Becoming Your Own Boss: The Pros and Cons of Self-Employment

By Con Kittos, Executive Chairman, Asuria

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. 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.

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 directly 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 throughout my career 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.

You don’t have to worry about being bogged down by company policies since there’s no one else telling you what to do or how to do it – you are your own boss.

Being your own boss allows you the freedom to set your own hours and pursue the projects that excite and interest you most without worrying about having to stay within certain boundaries.

Additionally, 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 also drawbacks when it comes to being self-employed. One of the biggest disadvantages 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.

Furthermore, it can be hard for entrepreneurs to take time off from work since they are solely responsible for all their tasks and commitments; 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 already 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 for a company 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 unfulfilling and lacking in creativity. For many people, 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.

How Asuria’s Self-Employment Assistance program can help you

The Self-Employment Assistance program offers flexible support services for establishing a company or business idea.

Working with your own Business Mentor, the Self-Employment Assistance program can help you turn your business idea or existing small business into a viable business. The program allows you to choose the level of support that meets your needs and the needs of your small business.

At no cost to you, Asuria Business Mentors can help with starting your own 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. Learn more about Asuria’s Self-Employment Assistance program by clicking here.

Whatever option you choose—good luck on your journey towards success!

Written by Con Kittos, Executive Chairman, Asuria

Con J Kittos is an entrepreneur, mentor and global business leader. As the Executive Chairman of Asuria, he is responsible for leading a global company that assists people to find and keep a job, start a new business or to improve communities. He also authors in-depth guides that teach entrepreneurs ways to start, manage and scale their businesses.