A free rein
In any regard, the freedom to manage your work day, style and office (it is possible to work from home as well) is something that pays dividends. It holds much potential to boost productivity, alleviate stress and improve your life in general. Yet, these benefits must not make one complacent. In a sense, your customers and clients become your bosses: you have to satisfy them and earn their trust.
Dreams and realities
One of the major challenges is finding cash to keep the business growing. Organizations that provide equity funding are a blessing for startup owners. But, you must become more than a lone wolf looking for prey in the form of money. Startups need to keep the books, manage the cash flow and handle accounting to be able to attract investors.
The bottom line
On the other hand, self-employed people and freelancers do not possess as much security and assurance. They are stripped of benefits and perks (retirement plans and disability insurance, for example) that come with the employer’s compensation package. Namely, self-employed provide their own benefits and the income does not always support them.
After all, self-employed individuals are treated differently in terms of their legal status. This means that tax codes may not apply to them or they do in varying degrees. In most cases, however, they are subject to self-employment tax, as well as social security and medical care taxes. Thus, it is highly advisable to do the math and see how the potential financial merit compares to all the expenses.
More power to you
Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.