Self-employment can be rewarding. You get to be your own boss, earn more money, enjoy greater flexibility, and gain satisfaction from your own achievements. But it can also include long hours, stress, and irregular income.
Types of Self-Employment
Self-employment can mean:
- Working as a consultant in any field. Consultants work either at home or in the client's office. They must find their own clients.
- Running a home-based business, such as a daycare center.
- Opening a retail store, restaurant, or other business office.
- Running a family farm.
Pros and Cons of Self-Employment
Going into business for yourself is a huge decision. Consider the pros and cons before making up your mind.
- More control over your future
- Set your own hours
- More independence
- Personal satisfaction
- Potential success and money
- Money needed for startup costs
- Irregular income
- Long hours
- Potential failure and loss of money
- Extensive recordkeeping and administrative work
Is Self-Employment for You?
There is no way to predict if you'll succeed in self-employment. However, successful business owners often share similar characteristics. Take the self-employment quiz to see if you have what it takes to be successful.
Your Next Step
Once you've decided on self-employment, where do you begin? Determine if your business can succeed by researching:
- Market conditions and financial requirements
- Who your competitors are
- Who your customers are
- Future demand for your product or service
Consult Business Resources for Self-Employment to get started.