9 Benefits of Working for Yourself

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9 Benefits of Working for Yourself

Intro:

Most people dream of becoming self-employed so they can call the shots. Entrepreneurs run their companies on their terms and according to their principles. 

Suddenly, management is no longer looking over your shoulder, and you can take risks. Even though entrepreneurs do not answer to management or executives, they respond to their clients instead.

Ensuring that each client is a good fit for your culture and skills keeps your sales pipeline flowing. Otherwise, you’ll find yourself hunting for clients instead of working.

The events of 2020 proved that it’s possible to work remotely on a large scale. Technology had already created influencers and digital nomads. However, neither had become mainstream. As the American economy re-stabilizes itself, employees continue heading back to the office.

Working for yourself also delivers other benefits. For example, you can pick your clients. It’s also easier to become an industry thought leader.

We outline nine benefits of working for yourself.

1. Test the Market

Entrepreneurs see the world differently than others. For them, every door and window poses opportunities. After the dot com crash of the early 2000s, Silicon Valley entrepreneurs did not give up.

It took them a few years to reground. Nonetheless, they strengthened and pushed out their agenda with more force in 2008. The business world became very well acquainted with Zoom. However, the company launched in 

Therefore, working for yourself means testing the market with new ideas. Any ideas that don’t pan out aren’t lost causes for entrepreneurs. Instead, they use their experiences to pivot in different directions. 

This article provides tips on how to start a freelance business.

2. Explore Entrepreneurship

Some entrepreneurs started selling textbooks online. Then, they grow platforms that also accommodate entertainment and government contracts.

Other entrepreneurs keep things small. For example, rideshare drivers are entrepreneurs, including in the eyes of the United States Internal Revenue Service.

It’s not necessary to jump into entrepreneurship 100% in the beginning. You can explore it by starting a shop on Etsy, driving a few hours on the weekends, or writing a few pieces of content for the web.

Then, see how it goes. If you find a market for your skills, services, and goods, you can explore how to scale them.

3. Earn More Income

Like employees, freelancers have income brackets. In 2022, the average freelancer earned $22 hourly. Full-time freelancers will outearn their part-time peers. Freelance writers can earn $60,000 annually, while their programming colleagues can make six figures.

Freelancers can earn more income than employees for a few reasons. 

For example, freelancers can negotiate rates per project. Employees must wait for their reviews. Some clients hire contractors since their team doesn’t have the niche skills a project demands. Therefore, they budget to pay more.

Moreover, as you establish your routine, you can fill your calendar with well-paying projects year-long. Thus, you’ll pull in more revenue than employees without working too many additional hours. 

4. Establish Your Schedule

Freelancers want to remove themselves from the 9-5 grind and work on schedules that fit their style better. Therefore, the draw into self-employment is establishing schedules according to their preferences.

Some individuals have practical reasons for seeking this benefit. For example, they might care for family members. Therefore, they must work on a schedule that affords them that possibility.

5. Work Remotely

Other individuals who have outside-of-work responsibilities cannot commute to an office daily. Therefore, working for themselves allows them to work remotely.

Offsite contract work is not new. Many professionals in the home improvement field fall into the self-employed labor group. The dot com crash strengthened the resolve of Silicon Valley entrepreneurs. They continued working on the technology that aided remote work in 2020, such as Zoom.

However, influencers and digital nomads had already tested the power of technology. Individuals had already started working in affordable parts of the world, enabling them to explore other cities and cultures.

6. Improved Work/Life Balance

Self-employed individuals work more hours than their employee counterparts. However, freelancers can piece together a better work/life balance.

Since Monday through Friday from 9 am to 5 pm plus commute time is not spoken for you, you establish your work schedule. You can attend your kids’ soccer games since you’ll work after they have gone to bed.

If you need to take your family member to the doctor weekly, you can since your laptop and internet connection help you work in the waiting room.

7. Pick Your Clients

Freelancers build their sales pipeline and ensure that work flows throughout the year. Self-employed individuals will experience more boom and bust periods than traditionally seasonal industries. 

Employees and managers don’t always have the freedom to pick their clients – freelancers have more leeway.

Keep in mind that freelancers will work with an array of clients. It’s wise to give each one a chance to determine if the two parties can build a long business relationship. However, some clients will not become a good long-term fit and you will need to learn to be assertive when dealing with them.

Nonetheless, you can explore your ideal client profile. Then, work to continue finding them. 

8. Become an Industry Thought Leader

Freelancing can become an isolating field of work. However, it opens up the possibility of becoming a thought leader in your industry. Sticking to a niche allows you to see trends more clearly. 

If the trends act as obstacles, you have the time and experience to find solutions. Some trends don’t point to the best future results. You can start talking about it before the trend blossoms.

9. Pivot on a Dime

Making mistakes is part of entrepreneurship. Entrepreneurs make mistakes since they aim to improve existing processes or invent something new. 

Start-up entrepreneurs have become the most experienced pivoters. They seek to establish one business and find out that it’s not possible. Start-up entrepreneurs have additional pressure. 

Most work with venture capital and private investments. Therefore, they cannot lose the investment altogether.

Sometimes, they need to pivot to find success.


Conclusion

Working for yourself offers several benefits. Freelancers can develop a solid work/life balance and pick their clients. In addition, they can explore entrepreneurship and see where that road will take them.