The Pro's and Con's of Working for Yourself
The Pro's
The Con's
The first thing you need to consider when you think about going into business for yourself is whether it makes sense for you to do. Does giving up what you are doing now this make sense for you? Do you have the qualifications? Will it be worth it to you? This may be too radical a change for you to consider now. On the other hand, if you aren't doing anything now anyway, now may be the perfect time to take that step. Also, if you are working as a nutrition or fitness professional now, you may be able to work your own business part time for now. (This makes particularly good sense if you are considering a web-based business.) There are good reasons for and against going into private practice and your final decision depends on your qualifications, your needs, your situation, and your goals. Here are a few things you might want to look at before making a choice:
The Pro's
Being your own boss is terrific for some and terrible for others. Here are a few of the positive aspects of being in business for yourself:
Builds Self-Esteem - If you succeed, you did it because of your decisions and your efforts.
Choice - Want a raise? No problem. Don't want to work this Friday? No problem - take the day off!
Commute - Commute? What commute? You can choose to work from home. (This is especially easy to do if you're a web-based company.)
Control - You decide which jobs you will pursue and take... no one will assign you tasks, deadlines, etc.
Flex Hours - You set your own hours.
Flexibility - Exercise greater childcare options. Work in your underwear. Set up your office in your backyard treehouse.
Freedom - You're the boss - what do you want to do today?
Limitless income opportunity - Creativity and hard work can reap large rewards.
Lower Overhead - You needed to run that air conditioner or heater anyway, but part of it is now a legitimate business expense.
No Incompetent Boss - That is, unless, you're incompetent.
Quit a job you hate - Boss driving you crazy? Tell him to take this job and shove it... you ain't working here no more.
Retire When You Want - No golden watch unless you want one.
Satisfaction - It is a deeply satisfying feeling to hold the reins to your own enterprise.
Tax Advantages - Check with your financial advisor to learn what you need to know up to take advantage of every legitimate deduction.
Technology - Today's software can help you do more, do it quicker, and do it better so you can deliver more, deliver it faster, and deliver it better.
You can start part-time - The beauty of this particular business is that it is very conducive to starting part-time. This is particularly true if you are thinking of starting a web-based nutrition or fitness business.
Choice - Want a raise? No problem. Don't want to work this Friday? No problem - take the day off!
Commute - Commute? What commute? You can choose to work from home. (This is especially easy to do if you're a web-based company.)
Control - You decide which jobs you will pursue and take... no one will assign you tasks, deadlines, etc.
Flex Hours - You set your own hours.
Flexibility - Exercise greater childcare options. Work in your underwear. Set up your office in your backyard treehouse.
Freedom - You're the boss - what do you want to do today?
Limitless income opportunity - Creativity and hard work can reap large rewards.
Lower Overhead - You needed to run that air conditioner or heater anyway, but part of it is now a legitimate business expense.
No Incompetent Boss - That is, unless, you're incompetent.
Quit a job you hate - Boss driving you crazy? Tell him to take this job and shove it... you ain't working here no more.
Retire When You Want - No golden watch unless you want one.
Satisfaction - It is a deeply satisfying feeling to hold the reins to your own enterprise.
Tax Advantages - Check with your financial advisor to learn what you need to know up to take advantage of every legitimate deduction.
Technology - Today's software can help you do more, do it quicker, and do it better so you can deliver more, deliver it faster, and deliver it better.
You can start part-time - The beauty of this particular business is that it is very conducive to starting part-time. This is particularly true if you are thinking of starting a web-based nutrition or fitness business.
The Con's
If working for yourself had no down side, everyone would be doing it. Here are some of the negatives related to working self-employed:
Long Hours - You traded your boss for dozens or even hundreds of bosses.... your customers.
No Regular Salary - Could be feast or famine. But much of this will depend on you.
No Paid Sick Leave - You'll have to spring for your own insurance too.
No Paid Vacations - Take off for as long as you like. Go anywhere you want. Do anything you like. As long as you can afford it.
Paperwork - Not everyone likes paperwork, but as the owner of a small business, the responsibility for getting it done rests with you.
Responsibility - You'll be held responsible for every failure or shortcoming in your business. Customer complaints almost always end up on your desk.
Uncertainty - Successful entrepreneurs are always focused on keeping the money coming in. Fortunately, this is more a matter of smart thinking and hard work than it is a matter of luck.
Since you're still reading, it's safe to say you're at least interested in running a private practice. If this is a long-held aspiration, get all the information and tools you'll need to make this a reality. It won't be the easiest thing you've ever done, but it may be the most exciting thing you've undertaken recently.
"Golf without bunkers and hazards would be tameand monotonous. So would life." - B. C. ForbesThis is a summary of the advantages and disadvantages of working for yourself. If you're still interested, it may be a good time for you to look at some of the things you'll want to have under control before you start. If you're undecided now, you may form a more concrete opinion as you think about the various facets of what lies ahead in running your own business. One area you'll want to have well under control is the image you cast to your associates, competitors, and most importantly. .. your customers. What we're discussing is - of course - your professional image.
Long Hours - You traded your boss for dozens or even hundreds of bosses.... your customers.
No Regular Salary - Could be feast or famine. But much of this will depend on you.
No Paid Sick Leave - You'll have to spring for your own insurance too.
No Paid Vacations - Take off for as long as you like. Go anywhere you want. Do anything you like. As long as you can afford it.
Paperwork - Not everyone likes paperwork, but as the owner of a small business, the responsibility for getting it done rests with you.
Responsibility - You'll be held responsible for every failure or shortcoming in your business. Customer complaints almost always end up on your desk.
Uncertainty - Successful entrepreneurs are always focused on keeping the money coming in. Fortunately, this is more a matter of smart thinking and hard work than it is a matter of luck.
Since you're still reading, it's safe to say you're at least interested in running a private practice. If this is a long-held aspiration, get all the information and tools you'll need to make this a reality. It won't be the easiest thing you've ever done, but it may be the most exciting thing you've undertaken recently.
"Golf without bunkers and hazards would be tameand monotonous. So would life." - B. C. ForbesThis is a summary of the advantages and disadvantages of working for yourself. If you're still interested, it may be a good time for you to look at some of the things you'll want to have under control before you start. If you're undecided now, you may form a more concrete opinion as you think about the various facets of what lies ahead in running your own business. One area you'll want to have well under control is the image you cast to your associates, competitors, and most importantly. .. your customers. What we're discussing is - of course - your professional image.
Best Regards, -adithia-
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