Given the financial independence and freedom to do what you're passionate about, self-employment can truly be a remarkable lifestyle choice. It's instrumental in increasing your net worth; moreover, it helps you design a lifestyle that brings about the perfect work-life balance.
What are the major reasons that make self-employment better than working for someone else? Here's a quick overview:
Being your own boss: While working under a boss, you are held accountable for the progress of the company and are incentivized for doing so. Conversely, self-employment is a more viable option, as you're your own boss. You are a company by yourself, engaged in selling your time and expertise to the clients. You no longer have an executive board scrutinising your every move and you can escape the ruthless competition. Your client will have a say in the final output, but their power stops there. The ways of project execution are completely up to you.
Your existing professional skills get refined: When you're an employee working 9-to-5 in a cubicle, you work along the boss's instructions and there is a little scope to customize anything. As a freelancer, your job changes constantly. Each and every day, you may need to learn. Additionally, if you are self- employed, you will need to adapt, and update your existing skills as need be. Each new client is a new challenge. Self-employment often lets you be more creative and your skills grow with your business.
You can diversify your job profile: Self-employment isn't a 9-to-5 job where you're confined within a department. The time flexibility can enable you to learn new things, even if they're beyond your existing qualifications. Search and enrol in good online courses of reputed institutions. If you're able to learn recent web design trends, be motivated and have entrepreneurial spirit, you may be able to prosper as a freelance web designer. If you already have an aptitude for programming languages, creating sophisticated mobile apps can be a well-paid career choice. If you understand financial markets, binary options trading and forex day trading are a practical occupation for you.
Flexibility of working hours: Self-employment gives you freedom to decide when you will work. Set a schedule that suits you. For instance, if you have school-age children, you might delay work till they leave for school and conclude your workday before their arrival. If your mind works best in the afternoon, you may wake up late in the morning and start working around noon.
Earn more, reduce expenses: Self-employment can potentially be a win-win situation. The money paid by your clients comes directly into your pocket. Your income is directly proportional to your productivity. Increasing your earnings potential can be achieved by finding more clients. On an average, self-employed persons earn 45% more than the office-goers. If you're working from home, you can avoid stressful and lengthy rush hour commutes and lessen fuel expenses. Being home during lunch hours reduces the money spent on buying meals. Moreover, you can reduce child care expenses. You can avoid hiring and spending for professional help for the maintenance of your home. Even if you have a Skype session with your prospective client, you have greater freedom of choice over what you can wear. Often you can choose to be casual or you can still wear formal attire and treat the Skype call as you would a face-to-face meeting.
Freedom to choose how you work: You can improve and expand your workspace to your heart’s content. Dual monitors, a standing desk along with a treadmill, or a play-station – all of these choices are based on your preferences. You can get new equipment as soon as you need it. You don't need to ask someone for office supplies or essential equipment, nor do you have to tolerate their delayed supply.
While a self-employed person is likely to work single-handedly to achieve multiple deadlines and obtain new projects, it often gives you the chance to move out of your comfort zone and the end results can be truly rewarding. Trading binary options can be an excellent way to complement a self-employed individuals’ income, thanks to its flexible nature and 24/7 trading opportunities.
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