In this article we are going to talk about the Benefits of Being Self Employed. No matter how comfortable you are in your current job, there will be a point in life when you will start feeling to not have a boss to report to. There can be numerous reasons which can encourage a being to be self employed or to start one’s own business. The reasons may include incompetent seniors, harrowing doyens, wish to start one’s own field, unemployment in the market, lacking educational eligibility and many more. The thought of being self employed does invite some fears like lack of knowledge, financial investment, but this sector also comes with alluring benefits. We will be focusing on the benefits of self employment in this particular article.
10 Benefits of being Self-Employed
The benefits of being self employed are listed below
1. Control over situations
No matter how appealing the workplace is, there are people who like to get things done in their own fashion. There are people who like to take control of scenarios without the interference of a ‘second party’ or a ‘third party’. If you are among such people own business is an apt option for you. This is because you have complete authority over all the situations in your business. You have the authority to be submissive or dominating in a situation.
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2. Flexible work hours
Because you are your own boss. No one is going to call you at the end of working hours in his cabin and tell you to be ready with an XYZ presentation by tomorrow 9am. Being self-employed offers you flexible work hours. Indeed an entrepreneur should be disciplined and punctual, but self-employment cuts those mandatory long meetings and overnight workloads. If you are home-alone and free on a particular day you can complete maximum work in the period and devote your time to your family when they are home. You won’t have to cancel a movie night with your friends or family just because you have to report at 9am the next day in your office. You won’t have to cancel a weekend picnic because you have to prepare for a presentation on Monday.
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3. Working with people having the same feathers as you
The corporate jobs are brimming with different kinds of people. People with whom you may like or do not like working with. Self-employment comes with luxury of allowing you to function with the people or friends you are compatible with. None is going to make it mandatory to you to work with specific set of officials. You enjoy the liberty of including those people in your startup or business who’s frequencies match with yours. Working with people who are in sync with you not only helps in growing the business but also provides a sense of security and mental peace. It is always considered best to work with those people who are on the same page as you are. You can also include your parents and other family members in your ideas who can provide you with valuable advices, ideas and perspectives that never even crossed your mind.
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4. Helps follow passion
In the current scenario we see that students are passionate about a specific stream and even manage to graduate in that particular stream but start a job in some different stream. The live example of the previous statement is the recruitment in IT companies. Students graduating from Mechanical streams are starting jobs in IT companies. Whereas self-employment sector can help you follow your passions. Considering the above example a mechanical engineer can start his own machine shop, start a training academy to teach designing or analysis softwares. This will not only make one self-employed but also assist him follow his passion. Following your passion also provides you with self satisfaction and a feeling of content. This happens because you are working and spend time on something that you are genuinely fond of.
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5. Integration of businesses
As the Hindi saying goes “Ek se bhale do” (Two are better than one), once you decide to start your own business no one is stopping you to start another one alongside. Referring to the example from previous point, a mechanical engineer mentioned above can work on both the business ideas mentioned. He can run the machine shop during the day time when the colleges are open and contribute to his training academy in the evening. We see so many people around us following this system. Medical store owners selling ice-creams after obtaining the required licenses. Also starting more than one business proves beneficial in the future. If due to some unavoidable reasons one business suffers loss you have the other business to cope up with the loss suffered.
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When a child draws a house, no one can tell him to increase the number of floors from two to three. Same happens with one’s own startup. Other than some advices no one can compel you to make changes in your business design. You have the full potential and right to design your business model without the interference of a third party. Also, You can be creative, innovative and imaginative when it comes to creating your own startup or business. You have the complete freedom to experiment with your business which you can hardly find in corporate jobs. Corporate jobs provides its employees with negligible scope of creativity.
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7. Honest environment
It may not be officially declared in any offer letter but, gossiping, backbiting and office politics are the byproducts of jobs. When you start a job there will surely be a set of colleagues who want you out of there. Because, hey, you cannot keep everybody happy. The same does not follow in startups or self established businesses. You can easily keep such people away from you and your business without being answerable to anyone. You get to work in an honest environment focusing your energy completely on your work. Honest environment helps you to maintain transparency in your firm. This results in rapid growth in profits. And keeping growth and profits aside, it provides you with peace of mind which is of utmost importance in today’s world.
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8. Cutting expenses
Most of the businesses and startups can be initiated from your home or your garage. Other than the financial investment in your business you have very few spots left to spend money on. You won’t need a vehicle to commute to your workplace everyday nor will you be requiring a bus pass. If the initial investment in the business is considerably low, the whole affair can prove to be profitable in a very short duration. Also many a times when you are doing a job, the workplace is not in your home town. Due to this you have to stay as paying guests and also pay for food and mess services. These payments are not small and can exhaust your salary.
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9. Help others
Startups and own business can be looked upon as an employment generating sector also. You own the privilege of hiring people for your business which will create employment facility for the unemployed. As you are the boss, you can choose the salaries of the people you hire depending on their capabilities and skills. You also have the freedom to do community work like giving donations or providing free services to the poor and the needy. And at the end of the day you do not have to answer to any kind of seniors or bosses.
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Remember the satisfaction and self-fulfillment you felt with your first painting you painted. Own business provides you with satisfaction. Let us consider you setup a small service providing firm. You have worked really hard on it, created a business design you feel is perfect and at the end of 6 months you see that now you have more than 100 clients who are happy with your service. This may seem small to read but when you enter the field, this satisfaction will have no match. What can be more satisfying than to see your creativity and hard work being paid off?
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These are only 10 benefits of self-employment, but once you start your own business there are many more benefits that at times cannot be put into words. Startups do take time to reflect profits but the wait time is worth it. Because when speaking about own business there are many more profits other than financial profits.