For many people, the idea of being able to work from any destination in the world is the ultimate dream. Heading off to wherever you choose, with your laptop, phone and an internet connection does sound like living your best life but there are actually some downsides to this kind of freedom. If you are thinking about taking the plunge into setting up your own business on-the-go, here are the pros and cons to consider.
Being your own boss
Making all the decisions yourself and deciding your own working hours can be a massive perk and give you a lot of job satisfaction. If you have had previous jobs where you haven’t always agreed with management’s decisions then this will give you even more satisfaction. When you move from working for another company to working for yourself, you will usually feel more motivated to succeed and research shows it is good for your health. You don’t have to worry about not getting time off work for important events and you can choose your own holidays.
Work from wherever you want to
Depending on the type of business you set up, if all you need is your laptop, phone and good internet connection then you can pretty much work anywhere in the world. Whether that is simply heading to your local cafe to work for the day, or traveling the world, the choice is down to you. These days you can find an internet connection wherever you happen to be, in a local cafe or at hotels, or you can even use your unlimited phone data to use its hotspot to connect to the internet whilst you are on the move.
If your business is a great success, you may be able to earn considerably more than you were able to previously. You might also save on costs like traveling to work and you could also find that you can work for longer hours, due to not needing to travel to a workplace, therefore earning more in those hours you would have spent commuting.
Being your own boss has loads of great benefits but it does have some negatives too. If you are the head of the business, all accountability lies with you. Any complaints or business difficulties sit with you and you are responsible for setting the business up legally, fulfilling tax requirements and more. To help reduce the burden, it is a good idea to take out professional liability insurance, which will protect you financially if someone makes a claim against an error your company makes.
No paid holidays or sick days
You lose the perks such as having any paid holidays or being able to take a sick day. This can make it harder for you to take time off, especially when you are first building up your business. In the US the average employee receives 7.6 paid holidays, a perk you won’t get if you work for your own company until your business expands and is making money whilst you are not working. You also won’t get paid when you are ill when you are self-employed.
Before you make the choice to start up your own business, think about whether the negative aspects will impact you more than the positive aspects and make sure that you research all of your accountabilities as a business owner.