Finance Globe

U.S. financial and economic topics from several finance writers.
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5 Self Employment Myths to Ignore

Before dipping your toes into the “self employment pool” it makes good sense to learn as much as possible about what your life is going to turn into. Just like anything, there are pros and cons of working for yourself. And just like anything, there are many myths circulating that could quickly get you off track.

The more research you do the more you will understand what to expect as you make this career change. Below are five self employment myths to ignore:

1. Long hours will now be a way of life. There is no denying the fact that many self employed professionals work longer hours than traditional employees. However, there is often times a good reason for this: they enjoy their work so much that it is actually fun to put in long hours.

2. You will never make as much as you could at your old job. This is one of the most widespread self employment myths. Fortunately, it is just that: a myth. You may not reach your previous level of income within a few months of working for yourself, but over time you have the chance to surpass this number. The sky is the limit when you are solely in charge of your future.

3. Self employment leads to a lot more stress. This is not exactly true. Let’s face it: you are sure to face career related stress from time to time, no matter if you work for a company or work for yourself. Many people would argue that self employment is less stressful since you have full control over your time as well as each and every decision.

4. Being self employed is lonely. It is true that you may be working by yourself, either from home or a rented office space. But does this necessarily mean you are going to be lonely, day in and day out? Definitely not. You can meet up with local customers, talk to prospects on the phone, and attend networking events when time allows (and those are just a few ideas). There are plenty of opportunities for social interaction as a self employed professional.

5. It takes a lot of money to start a business. This may have been somewhat true many years ago, but is no longer the case. Believe it or not, you can start an online business for a few dollars. All it takes is a domain name and hosting and you can be up and running. If you don’t have a lot of money to invest in your business, choose an opportunity that doesn’t require an abundance of upfront capital.

If you believe these five self employment myths to be true, you may hold yourself back from chasing your dream. Why would you want to do that?
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Wednesday, 12 May 2021

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