disadvantages of being self employed?

Answer 1

For most people it's too much free time with an undisciplined mind.. For some beginner minded, Work can consume their lives due to their not being a home / work barrier. Other than that I cannot think of any. Smart entrepreneurs can hire tax people for the taxes (which usually has an instant 30% return on all tools they bought for the job due to business expenses being tax deductible if they're good business owners and keep their paperwork at hand), It's impossible to become lonely applied the fact that they're doing all this networking, They can buy better health care than most people's office offer, their work takes less time than a normal job, and usually isn't very difficult. (internet business has dropshipping which means you DO get paid on holidays, Real estate is a few phone calls and a bit of paper work with LARGE returns, All other business has hired management which is a minimal expense given the freedom you get in return) If you're really doing it right, There isn't anything else. Besides these two factors, I'm not seeing a downside. Correct me if I'm wrong.

Answer 2

I've thought about this and spoke to some self employed people. The main disadvantages are the fact that you can't just call in sick if you're not well. If you don't do the work, no-one will and it is ultimately you that will pay the price for that. Ditto holidays, I'd imagine it is very difficult to just 'switch off'. There's the whole taxes thing, but as someone else has said, you can hire someone to look after that. For me, the main thing (and the reason I would never be self employed) is the pressure. As it is, I worry about work, it affects my outside life, I feel guilty taking holidays, sick leave etc.. I think that would be unbearable if I was self employed. Still, the benefits are fantastic too.

Answer 3

A week after going self employed my son was shot in the leg,that was a major disadvantage.

Answer 4

In my case ridiculously long hours must be the biggest disadvantage. Then there's no guarantee of an income. I haven't had a holiday in two years. No sick pay and no health insurance. Hmmmm... having read that back, why am I self employed??!

Answer 5

Possible loneliness and reduced contact with other people is one disadvantage. You may not hear as much about what is going on locally or on a world wide basis, and how other people feel on the the subjects. Self-employed people could thus feel a lack of stimulation. You might not hear as many jokes., double talk and verbal retorts. Of course, it means less jealously, less squabbling on the job and less scandal.

Answer 6

My Partner owned his own business for 6 months so here's the pitfalls:-

1) You have to spend a lot of money at first
2) You don't get paid for holidays/sickness/bereavement
3) Some git will crap on you from a great height, even if you
think they're trustworthy
4) It's very stressfull
5) It can all go belly up but you can always start again
6) You need to ensure you've got the right stuff e.g. equipment
7) You have to make sure you pay your stanps etc.
8) You'll need a bit of emergency money just in case


Hey ho, there you go!

Answer 7

There are no disadvantages if you know what you wont. I think that there's no better thing then being self employed.

Answer 8

depends what you are in the disadvantages of being self employed is you have to do all thw rok your self this means tax trreturns the days book keeping and accopuints etc etc you are soley responsible for who you hire and fire you have ebrything on your shoulders

Answer 9

You do not get paid holidays and in some professions you don't earn either whilst you are away. you have the responsibility of wages if you employ and all the red tape of nat ins, vat, accounts. Wouldnt do it again although you are your own boss and there is no one above you, no tellings off, but the buck stops with you!

Answer 10

Self employ tax, It will eat you alive. You need to incorporate