Self-Employment
Candlefocus EditorOn one hand, self-employment offers a great deal of job flexibility and autonomy. Self-employed workers have the freedom and responsibility to manage their own day-to-day operations and finances independently. This often makes it much easier to choose the job that best fits their skills and interests. Those who are self-employed are also able to choose their own hours, take on whatever projects they deem suitable, and even work from home.
On the other hand, self-employment comes with a greater degree of employment risk, as the individual is responsible for their own success and failure. With no form of salary and few safety nets, unexpected problems or circumstances could potentially affect the business negatively and cause self-employed workers to suffer financially. Additionally, certain professions, such as creatives and entrepreneurs, may experience an unpredictable, volatile income. The lack of a steady salary could make meeting financial obligations and other demands quite stressful.
Finally, those who are self-employed are responsible for paying their own taxes as, depending on the jurisdiction, they may not be subject to tax withholding. Thus, they may have to estimate and make tax payments. Overall, self-employment can be incredibly rewarding and satisfying but it is important to weigh the pros and cons before making the leap.