There are many pros to being self-employed, like choosing your own hours, but there are also quite a few cons - like income insecurity. Before you drive into the world of self-employment, you need to consider both the benefits and the drawbacks.
Many people look to the trades as a career path when they want to be their own boss and become self-employed. The trades can be a lucrative career for many who want it, but do the pros of self employment in the trades balance out the cons? In this article, we will discuss the main pros of a self-employed career.
Pros and Cons of Being Self-Employed
Ready to learn the pros and cons of being self-employed? The pros include things like flexibility and job satisfaction. The cons include longer hours and income insecurity. To learn more, read the below infographic.
Pros of Being Self-Employed
One of the main pros of being self-employed is that you get to be your own boss! This would mean that you get to call the shots, deciding what projects you take on, your work schedule, and your rates. Throughout building your own business, you can take on more clients, and even hire employees as you grow.
If you have childcare needs or any other family/life commitments, you can organise your work schedule around all of these factors. Your income is directly tied to your efforts. There's a higher earning potential than working for someone else, as you can schedule in as many hours of work as you like.
You also get the direct satisfaction of building something yourself and seeing a project through to completion. It's always rewarding to be able to see your projects come to life!
Cons of Being Self-Employed
There are always cons to being self-employed. You'll need to be aware that work or demand for your services could be inconsistent, especially at the beginning. It will take time for you to build up a list of clients, and get your name out there. This means that your income won't be a certain thing, and you might have periods of time where you aren't getting paid. It's worth noting that some industries have a lot of demand. So, if you are a trade worker like an electrician in a busy area, this might impact you less than it would in a more niche industry.
Additionally, you'll be responsible for everything from doing the actual trade work to marketing, accounting, and customer service. You'll need to sort out your own taxes, or hire someone to do them. You can also hire staff or contact an agency for additional work like marketing, but this is another cost. Running a business is more than just the work — are you ready to be responsible for every small detail?
You'll be responsible for your own health insurance, retirement savings, and paid time off. There won't be any of the benefits that you'd receive from your employer. You're also solely responsible for the success (or failure) of your business. This includes liability for any mistakes made on the job.
How To Get The Benefits of Self-Employment
Just like most things in life, the success of your self-employed venture will depend on the time, effort, and resources you choose to put in. It's also important to acknowledge that external factors like market conditions can play a role. However, by being prepared and adaptable, you'll increase your chances of building a sustainable and rewarding career path.
If you're interested in starting your trade career to become self-employed, you can take a look at our trade courses.
Electrical Courses
Gas Courses
Plumbing Courses
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