While employed and self-employed, people both have their own pluses and minuses. One of the things to take into consideration when thinking about this topic is whether or not it would be more advantageous to work for another company versus being an entrepreneur.
Pros for being employed:
- The advantage of having a steady paycheck that puts food on the table
- Steady hours that ensure an employee is paid for all of the time they put into their job
- A company will most likely provide benefits such as health care, life insurance, retirement plans, and vacation time. This is one of the hardest parts of being self-employed.
- The ability to work in a team environment and the support of having co-workers to collaborate
- Having a smaller chance of being replaced by another employee due to the fact that you have been there for some time and your superiors believe that it would be too much of a hassle or cost more money to train a new worker for the job that you do
- Steady pay and work allow an employed person to save more money than they would if they were self-employed.
Cons for being employed:
- One of the hardest parts about having a steady paycheck is not getting fired from your job. This could happen due to the fact that an employer might decide to cut costs if they are losing money.
- Companies can change management, be bought out, or go under, which could result in layoffs.
Pros for being self-employed:
- Freedom is one of the biggest pros for starting your own company. Having your own business allows you to make all of the decisions and do things as you feel they should be done.
- Having a new idea and turning it into an actual product is one thing that many entrepreneurs dream of. They would love the chance to create something from scratch and see it become successful.
- You will not have a cap on how much money you make, which can result in extremely high profits.
- With this freedom and flexibility, you can choose the hours that you want to work and take time off when needed.
Cons for being self-employed:
- One of the biggest cons would be the lack of security that someone has when they are employed at a company. This can be from not being able to rely on steady pay to have no one else who will watch your back if something goes wrong.
- Another negative aspect is that you have to contribute a larger portion of your income toward taxes and self-employment insurance. When you work for someone else, your company will most likely take away a percentage of your money to cover these contributions for you.
- The biggest con would be the risk factor involved with starting up a business. There is no guarantee that an idea will work, and there is always the chance of failure, which could result in losing all of the money and time invested into the idea.
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You can choose to be self-employed if you have always wanted the freedom to do things your way. Yes, there are always risks involved with being an entrepreneur, but some people would rather take the chance of success over security any day!