There’s an adage that goes, “People don’t quit their jobs, they quit their bosses”. Many people dream of starting out on their own. Whether it’s about starting a business or finding a lucrative profession, self-employment provides the freedom and flexibility that others in the proverbial ‘rat race’ dream of.
There is a rising trend of entrepreneurs and self-employed people in the present-day workforce. Here are some interesting statistics:
- As of 2015, 1 out of 10 people are already self-employed.
- Those who are advanced in their career growth are more likely to be self-employed than the younger generations.
- There are equal opportunities for self-employment across all levels of education.
- There are also equal opportunities in self-employment for various niches, with professional services being one of the most profitable sectors.
- Self-employment also provides jobs for others, as those who are in this group hire an average of 1-4 people.
Donald Littlejohn, a well-known chiropractor who started his private practice, understands the ups and downs of being self-employed. He believes that everyone who desires to be independent should start their own business or private practice. However, this opportunity comes with a price. Not everyone is fit to be self-employed.
What are the pros and cons of being self-employed? Donald Littlejohn shares his insights to those who may be contemplating about starting on their own.
Advantages of Self-Employment
Self-employed people can be flexible with their schedules.
Often, this is one of the most sought-after benefits of people who want to start on their own. A lot of employees have challenges trying to keep up with set schedules in their workplace, as it can interfere with their work-life balance. For example, a man who has a family may be thinking of being self-employed to spend more time with his wife and children.
This is true for many freelancers nowadays. According to an article in FlexJobs, people who pursued self-employment enjoyed spending time with their family at home as they were able to deliver the same output without having to show up in a physical office.
Self-employment is scalable.
A lot of self-employment opportunities are scalable. Unlike being employed in a dead-end job, you have the chance to hire other people, delegate your work tasks, and grow the profits of your business.
According to Donald Littlejohn, this is something he has aspired for before getting into self-employment. He was able to pick his own schedules and find others who would work for him in various aspects of the business. He was able to outsource his workers in marketing while having his own administrative staff in place.
Aside from hiring others, you can also take advantage of other opportunities in the digital space. There are many automation tools that can help serve as your ‘workers’ to continually grow your business.
Self-employment is a source of pride.
Much like landing a job in a reputable company, having a business or starting out on your own as a professional can be a source of pride and accomplishment. Many large corporations are a result of people wanting to start on their own. When you decide that you want to venture into the realm of being your own boss, you open yourself to many opportunities that can create an impact not just in your life but in the lives of others.
Thus, it can be your source of pride and joy. Not a lot of people would have the resources, nor the courage to venture into self-employment. If you do have the capability and you have a plan in mind, being an entrepreneur can be one of the best decisions you can make.
However, not all people who dream can successfully accomplish their goals. There are many sacrifices that you have to lay down if you do choose the path to self-employment. Dr. Littlejohn shares some of his best-learned lessons throughout the years of venturing out on his own:
What does it take to be a self-employed individual?
Self-employed people have foresight.
Those who seek out self-employment must know the ropes when it comes to profitability. They do their research, and they make sure that they have a plan to carry it through. In essence, this trait is called foresight. It is the ability to perceive how things will be in the future once it’s accomplished.
Of course, this doesn’t mean that they have some sort of sixth sense, or they can see the future. This simply means that they do their research, understand their clients, and make wise decisions depending on the situation they’re in.
Self-employed people have discipline.
Starting your own business means you’re not answerable to anyone but yourself. This means that your paycheck depends on you. This type of freedom also entails a responsibility for you to be disciplined on how you spend your time and resources.
Those who dream of being self-employed must understand that their freedom to pick their own schedule means that they should really work on the schedules they have set. If not, they must learn to work hard especially in the earlier years of the business compared to their employed counterparts.
Self-employed people are resourceful.
Starting a business is challenging; especially if you’re tight on your budget. It can be difficult to raise money for capital, let alone make the business run and become profitable within two years. For some, it can be disheartening to know that 50% of small businesses fail within the first 5 years.
Being resourceful means knowing where to market your products or services. This also means that you’re able to source out funds to raise capital, or you’re able to create innovative products with a definite demand in the marketplace.
Many successful business owners and self-employed individuals may have different personalities, but their common traits are highlighted above. Being resourceful, disciplined, and having foresight are key characteristics to have once you are ready to jump on the bandwagon of self-employment.
