work with. You get to screen and hire the people you work with, choose applicants with different skill sets than you so you can grow your business, and work with suppliers and vendors that line up with your objectives. 

7. You Don’t Need To Quit Your Day Job 

Leaving your regular job to pursue self-employment is a risk not many people are willing to take. However, you don’t have to quit your day job to become a self-employed professional. You can set up your business as a side-venture until you’re ready to focus on it full-time. Many self-employed professionals prefer having multiple income streams, so they continue working full-time while managing their business on the side. 

8. You Can Network With Other People 

Working in a company often means you’re working with the same group of people every day. On the other hand, self-employed people need to connect and cultivate professional relationships that will help them grow their businesses. Establishing relationships with other like-minded business owners is a great way to gain knowledge, get fresh ideas, and get career advice and support. You can utilize similar business budget templates with other business owners. 

The Bottom Line On Self Employment

Self-employment provides you with many benefits that you don’t often get when working a 9 to 5. Yes, you need to make sure that you budget effectively to survive and thrive while being self-employed. You have the freedom to work any time, and anywhere you want, choose the people you work with, and increase your income potential while maintaining a healthy work-life balance.

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