Some people love it, and some people can’t think of anything worse. Working for yourself is the ultimate dream for some people, and it can take them years to take a leap and start their own business. There are many considerations that need to be made before committing to starting your own business. Here are some of the pros and cons you may want to think about.
Pro: You’re Free!
Well, you’re not really free but you are free from people looking over your shoulder all day and working in an office if you choose to be. One of the key benefits that people love about working for themselves is working from home or being able to choose where their office is. Some people have even created offices that can be used on the road by converting vans into mobile offices. All they need is an internet connection so they can work on the road or pull up at the beach, have a surf and get down to work.
Con: Being Unable to Work Could Be Costly
One of the relative safety nets of working for an employer is that if you are injured at work the process of claiming compensation for recovery is usually a lot easier and simpler than if you work for yourself. If you do a job where injury could be likely like a tree surgeon, then you will need to look at taking out insurance to cover yourself if you do sustain an injury.
If you are working as a contractor for another business are you are injured on the job you will need to establish if and when to hire a workers comp lawyer. Getting compensation for loss of earning while you recover will be vital, especially if it is just you in the business and no one else can carry out the work. You will need money to pay the bills and any clients that will be out of pocket if you can’t complete their work during recovery.
Pro: You’re Not on a Schedule
For some people the thought of not being on a set schedule of 9-5 work is terrifying. For the entrepreneur, it’s liberating. Want to stay up working until 2am and get up a 10am in the morning, sure no problem! Got a social event on a Tuesday afternoon? Put some extra hours in on Saturday morning and go right ahead! The flexibility of working for yourself is enough to put some people off going back into office work ever again. Once they have the bug it’s hard to shake.
Con: It Can Be Lonely
If you work from home, then once everyone has left the house you really are on your own. No more wandering over to talk to people about TV shows at the water cooler. If there’s one thing that gets people about working from home, it’s the lack of social contact. Luckily there are shared office spaces and desks you can rent out if you feel you need some human interaction. You can also head to Starbucks and set up your own little workspace there for a few hours.