How Self-employment Could Be the Answer to Your Money Problems

How Self-employment Could Be the Answer to Your Money Problems

In today’s competitive economy, many families are struggling to make ends meet. Traditional employment may not have the answers when it comes to supporting a family and enjoying the profits from your hard work. Self-employment or freelancing can mean more money in your pocket, increasing your chances of financial success. This guide on how to be self-employed will describe how it is possible to make more money on your own than when working for a traditional employer.

Set Your Own Hours

When you are working for a traditional employer, you are limited in the number of hours you can work each week. Salaried employees get paid the same amount of money no matter how many hours they work, and many employers are not willing to pay for overtime. Self-employed people and freelancers are limited only by the amount of time they are willing to put into their jobs. For example, a self-employed person who owns a restaurant can work there as much as they wish, helping the company increase its profits and bringing more profits directly to the owner.

Very Little Overhead

When you are having self-employment, you will not have to pay for expenses like commuting and child care. Depending on the nature of your work, parents may find it necessary to have a babysitter come to your home, but this is less expensive than an out-of-home daycare or children’s center.

Commuting is a huge drain on people’s finances, causing people to lose money as they sit in traffic. Gas prices are on the rise, and wear and tear on vehicles can be expensive. Self-employed people and freelancers can get right to work without wasting hours sitting in their cars. They are far more efficient with their daily activities.

Self-employed people do have expenses that a traditionally employed person may not have, including paying for health insurance. In some cases, a self-employed person can use a spouse’s or family member’s health insurance so this is not a problem. It is possible to buy individual and family plans in the insurance marketplace.

Less Customer Turnover

Customer churn, or turnover, can cost businesses a great deal of money. Onboarding a new customer is expensive. Clients will be more satisfied when their needs are met by a person with self-employment or a freelancer. They will be less likely to go elsewhere for their services.

Set Your Own Rates

Freelancers can set their own rates for payment, carefully considering the client’s willingness to pay and beating local competitors. With the power of individual negotiation, a freelancer or self-employed person has the ability to receive a greater hourly rate than they would if a middleman like a traditional employer were involved in the process. This can be a huge help to freelancers and self-employed people when they are trying to make ends meet for their families.

Freelancers and other self-employed people have greater job satisfaction, meaning that they can put in extra hours more easily than those who work for a traditional employer.

Self-Employment: Is It For You?

Choosing to be self-employed or to work as a freelancer can be freeing. Being your own boss gives a great deal of satisfaction. When freelancers and self-employed people are able to set their own hours and their own rates, they will find that they are better able to meet their family’s financial obligations.

Author Bio: Douglas Pitassi is a self-employed freelance writer and business blogger.

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