Decisions about what form your online home business will take may have some impact of which of the advantages of being self-employed will apply to you.
Not all home based entrepreneurs quit their day jobs, at least not immediately.
If this is you, you will have to find a balance between the 9 to 5 and your entrepreneurial dreams and it may be some time before the business builds to a level where you can quit the day job and reap all of the benefits of being your own boss.
But even if you have limited time to dedicate to your online home business, careful planning and taking action (whether that is creating content, relationship building on social media, or developing your product line), over time you will eventually get there!
If you are in a position where you can work full time on your business, without having to worry about how soon the cash will start rolling in, you are lucky. Not many businesses are profitable immediately.
In fact many do not even break even in their first year.
Advantages of Being Self Employed - #1 - You Get to Make All the Decisions!
Are you sick of working for idiots? As the owner of your own small business you get to make all of the decisions, so if the boss is an idiot you really only have yourself to blame!
As the owner you get to decide what the business will do and how it will do it. You get to set the strategy, have the final say on product offerings and which market the business will compete in. You decide which suppliers the business will deal with, which bank to work with, which customers to go after and what they will be offered to stay with your business.
The design and content of your online presence is your responsibility, it will be your face and your personality on the pages of your site. Making decisions about your business that are aligned with your personal beliefs and values will make all the difference in how your site visitors relate to you and your online home business.
Be real and your visitors will trust you enough to engage...
Although You Take the Risks, You Also Get the Rewards!
As a small business owner the buck stops with you. You are taking the risk when you start a small business, by putting up your cash and investing your heart and soul into the business, if the business falls over you do as well.
Not one advantages of being self employed but you do get the advantage of the flip side of being the one responsible for the business. When your business flourishes, you are the one who receives the reward! Not the boss, not your co-workers, you. You get the rewards when your business does well!
Profit versus Hourly Rate
When you are working for someone else you have clearly defined working conditions. You know how many hours per week you are required to work, what tasks you are required to do and how much you will be paid for doing it. Your income is directly related to the number of hours you put in.
When you are working for yourself, the potential rewards are entirely dependent on the type of business you decide to start and the subsequent performance of the business. With some business models there is still a relationship between effort and income. For example with a service business you only have so many 'service' hours available for your customers, so your income will be related to the hours you put in. But as your business grows, you have the option of leveraging the hours of others but employing staff. Providing the costs of gaining those extra hours is lower than the income they generate by working with your clients, you will come out ahead.
Another thing to consider with many business models there is potential for ongoing passive income from an initial investment of your time. If you write a book, create a knitting pattern or develop a 'how to' video, your income will not necessarily be related to the time invested. With this type of product you make it once, and can sell it hundreds if not thousands of times!
So one of the biggest advantages of being self employed is the potential to significant increase your income beyond what you can earn working for someone else!
The Main Advantages of Being Self Employed - It is Not Just a Job!
From my point of view one of the most significant advantages of being self employed is that owning a small business is more than just a job. If you get your business model right, and your small business is in alignment with your core beliefs and values, it will consume most of your waking hours and become a big part of your life in a way a job never will.
With a job, you can usually clock off at 5 pm and go home leaving the job behind. Particularly in the early years, you are the business. And it will go with you where ever you go!
One of the advantages of being a business owner is that you get to choose what you will be working on! Providing you pick a business idea that interests or excites you, working on and in your business will not seem like work, it will be fun.
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