It’s not difficult to imagine the benefits of working for yourself. A few
advantages easily spring to mind, but here are a few of the factors that usually
drive people to start on their dream of owning their very own photography
studio.
Freedom
Choosing to start a business is about seeking freedom. The freedom to pursue
your passions while earning a living from them. The freedom to set a schedule
that works with your life. The freedom to grow and evolve as a human being
on your terms, not based on the needs of a corporation. The freedom to know
that there is no limit on the amount of money you could earn.
Your business is your baby, so having a solid proven business model and
pouring time into it, pays you dividends directly, unlike a traditional employer
relationship. It also provides a flexible schedule — one of the great allures of
working for yourself.
If you work at home, you can take a day off to be with a sick child without the
risk of raising the ire of your boss. Or you can structure and plan your days to
optimize towards a balance between your business and commitments to family
and yourself.
Decision-making power
It’s your business. You call the shots. You make the final decisions. No more
spending hours making a case for your ideas to the boss. If you want to try a
concept, go for it. Test and measure.
This is also one of the great benefits of being self-employed. You work in the
way you see fit. You evolve and grow the business in the direction you want it
to go. It’s all yours to create and shape.
Income
In the beginning when you’re trying to capture your first clients, it may seem
like the income you generate is a downside. In reality, over time, you can
exceed the income you made at a traditional job.
That’s because there’s no ceiling to what you can make. As long as you keep
growing your business, your income potential is unlimited. You’re not at the
mercy of an employer deciding how much, or even if, a pay raise is warranted.
What to consider if you’re deciding to work for yourself
When considering how to work for yourself, dwelling only on the benefits of
entrepreneurship can paint a picture that’s a little too rosy.
In reality, there are plenty of downsides in addition to the upsides, and that’s
why many choose to work for someone else. Reflect on these factors before
deciding to work for yourself.
Motivation for working from home
Examine why you want to start a business. Is it because you’re frustrated with
your job? Are you looking at self-employment as a means to make lots of
money? If negative emotions like anger or greed are your catalyst, then you’re
not ready to launch your own business.
You should be passionate about the work you’ll do and the business you’ll
build. Otherwise, you won’t possess the motivation to deliver a great
experience to your customers. Without that, it’s a tough road to build up
clientele and generate the revenue to stay afloat.
Uncertainty when working for yourself
Predictable income comprises one of the key benefits of a job. You know how
much to expect with each paycheck. You lose that predictability when working
for yourself.
The natural ebb and flow of business means income fluctuation becomes the
norm, especially in the beginning as you build up clientele. Also, your business
is susceptible to macroeconomic factors like a recession. Your business may do
well when the economy is booming, but you have to plan for any downturn.
If a predictable income is paramount, avoid starting your own business. If you
can adjust to income uncertainty, then be sure to save up enough funds to
cover personal and business expenses for several months that you can fall back
on if necessary.
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