BAILEY DEBARMORE
  • Home
  • Blog
  • EPI
    • EPICODE
    • #EpiWritingChallenge >
      • About the EWC
      • All Posts
  • Wellness
    • Health Blog
    • My Recs
  • Freebies

self-employment: the good, the bad, and the ugly

12/14/2021

0 Comments

 
If you're interested in a career path where you can be your own boss and set your own hours, then self-employment may be right for you. You may have other reasons for starting your own business - perhaps you're passionate about filling a gap in your market and doing it yourself is the only way you see it happening. Or maybe your life is better when you have a flexible work schedule, and being your own boss is the easiest path to get there. 

Whatever your reason for thinking about self-employment, it's not for everyone. Just like with most big changes in our world, there are both good and bad consequences that result. To make an informed decision, you've got to know them all. This post will discuss some of the good, the bad, and the ugly aspects of self-employment to help you start your research on whether it's a good choice for you.
Happy business man speaking on phone at workplace
Photo by Michael Burrows via Pexels

the good

One good thing about being self-employed is that you get to make the decisions. You can set your own schedule, choose your rates, and pick where to work. You can build your work around your life, rather than the other way around. 

Want to travel more? Spend more time with your family? With careful thought and execution, you can make it happen when you're your own boss.

Another good thing about being self-employed is that you decide where your work is going. Want to expand into a new product market next year? There is no boss telling you it's a bad idea. You're not limited by your job description or the company you work for.

the bad

Depending on your work style and personality type, some of the GOOD things I mentioned above might actually be challenges. If you have a difficult time making decisions, having a support system around you (like a financial advisor and business coach) would be important first steps to get your business planned on a solid foundation.

​Similarly, if you're the "dreamer" in your family, you may have endless big ideas on where your business should go next. Having a business partner or hiring a consultant to help you decide what is feasible and logical is a good idea. 

Other than the bad side of the good, there is another challenge of working for yourself: you may not always have regular income. When you work a 9-5 salaried job, or scheduled hourly shifts at someone else's business, you have a source of income that is steady and predictable (for the most part).

​But sometimes when you work for yourself, your income may fluctuate, particularly when you are starting out. That's why it's important to involve experts like a business coach who can help you plan ahead to optimize your income and expenses, and a financial advisor who can help you manage your personal finances.

the ugly

The ugly side of self-employment is the worse side of the bad.

If you're just starting out with your business, it can be difficult to get services that depend on a reliable source of income, such as renting an apartment or securing optimal mortgage quotes. 

The lack of financial security is the counter to the flexibility you get with self-employment. As your business grows in success, these challenges become less and less, and you can even serve as a mentor or coach to others starting their own business. In sum, don't get carried away with the lure of a flexible schedule. Instead, be logical and methodical as you research the pros and cons of your own situation.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Picture

    popular posts

    How to write your dissertation literature review
    Picture

    policies & disclaimers
    #EpiWritingChallenge 2018

    Like what you read?

    Picture

    Study Smarter for the RD Exam

    Like Bailey DeBarmore on Facebook

    categories

    All
    Business
    Career
    College
    Dissertation
    EpiWritingChallenge
    Finance
    Grad School
    High School
    Productivity
    Product Reviews
    Studying
    Wellness
    Writing

    archives

    October 2024
    July 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    August 2023
    July 2023
    December 2022
    November 2022
    August 2022
    July 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    October 2021
    July 2021
    June 2021
    April 2021
    March 2021
    February 2021
    January 2021
    November 2020
    September 2020
    August 2020
    June 2020
    May 2020
    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    February 2018
    November 2017
    October 2017
    September 2017
    August 2017
    June 2017
    May 2017
    March 2017
    February 2017
    December 2016
    August 2016
    June 2016
    May 2016
    April 2016
    March 2016

    RSS Feed

    This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.

    Opt Out of Cookies

BLOGS

Work & Productivity
Health and Nutrition
EPICODE

About

About Bailey
CV and Resume
CONTACT

RD EXAM

Study Smarter Method
RD Exam Resources

FIND ME ON

Facebook
LinkedIn
Twitter
Google Scholar
Research Gate
Terms & Conditions | Privacy Policy | Disclaimers
Copyright Bailey DeBarmore © 2020
  • Home
  • Blog
  • EPI
    • EPICODE
    • #EpiWritingChallenge >
      • About the EWC
      • All Posts
  • Wellness
    • Health Blog
    • My Recs
  • Freebies