There are numerous advantages and disadvantages within the world of entrepreneurship, you really can become a tremendously successful person and carry out your work with great satisfaction if you manage to stabilize your business by becoming self-employed. Unfortunately, there are also a whole host of disadvantages when it comes to tackling the entrepreneurial path.
Advantages and disadvantages of being self-employed
Being self-employed consists of performing on a regular, constant and personal basis an activity that involves some kind of remuneration, without being subject to an employment contract. That is to say, it is exactly the opposite of being employed by others, so it allows great flexibility in organizing the whole type of activity and at the same time demands full responsibility for the results of the business.
Advantages of being self-employed
- The main advantage is that of being your own boss, you will not be accountable to anyone
- You get full responsibility for time management, which translates into greater flexibility and adapting to your schedule as you are more interested.
- Being self-employed will allow you to work on what you really like.
- It is really easy to register as a freelancer.
Disadvantages of being self-employed
- As the only person in charge of your work, you will have to face difficult situations and take on all the responsibility all alone.
- In the beginning of your business, especially the first few months, you will have to dedicate many more hours to your work until it starts working and becomes a profitable business. Sometimes it may take even longer before you recover some of your initial investment.
- Generating your own workload can sometimes be tricky, attracting customers and sales or getting your hours of effort to pay off can be frustrating.
- In many occasions the tax burden can be even higher than in conventional companies. Personal income tax and VAT are two taxes that you will need to take into account in all your income.