Many Women Dream of Being Self Employed. Some Actually Do It!
SavvyChick® is nothing if not a source for empowering women. We believe you can be anything you set out to be, and that includes being self employed. However, before you give up your day job and go to work for yourself, we suggest you take a look at the pros and cons of being an entrepreneur. Empowering women means giving them the knowledge to make their own decisions. We hope this article helps you do just that.
Pros of Being Self Employed
• You Choose What Hours You Work.
If you don’t want to work nights and weekends, you don’t. If you need a flexible schedule to care for your children or aging parents, you can. You can set your own working hours. Work in the morning, take a break in the afternoon and do some more work at night. Depending upon when you are most productive or when your industry is most in demand, your hours may change. However, they are mostly up to you. If you want Fridays off, you can have them off. If you want to take a sick day or a holiday, you can. It’s all up to you. Being able to choose your own work hours is often a key to empowering women.
• Work wherever you like.
Most small businesses can be run with just a mobile phone, an internet connection and a laptop. You can work anywhere you like. If you want an office, you can have an office. How empowering is that? If you want to work at home in your pajamas, you can do that too. It’s up to you. You’re the boss.
• Tax advantages.
Empowering women to be their own bosses is great. Having tax advantages is even better. If you purchase something for your business, it’s tax deductible. Of course, you have to make the case for it being for your business. Sorry, hot tubs cannot be written off as a business expense unless you run a spa. Expenses that can be written off for you, the empowered woman, include advertising expenses and business insurance to asset purchases such as cars and warehouse fixtures.
• More control over your income.
Empowering women to be their own boss also mean they are now responsible for their own income. If you’re not getting paid enough, you need to charge more for your products or services and get more clients or customers. This requires effort, of course. However, the more effort you put in, the more you make. How empowering is that!
• Choose who you work with.
Have a frustrating client? You can choose to fire him or her. You also don’t have to be around co‑workers you’re uncomfortable with. When you’re your own boss, you make the decisions. We think this part of being your own boss is very empowering for women. Choosing who you work with is a great perk of being your own boss.
• Do what you love.
When you work for yourself, you can do the tasks you like the most. Are you a writer at heart? Build a business writing for others. You’ll get to do what you love and get paid for it. That’s so empowering. It’s a great experience to see other people value you for what you are passionate about.
Cons of Being Self Employed
• When you don’t work, you don’t earn.
You may find that you enjoy your time off less because you could be working and earning money. That’s a bit of an annoyance when you work for yourself. You might also worry that you’re not giving your clients/customers what they need. If you’re not careful and empower yourself, you may find that you work a lot more hours when you’re your own boss than you did when you were an employee.
• Irregularity of pay.
As a self employed women, you may not have set times of payment each month or week. You may work in piece‑meal and your clients may pay at different times each month. There may also be times when you’re really busy and other times when you’re so bored you swear you can hear crickets in your head. This can make it hard to get loans and even pay your bills on time. You have to manage your money very well to be empowered to work for yourself.
• Do your own bookkeeping.
Unless you can afford to hire a bookkeeper, you’ll have to keep track of invoices and expenditures and maybe even do your own taxes. This can be tedious. It can also empower women financially because they know how much they make and how much they need to make to make ends meet.
• You don’t get sick pay, vacation time or benefits.
When you’re self employed, if you don’t work, you don’t get paid. You can take days off when you want to or need to, but you won’t be paid for that time. Hopefully, you have a partner with good benefits or it may not be wise to take on self employment. Funding dental and medical insurance on your own can be very expensive.
• You feel isolated.
Sometimes, you’ll miss the talk around the water cooler or the interaction with peers. Most self employed work is done in isolation. You deliver the end product to your client, but you do the work yourself. Make sure you keep up with your social life or you could risk becoming increasing isolated. This will not make you feel empowered.
As an empowered woman, you have the right to be your own boss. It can be very rewarding. Of course, there are some pitfalls. Now that you know what they are, you can make the decision as to whether being your own boss is right for you. Visit us here at SavvyChick.com® for more advice on self‑employment and other ways of empowering women. Feel free to leave a comment or two. We love hearing from you.