In the contemporary era, many people who failed to start a profitable business had no other choice but to search for a job in any industry. However, I believe that being the owner of a small-scale shop or business is much more beneficial than working under anyone. This essay will discuss both the merits and limitations of being boss of your own.
Self-employment has several benefits, which can’t be obtained when a person is employed in an industry. First of all, an individual can gain freedom and flexibility, such as an employee can decide their own working hours, organize things as per their preference, and choose their workplace. For instance, a freelancer in administration work can choose to work from home, and they can also make changes in their schedule accordingly. Moreover, self-employed individuals do not have any salary limitation. Unlike people who work several hours to get a fixed amount of funds, freelancers can increase their daily earnings by expanding their business, attracting more customers, and also by rising the prices of goods. Therefore, they can earn significantly more than an industrial worker, without any kind of deduction in their overall income due to work leave.
On the other hand, there are some obstacles that an independent worker needs to face while they own a firm. One of the major disadvantages is financial uncertainty. Unlike a company employee, who receives their salaries even after the company makes a profit or loss, a freelancer’s income is usually fluctuating, especially in the initial stage of a startup. They also need to utilize a portion of their income to keep the business running. For example, a newly opened shop needs to win the trust of people to attract more customers, which is generally very difficult for many shopkeepers. Until then, they might not be able to make any profit in their business. Furthermore, freelancers might not be able to get benefits such as paid annual leave, health insurance, paid sick leave, and a pension. Therefore, if a self-employed person wants to plan a trip or else if they fall ill, then during this duration, they might face a considerable amount of loss in their work, which will take a lot of effort and time to recover.
In conclusion, I believe that a person who wants to start their private company or shop will face many challenges throughout the journey. However, if they are able to sustain and create a good image in the market, then they will surely benefit from such a workline.