Becoming self-employed in main occupation is an important decision that has both advantages and disadvantages. It offers freedom and flexibility, but it also means taking financial risks and full responsibility for your company. In this article, we will view both sides of the coin. 🚀
What does it mean to be self-employed In main occupation? 🔎
A self-employed in main occupation is someone who works full-time for their own company. This means managing all the operational and administrative tasks of your company, including finding customers, providing services or products, and keeping accounts and taxes.
✅ Benefits of being self-employed in main occupation
There are several benefits to starting out as self-employed in main occupation. Here are some of the most notable ones:
1️⃣ Freedom and flexibility
As a self-employed in main occupation, you are your own boss. You can set your own hours, select your own projects and work whenever and wherever you want. This means you can find a better work-life balance, and have more time for yourself and your family. 👨👩👧👦
2️⃣ Full control of your company
As a self-employed person, you are in control. You decide the direction of your company, which projects to take on, how to grow your business and what rates to question. This control also gives you the freedom to innovate and introduce new products or services.
3️⃣ Personal and financial growth
On a personal level, you learn an awful lot about yourself and your skills. You grow not only professionally, but also as a person. On a financial level, you have the opportunity to grow your own company. You can expand your client base, enter new markets and scale up your company. This can lead to more income and profit.
❌ Disadvantages of self-employed in main occupation
Despite the advantages, there are also an amount of disadvantages to starting as a self-employed in main occupation. Let us view some of these disadvantages:
1️⃣ Financial uncertainty
As a self-employed in main occupation, you bear a greater financial risk than someone in paid employment. You depend on your own income. This means you may face periods of financial uncertainty. You are responsible for finding new customers and generating income. If your company does not perform well in a certain period, this can lead to financial problems.
2️⃣ Administrative obligations
Being self-employed means a lot of administrative tasks come your way, such as bookkeeping, tax returns and contract management. This requires a lot of time and energy, and can sometimes distract you from your core activities. IF, of course, you are not using an accounting platform made specifically for sole proprietors!
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3️⃣ Unstable income ⚖️
As a self-employed person in main occupation, you do not have a fixed income. Your income can vary from month to month, depending on the amount of customers you have and the amount of work you do. So these peaks and troughs in workload will undoubtedly translate into a fluctuating income.
Alternatives to self-employed in main occupation
Is starting up as self-employed in main occupation not quite your thing? Rest assured, there are several alternatives available. For example, you can work as a freelancer through a payroll company, or you can work as a self-employed in secondary occupation. These also have certain drawbacks, so it is important to research which option suits you best.
Conclusion
Starting as self-employed in main occupation can be a great opportunity for people searching for freedom, flexibility and control over their careers. But, it also comes with risks and challenges, and it is not the right choice for everyone. It is important to consider all the pros and cons before taking the plunge.
Still have questions or want to know more about this subject?
Then be sure to view our free course or webinar created especially for self-employed sole proprietors!
