Becoming your own boss: The pros and cons of self-employment

Women in business
Women in business

As a young man, I dreamed of becoming an entrepreneur and starting my own business. But with great jobs in my 20’s and 30’s my dream was kept at bay – contentment was earned via a salary instead. Life moved quickly. Marriage brought more commitments followed by children and a house in suburbia with the associated mortgage, car loans and school fees.

What was my self-employment journey like?

No way could I now go out on my own and start my own business. I had clearly decided not to follow my dreams of independence. So, I focussed on the security of a paid job. Anytime the idea of starting a business came up, I quickly dropped the thought, justifying my decision on the fact that I was earning good money, in a great career, so why change this.

However, after witnessing how other businesses were being run, confidence was gained; maybe starting my own business and making something work on my own wasn’t too far out of reach? The thought of starting my own business niggled and nagged at me.

Years went by and I became older and more financially secure, and I finally mustered up the courage to take the leap! And what a leap that was. Today my business, Asuria, has grown to generate revenues of well over $100m a year, employs more than 750 people and operates across Australia, Sweden, Saudi Arabia, and the United Kingdom. I am extremely humbled to be able to serve employees, customers and governments around the world.

The business has become a huge success. What I now realise was that I was always too afraid to take the risk of starting my own business. I was afraid of failure, of not being able to provide for my family, and of not being able to make ends meet. It is true that not all businesses succeed like mine and deciding whether to become an entrepreneur or pursue a more traditional job is a big decision that everyone must make for themselves.

It can be a daunting task to weigh the pros and cons, but Asuria has assisted hundreds of entrepreneurs in getting their businesses off the ground and I want to do my part by sharing my experience and what I’ve learnt as an employee and as a business owner. This article will provide you with my personal insights and learnings into the differences between self-employment and being your own boss and getting a job and being an employee.

The pros of Self-Employment

Working for yourself has many advantages. When you’re self-employed, you have autonomy over your work schedule and therefore you can choose when you work, maybe even where you work and how you choose to spend your working hours as well.

You don’t have to worry about being bogged down by company policies since there’s no one else telling you what to do – you are your own boss. Being your own boss allows you the freedom to set your own hours and pursue the projects that interest you most without worrying about having to stay within certain boundaries. Also, when working for yourself, there is potential for unlimited profits; the harder you work, the more money you can make!

The cons of self-employment

Of course, as with any situation there are several drawbacks when it comes to being self-employed. And one of the biggest disadvantages to this is financial uncertainty; since income isn’t guaranteed, it can be difficult to budget or plan ahead financially. Additionally, entrepreneurs must wear many hats—from marketing guru to accountant—which can be stressful at times and may require additional knowledge or skills that need developing.

Also, it can be hard for entrepreneurs to take time off from work since they are solely responsible for all their tasks; there is no one else who can pick up the slack if needed.

The pros of getting a job

When compared with self-employment, getting a job and being an employee has its own set of benefits too! For one thing, jobs come with structure which means that everything from your salary expectations to hours worked are predetermined; no guesswork required!

Being an employee can also come with safety nets such as superannuation benefits which help employees save money for their later years. When working as an employee, this can provide stability which helps employees feel secure knowing that they have income regardless of what other business ventures may fail or succeed outside their day job.

The cons of getting a job

While being an employee and having a job can provide many benefits such as a steady income and opportunities for career growth, it can also have some disadvantages. Many jobs can be stressful, especially if they have demanding workloads or tight deadlines.

This can lead to burnout and can negatively impact your mental health. Jobs often have set schedules and can require you to be at work during specific hours. This can limit your freedom and make it difficult to balance work and other aspects of your life. In many jobs, you may have limited control over what tasks you work on and how you complete them.

This can make work feel lacking in creativity. For many, getting to and from work involves a long and often stressful commute. This can take a toll on both your time and your finances.

Which direction should you choose?

Both self-employment and getting a job have their pros and cons—it’s up to each individual person to decide what works best for them based on their personal circumstances and goals in life! Ultimately, if you’re looking for flexibility while still receiving some financial security then pursuing a career as an entrepreneur might just be right up your alley!

If you are interested in learning more about the pros and cons of starting your own business, then speak to one of Asuria’s Business Mentors! Through the Workforce Australia – Self-Employment Assistance Program, our Business Mentors can help you get your business idea off the ground and running at no cost to you, funded by the Australian Government.

How our Self-Employment Assistance program can help

The Self-Employment Assistance program offers flexible support services for establishing a business idea. Working with a Business Mentor, the Self-Employment Assistance program can help you turn your business idea or existing small business into a viable business.

It allows you to choose the level of support that meets the needs of your business. At no cost to you, Asuria Business Mentors can help start a business or improving your existing small business through its flexible services and accredited small business training, including:

  • Exploring Self-Employment Workshops
  • Business Plan Development
  • Accredited Small Business Training
  • Business Advice Sessions
  • Business Health Checks
  • Small Business Coaching.

You may also be eligible for financial support while you start and run your business as part of Small Business Coaching. For more about Asuria’s Self-Employment Assistance program, visit the website. Whatever option you choose—good luck on your journey towards success!

Con Kittos is the Executive Chairman at Asuria.