8 Key Benefits of Being Self-Employed

A young man sitting in an armchair drinking water and working on a laptop
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In June 2017, Gallup released the findings of an interesting study titled ‘The World’s Broken Workplace’. The poll discovered that 85% of people hate their jobs – and experts contend that engagement isn’t getting any better anytime soon. Since management refuses to address this problematic trend, a growing number of employees are saying ‘sayonara’ and gambling on entrepreneurship.

With so many individuals disgruntled, frustrated and perturbed by their bosses, more and more professionals are rolling the dice by transitioning to self-employment. It’s estimated that more than 550,000 people become entrepreneurs every month – and it’s only getting larger, thanks to evolving technology.

And why not? There are so many perks when you’re self-employed, ones that you can never fully enjoy when you’re working for someone else, whether it’s a multinational corporation or a startup. From schedule flexibility to tax credits, there’s an abundance of rewards for that person launching a web store, that scribe offering writing services or that digital marketer performing consultancy. It is truly an art form to go solo.

Unconvinced there are benefits to being self-employed? Here are eight perks to enjoy in today’s market!

1. You’re Independent

How many times have you had to seek approval from your supervisor and your supervisor’s supervisor? How much do you loathe the idea of having your innovative ideas being shot down because the company lacks the vision? How often do you feel tied down and that you’re wasting your talents?

That is the problem of being employed by a business – big or small.

This does not happen when you’re self-employed. In fact, it’s quite the opposite, particularly if you have the characteristics of your typical entrepreneur. Since you’re using your own capital – financial, human and otherwise – you’re far more independent to make your choices, utilise your own concepts and employ the appropriate measures to sell your product or service. In other words, you’re accountable to nobody except yourself and your customers. And that’s a wonderful feeling.

2. You Enjoy More Flexibility

Surveys repeatedly find that workers would appreciate having more flexibility in their schedules. This could consist of arriving to work an hour late, leaving the office an hour early or finishing projects at home or on the road.

Despite mobile technology, cloud computing and the endless opportunities to work remotely, most people are still chained to their cubicles. To this date, you’re required to work the standard business days and hours, even if you feel that you could get all your work done in the morning – or during non-business times. It can be frustrating at times.

One of the main benefits of self-employment is the fact that you have far greater flexibility. Your flexibility can be the days and hours you choose to work or the location you can get your tasks completed. While you should put in your 40 hours, you can design your own schedule rather than have a private firm dictate it to you.

3. You’re Happier

The corporate world can eat away at your soul day by day, year by year. At first, you’re a starry-eyed kid with aims of changing the world. By the end, you’re planning your escape with a bitter and cynical attitude. You’re not the person you once were. This is no way to live.

However, you will discover your old self once you embark upon the self-employment journey.

You’ll be a lot nicer to everyone. Your patience will grow. Your positivity will bloom. Your overall outlook on life will blossom. Your entire demeanour will change for the better. It might not happen overnight, but as time goes by, you’ll be a far happier person.

4. You Make Money for Yourself

Sure, you may be earning $15, $20 or $25 per hour in your current job, but you realise that you’re still making the company a lot of money for the work you do. In fact, if you had your own business, you could triple what you earn in an hour. A lot of employees get perturbed by the fact that they’re generating profits for someone else while they get peanuts.

Peanuts to that!

An important advantage for the self-employed is that everything they earn is for them – and only them. If you compose a white paper for $500 or design a website for $5,000, then that money goes into your pocket, not a company’s. The more you work, the more money will be added to your bank account.

5. You Skip Workplace Drama

We’re all supposed to be adults, but we sometimes act like teenagers at the office. From gossiping to bullying to romance, there are so many things that make the workplace seem like high school rather than a location to earn a paycheque.

When you’re working for yourself, you no longer need to deal with workplace drama. You don’t need to hear Sally complain about Harry. You don’t need to pick sides in the Jack-John spat. You don’t need to worry about which side of the bed your supervisor woke up on – the good or the bad.

This is because you’re now self-employed, and all the drama has vanished. The only drama you’ll have is what lunch you’re going to eat or what marketing scheme you’ll come up with for Christmas.

6. You Save Money

Believe it or not, but we spend a lot of money just to work: transportation, clothing, food and everything else in between. It seems like we’re doling out a great chunk of our paycheque to sustain our careers.

It is different when you’re self-employed, especially if you’re working from home. You don’t need to spend your hard-earned cash on transportation, dry cleaning, lunches or anything else that is essential if you’re employed at an office.

At first, you might be earning less than what you made at a company, but a portion of it is offset by the money you saved by being self-employed.

7. You Enjoy Tax Opportunities

In today’s economy, governments are encouraging constituents to become entrepreneurs. Politicians and bureaucrats want the citizenry to open businesses and hire employees. They want individuals to innovate and invent. The key difficulty is facilitating this behaviour, which can be solved through taxes.

That’s right. If you’re starting your own business, then there’s a plethora of opportunities come Tax Day. You can get free money for being an entrepreneur, whether it is in the form of deductions or credits.

A lot of these tax perks can’t be received by your typical worker who endures the sights and sounds of the asphalt jungle every day. If you’re reluctant to be self-employed, then you should think about your potential tax situation.

You may not believe it now, but you’ll be excited when it is time to file your taxes.

8. You Feel Self-Fulfilled

A great thing about entrepreneurship is that you’re testing your limits, acumen and skills. Your financial future depends on your hard work, dedication and ingenuity, not on your employer. You’re like Robinson Crusoe, but in the corporate world.

When you turn a profit, expand your business and realise that you have gone beyond a passive income, it feels rather rewarding. You have done this all on your own without a big business behind you. Without the comfort of a 9-to-5 job, you’re paying the rent, putting groceries on the table and travelling the world. Perhaps it is time to give yourself a pat on the back.

So, you want to be self-employed, huh?

It’s a lofty goal for most people, but it’s something that a lot of us are experimenting with because we’re detached from our current jobs. The studies find that more and more people are quitting their day jobs to pursue their passion and follow their dreams. It’s a risk, but it’s a worthwhile attempt at ditching the cubicle and embracing the world as your office.

Whether you’ve quit your job to start a business or you’re making the slow transition to self-employment, we would like to wish you the best of luck in your future endeavours.

Are you self-employed? Let us know about your career change in the comments section below!