Nowadays, many people choose to be self-employed, rather than to work for a company or organization. Why might this be the case? What could be the disadvantages of being self employed?
These days, many individuals opt to become sole
traders
and be their own bosses rather than working for a business
organization. This
choice is driven by the desire to enjoy the benefits of self-employment, such
as flexibility and control. However
, there are also
downsides, including higher taxes and longer working hours
.
One of the main advantages of being self-employed is the flexibility it offers. Sole traders
can choose their own working hours
, allowing them to manage their time more effectively and attend to other non-business
-related tasks or spend time with family and friends. For instance
, in the event of illness, sole traders
can take time off without needing permission from a higher authority. Additionally
, self-employed individuals have complete control over their businesses, enabling them to make decisions on various aspects of their operations. This
includes hiring employees who align with their values and business
objectives.
On the other hand
, freelance workers often face challenges such
as extended working hours
and higher tax obligations. They may need to work long hours
to generate sufficient income and cover business
expenses. Moreover
, they are required to pay both employee and business
taxes, which can reduce their overall
profits.
In conclusion, while
many people choose self-employment for the autonomy and flexibility it provides, there are also
significant challenges to consider. Sole traders
may enjoy greater control over their businesses, but they also
face higher taxes and longer working hours
. Therefore
, it is essential for individuals to carefully weigh the pros and cons before deciding to become self-employed.Submitted by dubeallen10 on
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Coherence & Cohesion
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