In this episode of “Being Self-Employed: Is It Really That Bad?” we will talk about the cons of being your own CEO. If you’ve read our previous article, you definitely know that self-employed business owners love their business for some reason! More specifically, they are in charge of their own business, they choose the people they’re working with, their working place and their working hours. What’s more, they decide whom to hire and who to work with! In other words, by working as a self-employed business owner, you get autonomy!

However, it’s not only about autonomy you get! Sometimes all you get is challenges and drawbacks! So, before creating your own business you need to observe two sides of the same coin, and only then decide. Remember, business formation is a very responsible step, and you need to weigh all the pros and cons before doing anything!

What U.S. Bureau of Labor Statistics Says About Drawbacks

“Self-employment is hard work, especially during the first few years. Workers may have difficulty finding clients, earning a steady income, securing business loans, and navigating laws. These challenges add up to financial risk and uncertainty.” As you can see, there are not only pluses, minuses exist as well!

Let’s Go Into Details…

Unstable Income

As you know, everything will depend on you. So, if you choose not work and go out with your friends instead, you will manually put your business on a sleeping mode while you enjoy the evening. This will not only cause a feeling of guilt towards you, your business and your clients, but it will also stop your business from earning income.

If you’re not ready for this, choose a business that doesn’t fully rely on you and your actions. To observe all the possible options, contact us and we will address all your questions and concerns!

You Will Lose All Those “Office Benefits”

This is about paid annual leaves and other benefits that working in an office offers. Everything will still rely on you, and you will be responsible for every single thing that happens on your end! And we haven’t even mentioned health insurance, retirement plans, sick leaves and other company benefits!

If you’re one of those employees who value the work in the office and enjoy all the “company benefits,” you need to choose a completely different type of business! As U.S. Bureau of Labor Statistics says,  Self-employment is hard work, especially during the first few years. What’s more, self-employed workers must find these benefits and pay for them entirely out of pocket! This is not beneficial especially for those who are building their business from the square one and who need money to grow their company as soon as it is possible! So, you need to adapt to the conditions of your new position, otherwise, you simply won’t survive!

You May Have Had Enough of Isolations!

In 2020, we were all forced to isolate ourselves from the world and some people think that being self-employed can make everything ten times worse!  As we said, you are free to choose your working place and your working hours, which means that you can always work from home and get even more isolated than you were during the lockdown!

Some people even say that self-employed people are more likely to have anxieties and depressions, since they’re not only isolated, but they also feel that everything is on their shoulders! Let’s be honest: there’s nothing worse than the feeling of carrying a heavy burden!

There’s No Guarantee!

Even though you left the office-work and now are ready to have your own business, there’s no guarantee that you will find exactly what you’re looking for… Even those who do tons of research, know who their clients are and what they want, find themselves lost in the world business!

This means that you have to be the best in order not to lose your customers. At the same time, dominating in the industry is not that easy! You have to earn the trust and confidence of your customers. Sounds ironic, but that’s true!

So, if you want to open up your own business and be your own boss, you need to know everything about the industry you chose and the chances that you will succeed. Remember, business itself is a risk, and if you’re not ready to take it, you will most probably fail! However, if you have professionals like Prestige Auditors who will give you advice and consult you whenever you feel like it, you will operate a very successful self-employed business! So, weigh all those pros and cons, and call us for more information, we’re waiting!