The idea of being your own boss may sound great when thinking about it. Are you prepared for being your own boss? Here are ten tips regarding the pros and cons of being your own boss.
1. A pro is the fact that you don’t have to report to anyone except for yourself. This is nice since you can basically make your own hours. Another advantage is you don’t get yelled at for being late.
2. A con is that you don’t get a paid vacation anymore each year paid by an employer. You don’t get anymore paid sick days either. This is the downside of being self employed since you don’t get any of those anymore.
3. Another con of being your own boss is that your employees may get paid vacation days and sick days, but you don’t since you are paying yourself anyway. The employees get a better deal than you three weeks out of the year, but on the bright side you end up making more money than them anyway.
4. One of the cons is that if you are running short on money then you might not get paid as much money as the rest of the other employees. It is one of the disadvantages of being self employed is that you aren’t really gauranteed a certain amount of money.
5. The pros is that you get to choose what is covered on your business group health insurance. You can choose whether to add or eliminate certain things such as eye, dental, vision, and pregnancy coverage in the health insurance package.
6. The cons is you are responsible for almost everything that happens with your company. You don’t have much protection from lawsuits and everything else when your business is just a DBA and not a LLC.
7. The pros is that you can choose to take a vacation whenever you want to. It doesn’t matter how long you are on vacation since you are self employed. You don’t have to worry about getting fired.
8. The cons is that you have to pay your own health insurance each month. This is an large amount of money out of your pocket each month depending upon the type of health insurance business group policy that you have.
9. The pros you can usually move your company with you therefore it will enable you to always be successful no matter where you live at. This is important since you will be able to take success with you by opening up a new office each time you move.
10. The cons you have to pay for your own retirement plan basically. Since you don’t work for another employer that will match the amount that you put into your retirement then you are now responsible for paying for everything for retirement.