Pros and Cons of Being a Self-Employed CEO of Me
I have been 100% self-employed and living the CEO of Me® life for a long time now. I have a lot of people tell me they don’t know how I do it or that they don’t think they could do it. I also have a lot of people ask me to share my secrets to success. That was part of the inspiration for starting this blog over a year ago. I am excited to finally be starting on a series of articles all about how to be a successful CEO of Me®.
While being self-employed is very rewarding, there are a lot of things you need to consider before starting your own business. Being self-employed is not for everyone. Below are a few pros and cons you need to consider before beginning your journey to be a CEO of Me®.
- Set your own hours each day / week, no 8-5 time clock
- Being your own boss and in control of your career and life
- Put your family first, ability to be there for your kids’ activities and to watch them grow up
- Opportunity to make unlimited income
- Minimal monetary investment needed to start your own business
- Working from home
- No office or corporate politics to deal with
- Save money on gas, wear & tear on your vehicle and also save money by not having to purchase expensive work clothes
- Support, recognition, friendship from others in your business or field
- Being able to make a living doing something you love and feel passionate about
- Having a business of your own is something you can take pride in and feel a great sense of accomplishment from
- Ability to show your children/friends/family that they can also do anything they put their mind to
- Use your talents and skills to the best of your ability
- Terrific tax benefits and deductions you can take advantage of as a home-based business owner
- Must be disciplined enough to actually work your business and put in all the hours necessary to run a business as it may take more than 40 hours a week when you are starting out.
- You will need determination, drive, passion, energy and commitment to be your own boss
- Must be able to work with kids in the house or find ways to involve your kids / schedule your work and still work
- You may have to invest a huge amount of time, energy, sweat and even tears before you begin making a significant or full-time income
- No long commute, but you still need to get up, get dressed, have an office area and actually work each day
- Friends and family who may not understand or support your self-employed venture
- You will need to believe in your dream, your business and yourself more than anyone else does
- Having to play all roles of a business – CEO, secretary, accountant, customer service, shipping department, conflict management and maybe even the janitor too.
- Your income will change every month and some months will be better (or worse) than others
- You will need to provide your own insurance and invest in your own retirement plan
- May need to purchase a new computer, software or other electronic products
- If your business includes making a craft, handmade item or selling a product, you may need to purchase inventory or supplies.
- You may need to purchase a business license in your town or county, may need to consider filing for an LLC or trademark.
- Space for a home office and / or storage area
I hope the cons don’t scare you away. The rewards you will gain from being self-employed are worth so much more than any of the negatives. The bottom line is that if you are willing to sacrifice a little time, energy, sweat & money, you can get back a huge reward, financially, emotionally and mentally in the long run!
What about you, are you or have you ever been self-employed? Are there any other pros or cons you have experienced? Feel free to comment below and share your thoughts and experiences!