Pros & Cons Of Self-Employment!

Pros & Cons Of Self-Employment!

Hello sparrows and welcome back to
GreenEyedStarlet! If you are new here then hello, I am Brandy and I’m trying to
create a life worth living through art, movement, and exploration! In today’s video we are going to be talking about the pros and cons of self-employment. If
that sounds like something you’d be interested in then give this video a big
thumbs up and keep watching! So if you’ve been watching my channel for the last
month or so you’ll know that I recently quit my day job to pursue the
adventurous lifestyle of someone self-employed and boy has it been an
adventure! If you are new here then I highly suggest that you check out my
self-employment playlist, there you’ll find reasons why I left my job, some
signs that maybe it’s time for you to quit your job, as well as a few things
you should know before you do decide to quit your job and in today’s video we
are going to be talking about five pros and five cons of self-employment for
those of you who are thinking about going this route. Before we get into the
pros and cons let’s define self-employed because I feel like a lot of the times
people leave out half of the definition. So here it is: self-employed; adjective;
working for oneself as a freelancer or the owner of a business rather than an
employer. I think it is important to go over this definition because I think a
lot of the times people forget the freelancer part of self-employed, you do
not have to build your own business, create your own business or anything
like that to be self-employed. You can get a paycheck from someone else and
still be self-employed. Now that that’s defined let’s get into the pros and cons.
Pro number one you get to build your dreams. When you’re self-employed you get to follow your dreams. You get to create your dreams. No one is telling you what
you have to do, when you have to do it. You get to do whatever you want here and
I think that’s a really big thing because when you’re working for someone else a lot of the time you’re helping build their dreams which is very
important, people need help building their own dreams but when you become
self-employed it’s time to work towards your dreams and that’s a really big pro
for a lot of people. The first con is that all the responsibility becomes
yours when you’re self-employed. Especially when you’re first becoming
self-employed, you’re not gonna have a team, that means you have no one to blame when you don’t meet your own deadline. You don’t have anyone to blame when
you’re not out there advertising for yourself and creating and trying to
network for yourself. It’s all on you and not everybody can handle that
kind of pressure. The second pro to being self-employed is deciding when and where you work. That was one of the most attractive things to me when I was
deciding whether or not to become self-employed because I love to travel.
I love to go explore the world and I like the flexibility of creating my own
schedule whenever I want and you’ll often find that a lot of self-employed
people work from home which saves things like gas and rental charges if you are
going to be renting out an office for yourself. The second con is that it can be lonely, especially when you’re your own boss, your own co-worker, your own secretary.
There are gonna be multiple days where you don’t even get out of the house or
“office” and that can take a toll on a lot of people, especially if in the past
going to work was the only time you socialized. The third pro of being
self-employed is that you’re always learning and growing. When you become self-employed like I said you have to wear a lot of hats! You
become the boss and the secretary and the bookkeeper and all of that and a lot
of us don’t have that knowledge right off the bat, so we have to remember to
keep learning! We have to take self-improvement classes, we have to look up a lot of things on the internet and that’s okay! It’s adding to your skill
set and that can never be taken away from you! The third con is that you have
to be extremely disciplined. There’s no one looming over you anymore, threatening to fire you or dock your pay if you don’t meet your deadlines or your quotas.
It’s only you so you have to be extremely disciplined and motivated even
on the days that you don’t feel motivated at all. You have to be able to
force yourself and sit down because there are multiple days that we have all
not wanted to go into work but we had to because we were scheduled and we needed that money. The fourth pro of being self-employed is
that this is a great time to diversify your income streams. When you’re
self-employed, when you’re a freelancer you can take on a lot of different jobs.
For me I call it gig work. I can work with a lot of different companies in one
week and make different paychecks from all of those places. It also allows you
to create your own rates so instead of coming to a nine-to-five job where they
tell you how much they’re going to pay you hourly you get to come in and be
like “Hi my name is Brandy, this is what I can offer you and these are my rates”. As someone who is self-employed you don’t want to
put all of your eggs in one basket because if that does fail unfortunately
you’re gonna have to scramble to pick everything up but if have you know three four five maybe even seven streams of income you can rely on
those other ones, if one is not doing as well one month or if one just crashes
and burns completely. If you guys would like to learn a little bit more about
income streams let me know in the comments down below and I’ll try to make that video for you guys! The fourth con of being self-employed is
that work does not always equal pay. So now that you’re working for yourself you
can’t exactly cut yourself a check for everything and when you’re just starting
off you might not even have the clients or the hours to get a paycheck and you
can’t be discouraged by this. You should definitely not be considering quitting
your job if you think you’re going to be working less hours for more pay.
Obviously down the road that is definitely the goal and we all hope for that
but when you’re first starting out you’re going to be working more hours
than you’ve ever worked in your entire life and probably harder than you’ve
ever worked in your entire lifetime and there might not be any paycheck coming
in and you can’t get discouraged by that. The fifth Pro and the fifth con to being
self-employed is taxes. Now this I’m only going to scratch the very very very top
of the surface of taxes because it is a very complicated thing when you’re
working a nine-to-five and when you’re self-employed but I feel like especially
when you’re self-employed but yes actually taxes can be part of the pro of
self-employment as well as the con to self-employment. Let me explain. As a pro
taxes can be a little bit different when you’re self-employed especially
depending on what career path you’re taking or what service you’re offering.
Right now I’m gonna give you some examples that are for me, I obviously
don’t know examples for every career path you could possibly think of but for
things like yoga teacher, actress, and youtubers some things that you can start
to write off on your taxes if and only if you are solely using them to make
money is things like yoga clothes, yoga blocks, things that you use during a yoga
class you can write those things off on your taxes. For an actress
you need your headshots. You need your resumes printed, stuff like that you can
also write off on your taxes. And then things for like a youtuber: if you buy a
new camera specifically and solely for YouTube that can be written off. If
you’re like a food channel and your reviewing the food or something like
that you can write off that food to an extent. That can be a big pro because
you’re taking the things that you’re using for your career, for your business
and you can write those things off even if they seem silly. You’re using those
specifically and you need those to make a living so look into that. The con on
the other side of this is also taxes and that is that there is no employer
anymore, no one is paying your federal withholding and again I know nothing
except for very little that is applying to me and I’m still learning so much so
do not take any of this at face value please look it up but you’re gonna have
to start doing things like paying your own taxes. You have to sit there and
figure out the percentage. No longer do you have an employer who’s paying half
of your taxes and you’re paying the other half. You pay the whole lump sum
now so that could be really intimidating to a lot of people and really
uncomfortable to a lot of people especially if you’re doing gig work or
contracted work or freelance work you get 1099s and so a lot of the times they
don’t pay taxes right there you get all of this money and it feels great you’re
like yes money but at the end of the year you’re gonna have to pay taxes on
that money and it’s a headache! Even me trying to talk about it right now
super headache. If you would like to know a little bit more about taxes I will try
to do a video on that but again not a tax consultant, not an accountant I don’t
know anything about that so I will try my best for you guys but yeah. Okay
my little sparrows those were the five pros and the five cons of self-employment. If
after watching this video you’re still thinking about going the self-employment
route, go you! I am all here for it! I believe in you but just know that it’s
not all roses and rainbows and anybody who tells you it is is not either doing
it right or just wants to see you fail or is probably trying to sell you
something and I’m not trying to sell you something so! If you guys have really
been enjoying these videos please leave me a comment down below letting me know and if there’s any other kind of videos you would like to see also let me know
in the comment box down below. Whether you would prefer the old comedy style or
more self-help or more self-employment videos or just some kind of feel-good
yoga videos let me know! I’m still trying to figure this
all out. I really love you guys and I want to be creating content that is not
only helpful and useful to you guys but that you also enjoy, so please please
please leave me some feedback down below and if you enjoyed this video make sure
that you give it a big thumbs up as always and hit that subscribe button if
you’re not already! I post videos every Saturday and you don’t really want to
miss one cuz like you just don’t! I love you guys so so incredibly much I hope
you have a great day a great week and I will see you next Saturday! Byeeeeee!

17 thoughts on “Pros & Cons Of Self-Employment!”

  1. I’m self employed too going full time on YouTube this month. I still have a long way to go.. but I’m not stopping. Good luck with your channel too

  2. good night my sister …πŸ’•πŸŒΏGreenEyedStarletπŸ’•πŸŒΏ.. and my best friends

    I came to visit the video …

    Very cool and good … it's all dim …

    don't forget the return visit

    make other friends come to my house …

  3. These were some great points. I think people that are self-employed are so inspiring and hard working and it’s amazing to watch.πŸ‘Œ

  4. This was very useful! Some great tips! I'm graduating next year so starting to get my head round this stuff, was very useful for me! Good video keep it up!

  5. Hi I stopped by to support you're channel πŸ₯° I have subscribed and liked I hope you subscribe back so we can support each others channels Hugs πŸ€—πŸ₯°

  6. SΓΌper like hello very nice video came my channel please πŸ˜ŠπŸ‘πŸ»πŸ””πŸŽπŸ€βœ…πŸ˜Š

  7. you're so encouraging! it took me forever to transition to working for someone to working for myself. best decision ever!!

  8. Loved this! Being self employed is so great, but it does take a lot more self dicipline and some getting used to, thanks for sharing girl!!πŸ’•

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