When people hear the term self-employed, it can either mean successful in business or unemployed. If you truly work for yourself, you have unique opportunities that are rarities among those who are employed by others. Some form of home business can be a good thing for many reasons. When you cross over the line into working for yourself full time, the benefits can grow dramatically.
Success or failure rides on your shoulders.
Unlike being an employee, your success is almost entirely up to you. Being self-employed gives you the opportunity for much more control of your career growth. While some economic factors can assist or hinder building a business, the bulk of the outcome depends on your commitment and creativity. Working harder generally means greater rewards.
You have the opportunity to create a job that you enjoy.
Many people who work for themselves are able to build a business out of a hobby or vocation that they truly enjoy. This results in a job that you want to work at everyday. When you are worker in a company, you stand a great chance of never reaching the job that you really enjoy and are best suited for.
The marketplace rather than an employer sets the value of your work.
Companies make money by charging more for labor than they pay for it. An employee that makes $15 per hour probably earns the company $20 to $50 per hour. If the marketplace supports $50 per hour, you can earn that amount when you are self-employed. You get to work for retail rather than wholesale wages. You may also become an employer and be able to make the surplus on your employees’ wages as well as your own.
The potential tax breaks are better.
Everything that a company spends money on is a tax deduction because it is a part of the cost of doing business. Working for yourself often opens up new tax savings opportunities where personal and business expenses overlap. You have to be cautious not to buy items through the business that will only be used for personal use.
Chances for substantial earnings increases abound.
Additional income can be achieved in several ways when you work for yourself. Obviously, if you are willing to work longer hours, you will make more money if the opportunity is there. Because you are dealing with a variety of customers, you may find ways to serve customers more to earn bigger checks. Since you have some control over your hourly rate, you can price jobs at an anticipated amount. If you can save on materials or complete the job quicker, your earnings will be larger.
There is greater personal flexibility.
You can have freedom to come and go as needed as long as you get your work completed on time. This allows you to structure your work day so that if you need family or personal time it can be arranged. You have to limit how often this is done, but for the most part, you can pretty much have the hours that you need when you need them.