So many people looked to being self-employed as a way to gain some more freedom. But if you are working a salaried job, it’s so easy to romanticize living a life as a business owner. But there are a number of components that anybody has to be aware of. Self-employment, for all of its perks, may seem more stressful. But let’s show you some of the key areas that you really have to consider.
Your Working Hours
Some people hate the idea of working a strict nine-to-five job and one of the reasons people tend to venture towards self-employment is that they get to choose their own hours.
But for all of the components associated with running your own business, you may find yourself working more than the average amount. Working on setting up the basics could give you an insight into what you have in store.
As exciting as setting up a business bank account is, this could provide a sneak preview of the numerous pressures people can face. It certainly feels freeing, especially when you are working the hours that you want, however, you may find that you are working a more erratic pattern.
For example, you could find yourself working more in the evening than anything else, especially if you want to get a more balanced life, which is especially true for those who have children.
Your Income
Part of the draw of being self-employed is that rather than having your pay predetermined by someone else, you can take charge of your potential earnings. But it’s important to remember that self-employment can result in a more volatile income.
While there are many people who find their footing by being self-employed and end up earning a decent amount of money, the reality is that a lot of people do not. The statistic that approximately 90% of businesses fail within the first year is a statistic that we’ve all got to be aware of if we are determined to set up a self-employed life for ourselves.
But in order to navigate it properly, you could save up enough money to give yourself a buffer, but also get into the habit of putting the same amount of money aside every month, regardless of your income. Some people find that working in a self-employed role is a feast or famine, and it can certainly be like this from month to month.
Instability of the Role
This is where some people thrive, however, while many people’s incomes are feasts and famines, this means that their lives are chaotic. Therefore, there can be more stress. And stress is something that we really need to address when we are self-employed.
While many people find themselves stressed because they are working for an organization that doesn’t appear to support them, and therefore want to choose a life where they are in charge, the fact is that self-employed people will have stress, but in different areas to those who have a salaried job. However, job strain is notably lower for self-employed people. People who work for a salary feel a lack of freedom, and being self-employed allows more freedom, but stress is still prevalent.
Can You Get Job Satisfaction?
Being self-employed is, on the surface, doing what you love. Even if you fall into a self-employed career, you can still combine what you do with the things you care about. This means there is a greater level of job satisfaction. When you work for somebody else, you have very little control over the tasks you do and how they link with your interests.
Being self-employed can mean that there is a higher chance of job satisfaction, but if you are looking to start your own business, it’s these four areas that you need to consider.
What Should You Do?
Starting a self-employed career can mean finding that the stresses are not the same as working a salaried career, but will be in different areas. It’s important to remember that if you want to start your own business for the income or better working hours, you might be disappointed. However, if you are pushing for a career choice where you are more satisfied in your role and have less stress overall, it’s very likely you’ll be okay.
Many people are opting for a self-employed career because of the unstable climate we are in. And, of course, for many people people who have experienced a lot of anxiety and stress over the last year or so and have lost their livelihoods, self-employment is still worth a try.
