Working for Yourself Isn’t All a Cakewalk

Many people look at those who are self-employed with a degree of envy. And yes, there are obvious perks to being a freelance writer, or doing any other kind of self-employed job. However, it’s not all the breeze some people make it out to be, and here are a few reasons why.

Motivation. One of the biggest issues for a lot of people who are self-employed is motivation. Because you have nobody to hound you all the time it’s more difficult to get motivated to do the work. You need to remember that it’s entirely in your hands, so you need to come up with ways of keeping yourself motivated and focused. A good idea might be to set yourself deadlines each day, so you have something to work towards. This will help to keep you a little more motivated about the sorts of things that need to happen.

Taxes. Tax is one of those things that we know always needs to be sorted, but we never have to deal with it. When you’re in full-time employment your tax is automatically calculated and taken off your pay. However, as a freelancer, there are many legal freelance necessities you need to be aware of. And sorting out and paying your own taxes is definitely one of them. This can be a total pain in the neck. A lot of people try to tackle this themselves, but it can prove too complicated or time-consuming. So it might be an idea to hire an accountant to take care of this for you. It’s also worth noting that you’ll need to save money up in order to cover the tax payments you’ll be expected to make

No Sick Pay or Leave. When you are in full-time employment, you have rights and you’re protected. For instance, if you have to take sick leave you will be paid accordingly. Similarly, you are entitled to a certain amount of paid holiday every year. However, something you’re going to need to remember is the fact that when you’re self-employed, you won’t get any of this. If you’re off sick, then you won’t be making money. You can take as much holiday as you like but it’s not going to be paid holiday. And this is one of the major drawbacks of working for yourself. So you need to bear this in mind before you decide you’re going to become an entrepreneur.

No Steady Income. One of the biggest drawbacks for those who work for themselves is lack of steady income. Because you don’t have a fixed contract with an employer you’re very much living hand to mouth. That means you need to come up with ideas that will help tide you over. You’re going to need to be a bit more frugal with your income as you may have months where you make a lot less. And this is something that a lot of people struggle to get used to. This tends to be even more of an issue for people when they come out of full-time employment.

Many people who freelance and work for themselves swear by it, and that’s why they do it. And the fact is that there are plenty of benefits to working for yourself. However, it’s not as easy as people might make out because there’s a lot more responsibility. There are many things you’re going to need to sort out so you can work for yourself effectively. Make sure you understand what’s involved and then you can plan to sort it out.