Self Employment

Working for yourself can provide you with many rewards. Self employment features us by: independence, personal satisfaction, social recognition and control of their own income.

People who work for themselves have the independence to make their own decisions. They decide what they are going to do and where and how they plan to do it. They decide how many hours they are willing to work and when to take time off. People who work for themselves find that they have more freedom, flexibility, and control over their work schedule and their employees.

What Is Self-employment?

A self-employed individual does not work for a specific employer who pays them a consistent salary or wage. Self-employed individuals, or independent contractors, earn income by contracting with a trade or business.

Fast Facts:

• Those who are self-employed work for themselves and contract directly with clients.
• The self-employed do not receive any employee benefits such as health plans.
•  The self-employed are not subject to tax withholding and are responsible for paying their taxes.

Types of Self-Employment

Independent contractors are businesses or individuals hired to do specific jobs. They receive payment only for the jobs that they do. Because they are not considered employees, they do not receive benefits or workers' compensation. Additionally, equal opportunity laws do not apply to them, and their clients do not withhold taxes from their payments for work performed.

Sole proprietors are the only owners of unincorporated businesses while partnerships involve two or more self-employed people who form a business together. Independent contractors, sole proprietors, and partnerships often hire a small number of employees to help them with their work.

ADVANTAGES:

Personal satisfaction
Self-employed achieve self-satisfaction. Personal satisfaction to be able to do their own things. Choose self-employed, you can do something you enjoy every day.
You can also obtain satisfaction through helping surrounding crowd. Can provide products and services and create employment opportunities for others.
Independence, control and freedom from routine
Another advantage of self-employed is to get freedom. – If you choice the self-employed you can get the freedom. You did not worried about the control by others and you just play you are own knowledge, skills and competence.
Profits
The main purpose of the self-employed is profit, Income minus all expenses is profit, and the profits go to business owners. Their own businesses can control their own income. Generally, if you pay more attention to you company you can get more profit, this is a different point to the employment. When the enterprise running smoothly, you want to much. Different types of businesses have different revenue potential, type of enterprise is one of the important factors in determining the level of income. Many businesses with long-term potential for success in the short term, however, they may be difficult to get profit returns.

Job securityFrom the self-employed, people can get the lack of job security for other forms of employment. Job security means is to ensure sustainable access to employment opportunities and income.
Social status
To some extent is all of people pursuit the social status. Self-employed through the successful operation and participate in social activities to attract the attention of the people, obtain to certain social status, which allowed them to enjoy other people cannot be happy and proud.

DISADVANTAGES:

Less security – you must make sure you always have work to do, this is your responsibility. This means you may sometimes don’t have work and don’t have income.
Fewer free benefits – You will have to pay for your own holiday time, pay for retirement plans by yourself, and also buy your own dental, disability and life insurance by yourself.
Paying taxes – As a self-employed person, you are solely responsible for doing all the paperwork and paying your taxes on time

so I would like to conclude by saying that a self employed person is self independent, he rather doesn't need to work for someone else but works for him self. All the losses that occur are been faced by him and all the profits goes to him. The self employed person owns his own business , so by which he can provide jobs to several other unemployed people and also combat the growing unemployment in country. 

Sources: Investopedia

https://www.investopedia.com/terms/s/self-employed.asp

Date: 12-03-2019