“All progress takes place outside the comfort zone.” – Michael John Bobak
That sounds more like a trade-off. The essence of working for self provides me every opportunity that I may not have been exposed to when I was underemployment. However, getting to self-employ requires a lot of work hours and responsibilities than what I would spend on a traditional job.
The life a self-employed person creates for themselves is a serious blessing. It’s something that a person works hard for many years and dreams about every day & night. A self-employed person sets themselves up in a way that they can take care of themselves, do what they love, make a living doing what they love, and still have time to experience their life.
We’ll mostly be speaking about the “WE” part of ourselves. Let us introduce to the “SHE” part, as she’s into self-employment now.
Every good opportunity comes with some sacrifices along, and self-employment doesn’t remain untouched from this fact. Before launching herself into self-employment and becoming her own boss or abandoning the life of employee-hood, there were some seriously considerable realities of self-employment. These were non-negotiable and were totally out of her comfort zone.
You Reap What You Sow:
As an employee, sometimes I used to wonder sitting in my office cubical as to when the clock will tick 5:00 PM and I’ll leave the doors & sometimes it has happened that I have carried lots of work to home and skipped dinner and submitted the assignment late night or early in the morning. One thing is noteworthy here that in either of the two scenarios, never have I been ever asked for why I’m just counting the hours clicked on the clock or was applauded for my extra hours put in to deliver an assignment perfectly.
On the other hand, I never get paid just for showing up and marking my presence marked at my business/freelancing. Every single minute worked upon my business or anything that I do as freelancers count something. If I run out of clock any day and don’t do my best I hurt just one person and that’s ME. Starting employment for myself made me realize that I’m the maker of my destiny, and if I want extraordinary results in my life it would not happen by putting ordinary efforts into it. And, that’s exactly what I’m learning and trying to practice now.
No Job is Perfect:
It is true in almost every sense, either it is a job as an employee or you work for yourself. But self-employment lets me bet on myself every day. When I win that’s the happiest day, and when I do not that teaches me something. I’m loving every day’s challenges and how every time I have to come up with unique and comforting solutions. I still remember my first day at my venture, where I wasn’t confident enough to be making eye contact properly with one of my clients.
Since I have turned self employed, the cherry on the cake has been the happiness of making more money by working hard my way rather anyone else deciding how much should I take home every paycheck. Though my income varies (and that’s how it plays in business). But I’m happy living my life at ease, with freedom, and with much better work-life balance. I know self-employment too isn’t perfect, but still, I would never want to go back to my employment life.
Also Read: Multiple Streams of Income: What it is?
Long Working Hours:
When I was working as an employee, I used to see Friday 5:00 PM with a feeling of relief and freedom. But this happiness of freedom lasted only until the clock used to tick 9:00 PM on Sunday night. Mostly the working hours are 40-45 hours per week at the job.
Self employment generally asks for 50 or sometimes more than 50 hours a week. The self-employed people don’t get a weekend off, they work full time on weekends as well. You must be wondering, if self employment comes with so many disadvantages why would I chose this. Simply because of the one single perk that probably is beyond everything for me, and that’s personal freedom.
Wear All Hats Yourself:
When I take the responsibility of being self-employed, I wear multiple hats at a time. I am in charge of accounting, financials, operations, marketing, client engagement etc. I’m the boss and I’m the employee as well. And I have to do all of these jobs at once, and do them well, to make self-employment actually work.
It may happen that someday almost half of my employees have sat back home and haven’t shown up for the job. Well, that’s the hell of a task then and I have to manage each one of theirs’s job. Some by doing myself and some by delegating to others but covering up for the day’s task.
No Real Vacation:
During my employment, I used to shut down the laptop at my work station at 5:00 PM. I was free (completely) from the jobs that were to be delivered for that day. Every day, I used to walk out of those doors carrying no stress of office work further.
I have kissed my paid vacations Goodbye and left aside the hope of “real vacation”. Of course, being self-employed enables me to plan my vacations whenever I want. But the real problem that arises is, the customers don’t like waiting upon something or I not readily being available over calls as per their requirements. Gradually my relaxing vacation turns into a working vacation.
Still, I love it when I can plan according to my schedule as to when I’m free. Instead of asking for anyone else’s approval for the same for the sake of “planned holidays”. The control over my life is mine, not someone else’s.
Also Read: 5 of Our Favourite Money Hacks
Get Ready for Bank’s Turn Down:
Bank distributes Loans to almost anyone having a decent monthly income as an employee. But it doesn’t consider the application of a Self-Employed person until they have completed 3 years into that business and an ITR has been filed for the same. I have been turned down by 3 banks when I was looking to raise some money at the initial stage of my business. Although I had enough capability for getting the payment settled clearly. All the three banks wanted me to have (as assurance) is a steadily flowing paycheck every month.
You’re all by yourself:
Bidding the last goodbye at my job made me realize that there are few pieces of this job puzzle that I am actually going to miss. Such as: being able to look forward to guidance & suggestions from your boss, sharing warmth/frustration/companionship with your colleagues, being able to learn a new technique from a colleague who just got a course certification done/sharing of knowledge on the big meeting table etc.
Along with these, I was also losing the company’s other benefits like health insurance, the MacBook, the cell phone, the gym membership etc. I had to manage everything on my own now during my self-employment. A weird thought constantly nudged inside my head, what if I’ll be ill-equipped to provide all of this for me? I might be in trouble!
But fortunately, things have turned out nice. The passion for conducting business on my own has synced deep inside me during the last two years.
Taxes can be bit Overwhelming:
The best part which I’d found during my employment that whatever amount was to be paid by me as tax, was deducted while the disbursement of my subsequent monthly paycheck towards the tax submission. I did not have to worry about the tax submission and arrange a surplus for the same when the financial year was closing.
However, now when I’m self-employed I do tend to worry at the financial year end as to what amount will my chartered account ask for tax payment. Also the CA’s charges for working on my balance sheet and tax accounting. I still haven’t got the habit of doing it every three months. This habit is obviously going to make a lot easier for me and my CA as well. Assessing financials quarterly is a better option than doing it annually, I’ll try to get this implemented soon enough 🙂
Well, taking into account the advantages and the disadvantages of self-employment, people like me any day prefer becoming their own boss. You may read about those people who are into self-employment for sometimes now. You’ll get to know of their experiences on successes and failures to be unique and addictive. Once a person starts to create their own success stories, it is difficult to go back in the course.
While I was in my job, it was a thought in the back of my mind that I’ll get a handsome annual raise from the employer. And once this raise was not as expected, I used to feel detached from the company. Whereas as a self-employed person getting a raise is directly proportionate with my business’s performance.
I want a raise – I have to bring more clients, sell more products/services, better my services, hike my rates and take whatever raise I want. I think for almost every entrepreneur the opportunity of making unlimited money is something that they keep working hard every single day. Once you succeed in self-employment, you’ll have the life you have always dreamt of professionally and personally as well. And, you keep thriving for more and more every time you touch new heights of achievement.
We hope to have touched the chord of your heart with our drafting.
Khushboo & Vikas