Have You Thought about the Costs of Being Self-Employed

Posted by Glen Craig under Startups
From http://freefrombroke.com 293 days ago
Made Hot by: Emma on September 3, 2012 5:56 pm

You consider the dream of self-employment where you set the hours and get to be your own boss. But it’s not all fun and games. See the costs of being self-employed.

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Written by Sian Phillips
288 days ago

You've made some very valid points. I've been self employed for 10 years and all of the above apply to me but I wouldn't change it either. And sometimes I do envy friends who are able to switch off at 5.30pm whilst I'm still working. One problem I have found is taking time off means no pay. And also it's very hard to take time off unless you go away and leave your laptop and phone behind. Also it's rare that someone steps in and does your job while you are off so you have to double up when you return. Sorry - had a little rant there lol. But I still wouldn't go back to being employed. Thanks for sharing on Bizsugar.com as always.

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Written by HeatherStone
288 days ago

Miranda,

These are a lot of very good points. Of course, one option, assuming you make enough money, is to incorporate and pay yourself a steady salary out of corporate profits holding back enough for some kind of benefit package. In this way, the company controls your income by doling it out on a regular predictable basis. The only thing you need to worry about is continuing to create and sell your products or services. That will keep enough money in the coffers to keep those steady payments coming.

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Written by lyceum
289 days ago

Glen Craig:

As an sole trader (sole proprietorship in American English), Miranda's post is a good reminder of the costs of being self-employed. Have you heard about the term "business employment"? It is an interesting alternative to being employed or self-employed.

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