A number of people would probably initially say that being self-employed is not something they would want to do with their career, but a number of them actually end up wishing they had done it sooner, when they take the plunge and quit their job.
Job security and a steady income are two primary reasons why many of us choose to work for someone else, but life is unpredictable and things can change in an instant.
In the same way that companies such as Claims Direct help people to get their lives back on track after an unexpected event creates a change of financial and personal circumstances, your job security can disappear in an instant.
This is one of the reasons why self-employment can in some ways give your more control and financial freedom as well as choices. Here is a look at some of the reasons why you may want to quit your job and set out on your own.
Work ethic
Many of us are raised with a strong work ethic and believe that hard work is a strong foundation for a successful career.
The harsh reality is that not that many of us are truly rewarded for our efforts when we are working for a company. This is a fundamental reason to consider becoming self-employed, as you will be giving yourself the opportunity to generate an income that is commensurate with the efforts that you are putting in.
Being self-employed is often incredibly hard work and the hours might be long while you are trying to establish yourself, but as opposed to a fixed salary job, your strong work ethic can see you gain the right rewards for your efforts.
Paid by the hour
If you are an employee of a company, you will be paid an hourly rate for your work.
This hourly rate is a fixed sum that only changes when you get a promotion or a pay rise and it doesn’t fluctuate according to the level of contribution you make to the company on a daily basis.
Being employed means you are being paid for your time first and the value you create comes second.
When you are self-employed you are paid to provide a service or a product that you are selling, so you could sell three items in one hour or more and customers will pay you the price you are asking.
They don’t worry about how many hours you have worked to give them what they want, they just pay the agreed price for the product or service. This means that you are no longer being paid by the hour and are being rewarded for the value you are giving to others, so your earnings are no longer capped.
Make a plan
If you are tempted by the idea of quitting your job and becoming self-employed, you will need to create a credible life plan with some realistic personal and financial goals.
The first year of working for yourself is very rarely straightforward or easy and there will often be times when you doubt if you done the right thing by quitting your job. You can deal with these bumps in the road which are part of the learning curve, by ideally making sure that you have accumulated about six months of living expenses in the bank, so you can survive the early days with your sanity intact.
Living the dream and becoming self-employed is not an easy path for everyone to take, but the rewards can be far greater than if stick to the day job.
Joyce Harvey works as a business and lifestyle consultant. Joyce enjoys being her own boss which is a decision that brings about a lot of responsibilities and unique challenges. She also enjoys every chance at sharing her insights and growth experiences online.
