The Benefits of Being Self-Employed
For some, being self employed is a daunting proposition. Some people prefer the security that comes with working a "regular" job. But, with the security that such a job provides there are a number of drawbacks as well. So, rather than look at the benefits of complacent security it is better to look at the various benefits available to someone who works for him or herself.
First and foremost, you can amass wealth far greater than if you were working for someone else. When you are on a salary you are generally stuck at your pay rate unless you are approved for a raise or are promoted to a position with more responsibility. If you are self employed the ability to earn more income is much easier. A plumber, for example, can earn more money by simply accepting more work. If time becomes an issue then the plumber can subcontract work out to others. This has the potential to be far more lucrative than working for someone else.
Secondly, you are able to work at your own pace and your own schedule. Some people work better in the morning, some people work better at night, some people can work best one day one and one day off, some prefer split shifts and some like to work seven days a week. When you are self-employed depending upon the type of work you are doing you have the ability to be far more flexible in your schedule is possible and this can lead to greater income and productivity.
Additionally, your success is based on you and you alone. At one time or another we all have to deal with the stereotypical tyrannical boss who denies overtime, denies raises, gives plum jobs to rival, etc. By being your own boss you are not beholden to tyrants and poor managers. You can do fine without them!
Here is a huge positive: You are making money for yourself and no one else. Imagine if you wrote up a new business plan for a company and the company earned a million dollar from it. Now, imagine if all the thanks you received was, well, a "thank you" and no monetary payment. If you are going to earn money for someone it might as well be for yourself so going the self employment route may be best.
And if you are looking to save money, you have a number of tax breaks available to you. When you work for someone and drive a fifty mile round trip everyday to the office you have to swallow the cots of gasoline, wear and tear on your car, etc. When you drive the same distance for the duties of a self-employed position you get a 35 cent per mile tax deduction! In fact, there are a ton of self-employment tax breaks for expense on travel, supplied, utilities, interest on business loans, educational pursuits and a host of other items you would be unable to deduct on a "regular" job. That's because your boss is the one taking the deductions!
Of course, the list of benefits for being self-employed can go on and on as these are only a brief highlight of the benefits available. Hopefully, they can provide food for thought for those considering taking the plunge into the realm of the self-employed entrepreneur!
Article written by: Tony Sheriden - Successful self employed entrepreneur. |
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