The Truth about Self-Employment Occasionally, after a tough day at work, we may take a moment to fantasize about a life of working from home. Often, our imaginings consist of us waking up whenever we choose and going about our day with minimal stress and copious breaks, all while wearing a comfortable pair of sweatpants. While many may share in this fantasy, it turns out our imaginings are quite far from the truth. If you find yourself continuously entertaining the idea of working from home, then perhaps you should review these points about self-employment.
You are responsible for your time While you may dislike your boss, with his love of deadlines and protocol, remember that it’s often because of him that you’re driven to work and be productive. It’s true that self-employed people have no limit on the number of coffee breaks they may take, and can even nap during the day if they so desire, but this is all at the cost of their productivity. Every once in a while we may run into a self-employed individual who runs a business that is so successful that they can afford to kick their feet up and watch the money pour in, but recognize that this is not the norm. The large majority of self-employed people have to show a huge display of discipline to ensure they are making the best use of their time and that all of their work is being done. And if they decide to relax and take it easy for a day, they’ll most likely see their income suffer as a result.
You are on your own The reason why there are so many large corporations in the world is because there are proven advantages to people working together to solve problems. While sometimes the bureaucracy can become irritating, the pros far outweigh the cons of bringing people together for a common purpose. Self-employment is probably the best way to realize how useful the structure of a large company is, because you will have to survive without it. Not only will you have to do a large majority of the necessary work yourself, but the collaboration of fellow employees will be unavailable to you. Furthermore, while you can ask friends and family for advice about which direction you want to take your business, there will be no one who knows as much about your company as you, which makes you solely responsible for the decisions you make regarding the company’s future. This can be a good arrangement if you enjoy the absence of dissenting opinions, but you better make sure you know what you’re doing.
You must find your own health care One of the most frightening aspects of selfemployment is the fact that you must take care of your own health care arrangements. While purchasing your own health insurance is not always as terrible as you might think, it will take some work. Although there are affordable health care options available for purchase; you may also consider coverage through your spouse’s plan, joining a trade group for self-employment, or applying for governmental aid. In reality, self-employment is rarely paradise, but there is a substantial number of people who feel that working from home is worth the tradeoff. Simply make sure you’re honest with yourself and what you want before you make the transition. Photo Credit: Bethan, World Bank Photo Collection