Many parents find self employment appealing and there are a good many reasons why. However while there are some amazing benefits working for yourself, you need to look at all the pros and cons of self employment for moms before making any changes.
Pros Of Self Employment
Set Your Own Work Hours
Being able to set you own work hours is a great benefit for moms and most likely the top reason why moms want to be self employed.Being able to take time off when kids are sick or when there are school functions is a huge perk of working for yourself. When you set your own hours you can work around your family commitments.
Place Of Work
Not only can you decide when you work, you also have some control over where you can work. If you do a lot of work online you can get things done from home, from a coffee shop or even get some work in while traveling.
Since you work for yourself there are many expenses that are tax deductible. Advertising expenses, office rental (yes even if it’s in your own home) and even your car if you use it for business.
Control Over Who You Work With
When you are working for a boss you are going to have to deal with suppliers, other staff members and customers that you may not see eye to eye with. It may even be your boss that you struggle to get along with. When you work for yourself you have complete freedom to choose who you work with.
You Reap Your Own Benefits
One big appeal of working for yourself is that all your hard work and effort rewards you and nobody else. When you work for a boss all your efforts bring in an income for your boss. The harder you work for yourself the more money you will make.
Cons Of Self Employment
No Paid Leave, Bonuses or Benefits
One of the things that any self employed person misses is being able to be sick and still earn an income. As an employee you also receive annual leave and very often you receive an end of year bonus too as well as possibly other performance bonuses.
Many employees also have other benefits such as medical and savings.
When you work for yourself you need to work hard enough to earn extra money in order to have some money stashed for those days when you need to take time off. You also need to take care of all your own medical plans and saving for retirement.
- Possible Irregular Income
Employees receive a set salary and this gets paid whether the business does well or poorly. If you work for yourself you need to weather the ups and downs of your business on your own. If work is slow or perhaps if fall ill for a while this can result in a huge financial strain – if you are not working you are not earning.
You may need to consider self employed loans to get yourself through if some months income is incredibly low.
- It Can Be Lonely
While many people relish the thought of being able to work from home alone, rather than in a busy office environment, it can still get very lonely working for yourself.