The Benefits of Working for Yourself
Working for yourself can seem a daunting prospect. There’s no wage deposited into your bank every payday, it’s up to you to find clients or customers. However, the benefits of building your own business can far outweigh any disadvantages. Working for yourself brings security to your finances, freedom to your time and it can help you develop personally as well.
Finances
When you think of the financial benefits of business ownership, you probably think of tax benefits. Depending on your business, you could deduct software, a computer, a vehicle, travel and even a percentage of your home.
But the financial benefits are so much more than that. Working for yourself brings you financial security. When you are working for someone else, you are at the mercy of their business decisions. You may think it’s a secure position, but a decision to downsize or restructure may see you lose all your income.
For the self-employed, if you have a good plan, it makes it more likely you’ll get out what you put in. Losing one client will not normally be the end of all your income; with multiple clients or customers, you can absorb some losses. In the internet age, starting your own business does not have to be costly. The days of needing a business loan and risking everything to start are over; all you need is a skill or idea and a domain name and you’re in business.
Once you’ve started, you can do anything. Want a bonus? Put in a bit of extra work and get paid for it. Think of a great new idea? That creativity builds your assets, not your boss’ when you’re ready to retire, you have an asset to sell instead of just a thank you card from your employers.
Time
Working for yourself means that you can choose how you spend your time. No, you won’t make money by binge-watching Netflix every day, but if you do choose to do it one day, there’s no boss telling you off.
Whilst building a business is a lot of work and you’ll have to put time in, it gives you the freedom to choose a life you love. You can work on the things you’re passionate about and hire someone to take care of the things you don’t enjoy. Instead of working to someone else’s deadlines or expectations of your day, you can choose how to structure your time. You can limit meetings to the essential ones, work in your pyjamas and write proposals at midnight, if that’s what you want to do.
Personal Development
Working for yourself is the best personal development course you’ll ever take. You’ll learn new skills, read about mindsets and visualisation, discover your strengths and weaknesses and how to use that knowledge. You have to take responsibility for everything that goes wrong and everything that goes right, which can be a life-changing experience.
Even if your business fails, you’ll have grown so much you’ll still be coming out ahead. Everything that you experience as a boss makes you a desirable employee, so you can go back into the workforce. But more likely, you’ll be ready to try your hand at a new idea, building on your lessons so that your next business is a success.
These are just some of the benefits of working for yourself. It isn’t for everyone, but if you have an entrepreneurial spirit, set your own schedule and reap the rewards for the work you put in, building a business is going to be one of the most rewarding things you ever do.