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Choosing Self-employment

Self-employment is more than just staying at home, going to your own business, being comfortable or working while you experience the thrill of not having someone breathing over your shoulder. I agree that there should be some happiness as you seek to be your own boss but you should be prepared for whatever comes your way.

 Self-employed persons are usually highly motivated individuals with a drive to succeed; they often face considerable risks and more often than not, pay a high price for being their own boss. It is indeed a dream of a great many people…….. It’s not unusual to want to escape the nine to five routine and limited income of a traditional job.

Self-employment does have it’s pros and cons .The pros are fairly obvious….no nine to five routine, no boss, no direct penalty for being late, whatever money you make is yours etc. The cons may not be so obvious since most people are clouded by their attempt to escape the drudgery of the nine to five job.

Here are just a few cons that you may want to consider:

• Filing your tax returns as an independent contractor- you must keep your financial records accurate and up to date at all times.
• The difficulty in obtaining loans since lending institutions tends to see new businesses as a liability.
• Obtaining your own health insurance which can be challenging.
• If you are a “stay at home mom”, the stress of dealing with every day distractions such as handling the kids and phone calls.
• learning how to maintain discipline while developing a good work schedule.
• You can take an off day or vacation but no one will pay you for it.
•  Unpredictable income- you never know what tomorrow holds.

In order to be successful, self-employed persons need to develope a business plan, a solid marketing strategy, strong management skills, and of course have sufficient capital to survive for at least one year in the first instance. Self-employment should be seen as a way to achieve an employment goal, not as a way to escape the authority of your supervisor.

 In conclusion, your success will be determined by how well you can match your skills with finding a customer or customers who are willing to compensate you for your knowledge and time.

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