A big decision for many potential entrepreneurs is whether they should be self-employed full time or part-time. Both come with many pros and cons. However, there is no cookie cutter answer; it is what’s best for each and the circumstances.
There are many reasons that being self-employed full time is attracting more and more people every day. Being self-employed gives you many more opportunities for self-improvement than working for a company full time ever could. While giving you a career you love and allowing you to bring in money. Being Self-employed lets, you spend time building the skills you want and gives you the flexibility everyone dreams of. Whether it be taking your children to school, or going to the doctor, there is no worry about being late or needing an excuse. You are your boss and answer to no one else, which not only gives you the power to choose what you want to wear but, it allows for more open availability for you and your clients.
While answering to no one and having flexibility sounds like the perfect job, there are also cons that come along with all of the pros. Being self-employed full time does not come with a benefits package, like most full-time jobs. Which means no healthcare insurance, paid sick days, or vacation time. However, it does come with distractions around the home and a lack of social interaction daily. If the distractions around the home become too distracting, it can also hurt your income, because, with self-employment, there is no weekly paycheck or contract signed for a yearly salary. What you work for and accomplish is what you get paid for, which makes for an unsteady income.
Being self-employed part-time seems like it would be the best of both worlds, you have your day job, whatever it may be and also get to do what you love. There are many pros to being self-employed only part-time, such as the possibility to be working a full-time job during the day or continuing your education. Starting part-time also gives you time to build your client base, test out your business to see if it is something you would want to pursue full time and if it would be sufficient enough to support your household. Part-time is also a bridge that allows potential entrepreneurs time for a trial and error period, that allows them to discover if they can daily be their boss.
Along with the many benefits that come with part-time self-employment, there are a few cons that should be mentioned. If you are self-employed part-time, you are not going to be able to slack off at your daily responsibilities such as a full-time job or school, or your part-time job, so you will have less free time than you did previously. If you have a full-time day job, you also may have to inform your supervisor of your plans, depending on your contract. Either way, it is smart to inform them. You must also find ways to communicate with your clients that will not interfere with your full-time job. Lastly, your new business will most likely not bring in a steady stream of money in the beginning.
As mentioned earlier, there is no specific answer to this decision, but potential entrepreneurs should take time making this decision and look into what will be best for their circumstances. If you are currently self-employed, we would love to hear from you about your specific experiences.