Many people these days are searching for self employment ideas. And to be honest, this is a great thing. Self employment is not just great for you and your family; it’s great for everyone in the economy. Offline business helps you to be very creative and serve your local community. The drawback is that the required investment of money is going to be significant. Not only equipment, but also office space and other expensive costs are going to be headed your way. The road to real sustainable self employment is long and hard. You will face challenges and very likely major disappointments. When those moments come, the only thing that is going to motivate you to continue is your love of what you are trying to achieve and why you are trying to achieve it.
Not doing something you love is the biggest mistake people make when thinking about new business ideas that they are sure to fail. You don’t have to end up like them. The internet abounds with lots of options and ideas for self employment which millions of people have taken advantage of. Many are making a full time income working only a few hours from home. Your major investment will only be a computer with an internet connection. You don’t need to employ staff or rent a place. Your home is your office. You no longer need to commute to the office everyday working at your 9-5 job.
That will save you at least 2-3hours daily which adds up to about 730 hours a year, precious time that would be channeled into more productive ventures. An internet work from home business can fully be automated when you properly set it up, this will free up even more of your time for family, friends, vacationing, volunteer work and whatever it is you need more time for. The advantages of self employment are as below:
- You have more influence over business expense deductions.
- More business expenses are actually deductible.
- You get more flexibility in how much tax you’ll pay and when you’ll pay it.
- You get to decide when to spend money to help your business grow.
- You can influence when you receive income.
- You can distribute income to family members by hiring them as employees.
- You have a wider range of pension choices.
- You get to work from the comforts of your home
- You get to save a lot on taxes
- No fixed work hours
- You can schedule your own working hours
- Similarly the disadvantages of self employment are as below:
- Personal responsibility for your own Training & Professional Development
- Risk – Professional Liability
- Financial Risk
- There is a risk that you will sometimes be without chargeable work i.e. there is no money coming in for a period of time
- Huge amount of hard work required
- On becoming self employed, you ARE the business… If you don’t do it, it either doesn’t get done OR it doesn’t get done right
- Impact on lifestyle and family life as well
- At times you will have to make some tough decisions - - you may need to sacrifice some time with family and friends in order to deliver the project for your client
- Sickness
- If you have health problems then you need to be realistic about how these challenges will impact on your ability to operate a self employed business
- Work from home
- It can be difficult to carry out work/contract from home.
- With all the difficulties merits and demerits people continue to start their own ventures and earn on their, whatever may be the hurdles and obstacles they strive hard to persist in the competition.
