Whether you are thinking of starting your own business, or you already have, it is nice to be reminded of the benefits of working for yourself. You already know the difficulties, such as having the success of your business fully set on your shoulders. But working for yourself has many valuable perks. Here are just a few.
Set Your Own Hours
When you work for yourself, you set your own hours. This means that you can get the work done when it is most convenient for you. With flexible hours it is much easier to create a healthy work/life balance. You can schedule in time for personal fitness, relaxation, service, and hobbies. Best of all, you can work around the needs of your family. When you work for yourself, you might never miss a soccer game or dance recital again! Everyone knows there is a lot of time wasted at most corporations on inefficient processes, non-productive tasks, unnecessary meetings, and clearing all that red tape. When you work for yourself, you determine how effective you are with your time. When you are focused and work efficiently, you can get far more done in a shorter amount of time, allowing you to enjoy other interests more often.
Save More for Retirement
Many retirement plans for the self-employed allow you to save more each year than typical plans. Some standard plans have a fairly low ceiling on annual contributions. When you are self-employed, you can max out on plans with higher contribution limits. When you are self-employed, you get a double bonus for every dollar saved. First, as an employee, you make your personal contributions tax-free. Second, as an employer, you can make a certain percentage of tax-deductible contributions with company funds. SEP IRA’s are a great choice for the self-employed. A SEP-IRA can let you put away up to 61,000 every year. They are also easy to administrate and don’t require yearly reports to the IRS.
You Get More Control
When you work for yourself, you get to decide everything from the workload you want, to the marketing strategy, to who your coworkers will be. This is no small benefit when you think about all the conflict that arises in standard businesses. With so many ideas flowing in, it can be hard to nail down the best way to approach various situations. Self-employment isn’t for everyone, but if you have the ideas and the drive, you get to follow your passion in whatever direction it leads.
If you are unhappy in your current job and have a great business idea, go for it! Your hard work, passion, and dedication will pay off in the end. Plus, you will have the satisfaction of knowing that you built something great from the ground up.
Check out this article on common blind spots when working on self-care!
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