Self-employment comes with a lot more risk. If you have a sick month, you are not guaranteed a paycheck. In addition, you are completely on your own when it comes to covering health, pension and business expenses. It is not possible to submit an expense report and be reimbursed. By doing some research, you can learn on making self employment work for you. Everything you invest in your business comes directly out of your pocket.
Unlimited Monthly Income
One of the most important benefits of self-employment will be the ability to produce endless income. Unlike many professions in the business world, your salary will not be capped or limited. It’s up to you how much money you end up making. Either you work more, advertise, or even both. This is huge, but it also includes a lot of responsibility. You get paid for the work you do, not just for showing up and punching the clock.
Save Money on Transportation
One of the biggest advantages of being self-employed is the money you save from transportation. You probably don’t even think about how much it costs you to drive to work because it has become a habit for you. It’s about 50 minutes a day, round trip. Let’s say you pay about $30 a week in gas to get to work. If you don’t force yourself to drive to work, you could fill up after only a month. This doesn’t even take into account the wear and tear on your vehicle. More importantly, you get something far more valuable: Your time. Transportation to work might not be the most obvious cost, but it definitely adds up.
Save Money on Clothes
While this may not be true for many self-employed people, if you work from home, you can save on clothing expenses throughout the year. If you work in a specialized office environment, you should dress accordingly. Even in cases where you don’t have to wear a suit daily, you are still expected to look professional. When I work at home, I put on my pajamas whenever I want, and no one else could tell the difference.