Self Employment – Definition, Types And Advantages

Self Employment is a state of working in which the individual works for oneself rather than working for any specific employer. If you are a skilled professional, Self employment offers you independence from the employees, plus it also offers different financial rewards.

An Self Employed individual is named so when he does not work for a particular employer and gets paid with a consistent wage or salary. Contracting with a trade or a business is their source of income. These include sole business proprietors, independent contractors, and individuals engaged in partnerships.

In this post, we will be diving deep into the world of self-employment, and understand different types of Self employment options for you. So, without any further ado, let us get started-

Introduction to Self employment

Building a career might be one of the most important goals that we have.

However, when it comes to building a career, some so many people have different thoughts about it.

While some want to have a desk job that can provide them with a proper and consistent salary, some others don’t want that kind of a lifestyle.

For the people who belong to the latter group, Self employment is one of the options that they can try out to have some money now and then.

Whether you are starting with your career recently or you want to have a break from the same old tedious job that you have, Self employment can prove to be a great help. That is probably one of the main reasons why people seem to be so interested in having some fantastic Self employment opportunities in their entire lives.

This is why we are here to talk to you about it. Here, in this article, you will get to know about Self employment and whether it is the right choice or not.

So, make sure that you are listening to what we have to say so that you don’t end up missing out on anything in particular.

What Is Self Employment?

When it comes to deciding the career, some people tend to be self-employed.

If you want to try that out, then it is essential to know all about being self-employed. A self-employed person will not work for any specific organization or company.

A self-employed person will not precisely have an employer who is there to pay them money consistently. So, there will be no wages of any kind.

Independent contractors or self-employed individuals tend to be the ones who have contracts.

This is precisely how they can earn money in the best way. The income that they get is from some contracts that they have with specific businesses. There are certain cases where the employer will not be able to withhold any taxes for sure.

So, that is something that the self-employed person will have to look for himself. This is one of the most important things that you need to know about self-employment.

There is not a single speck of doubt that Self employment is a pretty popular choice that most people tend to have. However, there are a few things that they need to know for sure. Like different types of self-employment, there are some advantages and disadvantages here.

Types of self employment

Following are a few of the various types of Self employment options a person can have:

1) Freelance Jobs

This is one of the most popular forms of Self employment options. In this, you can get different types of job opportunities as per your skills and expertise. Different types of freelance jobs that are available for you are-

• Web design
• Photography
• Accounting
• Writing
• Virtual Assistant Service
• Landscaping
• Repair work (specializing in jewelry, furniture, vehicles, or other areas)
• Personal training/fitness coaching

2) Virtual Assistants

Virtual assistants or VAS have the responsibility to manage multiple types of tasks for the business owners they work with. The tasks can be from handling social media to managing inbox. It depends upon the specialty from person to person.

3) Blogging

Efficient writers who are experts in particular niches can opt for this Self employment option. Even, one can run the blogging portal business as well and make good money. It is also one of the top-rated freelance job options. It also offers an excellent Affiliate Marketing opportunity to the blog owners.

4) Errand Service

This includes handling various tasks for clients such as managing laundry, picking up groceries. The hourly fee or price per errand is set in advance. It can be the right option for those who want to go out of their home and work with some of the clients in the area.

5) E-book Sales

In case you have the knowledge and expertise in any specific field, then you can also share your knowledge in the form of e-books. You can easily find out different self-publishing options via various platforms such as Amazon.

6) Graphic Design Service

A person with knowledge of graphic designing can work for designing websites, logos, etc. for businesses. It is one of the best Self employment options for skilled designers who are well versed in different types of creating works.

7) Social Media Consulting

In today’s time, Social Media plays a crucial role in marketing and advertising for the businesses, and if you are well aware best Social Media Practices, you can choose Social Media Consulting as your Self employment option.

8) E-commerce sales

A person could start his market place using e-commerce websites such as eBay or Amazon. One can also create his website to sell products online. Creating an e-commerce store is one of the most favorable Self employment options

9) Personal Training

A person can provide services such as personal trainer. The clients can be handled both offline and online. The services may include anything from fitness to health and diet.

10) Makeup Artistry

If you are a well trained and certified beautician, you can opt for this Self employment option. This job is always going to be in trends, and your success will be directly proportional to your expertise.

11) Tutor Training

This is an excellent option for people interested in teaching. They can train students one-on-one in their specialized subjects.

12) Photography

The person with excellent skills in photography can start his photography services to clients on their various events. It can also be done online where the person can sell his work through the internet.

13) Event-Planning

People with strong managerial and communication skills can start with event-planning, handling various types of personal and corporate events for their clients.

14) Online Product Selling

Those who are looking for passive income, they can opt for this type of self-employment. If you are aware of online frameworks, websites, and basics of digital marketing, you can sell different types of digital products on the web.

Advantages

Here we are going to mention some of the essential benefits that one might get when they are trying the Self employment thing for a while.

1) More Independence

There is not a single speck of doubt that there are people who love their independence when it comes to working. The people that you work for in the case of Self employment are not your employers.

They are the clients that you have. So, as the role of the client states, they will only be able to ask for the results that they want from you in the first place. However, they will not be able to direct the way you are doing the work. This is one of the main benefits that tend to make Self employment a good thing.

So, it offers the flexibility of working hours. A person can choose his working hours as per his comfort and need. Since there are no predetermined working hours, he can also indulge in his hobbies.

2) It Is Your Choice

In a job where you have an employer, you are limited to a single industry where you need to do routine work. This is something that you don’t have to worry about when you are trying out the entire Self employment thing in your life.

You know what that means, right?

You will easily be able to make sure that you can do pretty much anything. No matter what field you choose to work on, it will be entirely your choice. Not to mention that you will also be able to make some changes if you want in your jobs for sure.

It will offer you the opportunity to do what you love. One can tailor his job according to his skills and interests. It is not just advantageous for the employee but also for the client who gets work done with high quality and expertise.

3) Financial Rewards

When you are self-employed, there are so many options for you. Business is always an option that you can try out. Not to mention that there are going to be some profits as well. Individual companies tend to pay more to independent contractors.

This could be an excellent opportunity for you. That is probably one of the main reasons why people want to make sure that they are trying the Self employment thing for once. We are pretty sure that this is going to work in the best way.

There are various expenses you can cut when you are self-employed, such as you do not commute to the workplace every day, savings in taxes, etc.

So, by opting for Self employment option, a person is free to choose the clients based on his own choice. Unlike corporate or other businesses, he or she is not bound to do what his boss has assigned him.

Disadvantages

Here are some of the disadvantages that people need to know about Self employment for sure.

1) Less Security

There will not be much security when you are self-employed. You might not even get paid sometimes, which will further increase the problems. This is something that most people tend to worry about, and that is why they don’t want to choose the Self-employment path for sure.

2) Free Benefits Are Less

When you are self-employed, you are not going to get paid holidays. Also, you might have to pay for the vacations that you have on your own. Not to mention that there is going to be a lot of trouble in having the retirement plans for which you need to pay on your own. You also need to take care of your health and life insurance on your own as well.

3) Taxes

For a self-employed person, it is essential to make sure that they can adequately do all the paperwork and handle the fees in the best way. If they are not able to do that, then there is a chance that they have to face the harsh consequences. So, this is another drawback that people need to think about.

Challenges of Self employment Jobs

1) Less security

There can be some times when the person does not have any work and has to live without income. Thus it is his responsibility to find a job to get a consistent source of income.

2) Fewer free benefits

There are no benefits that one may arrive on a permanent position as an employee to his company. These may include free vacations, retirement contribution plans, health covers, education covers, etc.

3) Paying taxes

Paying taxes on time and doing all the paperwork is a person’s responsibility.

4) Increased risk

Things may go wrong, and it becomes your responsibility, on the whole, to correct them since you don’t have any reporting person to discuss your issues.

Self employment Wrap Up!

So, there you have it, people. These are some of the essential details that you need to know about Self-employment. We hope this article helped you out.

In today’s time, there is a significant increase in Self employment opportunities across the world. Also, the booming prevalence of online setup is connecting the world in the best way possible, and that is why efficient individuals can offer their services from any part of the world.

Are you also self-employed?

Did we miss any of the Self employment job opportunities? Share your thoughts in the comments below,

Liked this post? Check out the complete series on Business