10 Benefits of being self-employed

In the battle against unemployment, self-employment is the ultimate weapon. 

In Nigeria’s crippling economy, unemployment is rampant and the quality of living is so poor. This applies to many countries too. There are so many individuals looking for jobs to support their living but to no avail. Graduates are scrambling for manual jobs meant for the uneducated due to the poor state of the economy. This leaves the uneducated without hope, and the graduates with jobs below their qualifications and meagre salaries. 

For the working class in Nigeria or many nations, there are only two options available; settle for jobs below their qualifications and earn meagre salaries OR become self-employed.

Self-employment refers to the practice of working for oneself rather than being employed by a company or organization. It involves creating and managing one’s own business or working as a freelancer or consultant. 

For anyone who can’t seem to find gainful employment even after trying long and hard, self-employment is a way out. Earning your own money on your own time is a benefit of self-employment that traditional employment can never beat. But the benefits of self-employment do not end there; there are so many more. In this article I will give you ten benefits of being self-employed:

1. Flexibility in working hours 

Self-employment offers a level of flexibility that is not possible with traditional employment. You have the freedom to set your schedule instead of working at set hours. This means you can work when you are most productive, or when best suits your lifestyle. This flexibility can be particularly valuable for individuals who have family or personal commitments, as you can work when it is most convenient for you. 

The flexibility in working hours that self-employment provides can offer better work-life balance, reduced stress, and improved productivity. This can lead to greater job satisfaction and a more fulfilling career path. 

2. More autonomy and control over work

For the overly independent individuals who don’t like being told what to do, self-employment is the only type of employment that will work for them. Self-employment gives you complete freedom over how you work and the kind of decisions you make. 

This can be empowering, as you are solely responsible for the prosperity of your business and can make your own choices on what you do. You can choose the clients and projects you take, and focus on what aligns with your interests and expertise. 

The autonomy and freedom self-employment offers can lead to greater job satisfaction and a more fulfilling career. 

3. Unlimited income potential 

Unlike traditional employment, where your income is often capped, self-employment offers unlimited earning potential. You can earn as much as you want if you put in the time and effort. 

As your business grows, and your skills and expertise increase, so would your earning potential. While the only opportunity to increase your earning in a traditional job would be through promotions which typically doesn’t happen for years. 

4. Opportunity to diversify income streams

In Nigeria, relying on a monthly salary is quite risky, as you can get laid off at any time. Even more so with government jobs because although job security is higher, the government can withhold salaries at any time. Sometimes the salaries of government workers are withheld for months at a time. This can lead to a severe financial crisis if measures are not taken against this. 

Fortunately, this doesn’t happen when you’re self-employed; nobody can hold back your earnings. You can offer different products or services, or work with multiple clients, so when one source of income fails there is always a backup. 

5. Ability to work from home

Most self-employed individuals have the flexibility to work from home. This allows for more comfort while working. It saves time and money that may have been used to commute to a workplace, and a more familiar working environment may help increase your productivity. 

The ability to work from home as a self-employed individual can offer numerous benefits in terms of cost and time savings, convenience, work-life balance, and reduced stress levels. 

6. Reduced commute time and expenses

You may be earning a good salary working a traditional job, but when you deduct the transportation fee to and fro your workplace every day, you’ll realize there isn’t much left. 

There is also the issue of the wasted time and energy involved in commuting. This is especially true for those living in condensed cities like Lagos, where traffic is a major issue. The stress from being on the road for so long every day can negatively impact the health and in turn the productivity of the individual. 

With self-employment, you can save time and money that will have been used for commuting when you work at home. This gives you more time to make more money or do other things.  

7. More time for family and personal pursuits

You don’t have to be an absent father to provide for your family. You also don’t have to leave the care of your children in the hands of nannies to earn money. Self-employment assures you a steady stream of income, without having to neglect important aspects of your life. 

By setting your schedule and having more control over your workload, self-employment can offer more time for personal pursuits and family time. This provides a better work-life balance, which can lead to improved mental health, better relationships, and increased job satisfaction. 

By being self-employed, you can create time to spend more quality moments with your family and be there for them at important times. 

8. Chance to build a personal brand

When you are self-employed, you are the face of your business. This offers the opportunity to build a personal brand and reputation which can be valuable for future career opportunities. 

With your own business, you can establish yourself as an expert in your field, and build trust and credibility with potential clients and customers. As you become well-known and respected, you will be approached with better business opportunities and greater career advancement opportunities. This can only be possible when you build your brand and increase your visibility to make it easier for potential clients to find you.

9. Opportunity to create jobs

As a self-employed individual and entrepreneur, you have the potential to create jobs for others. This can create a level of satisfaction as you know you are giving back to the community and improving the economy of the country even just a little. 

In Nigeria, where youth unemployment is a major challenge, self-employment and entrepreneurship can offer a path to job creation and economic development. By being self-employed, you will only help yourself out of unemployment, but others also. 

10. Potential for long-term financial success

Generational wealth doesn’t come from working 9-5, and earning a mundane salary; it comes from owning successful businesses. While self-employment may require some initial investment and hard work to get started, the potential for long-term financial stability and success is significant. 

With an unlimited earning potential, you have the opportunity to build wealth and financial stability for yourself, your family, and future generations.

Conclusion

Self-employment offers a better work-life balance, flexibility, financial benefits, greater career growth and so much more. The benefits of being self-employed are so much more than what is written in this article. 

While self-employment may be the perfect opportunity to overcome the shackles of unemployment and poverty put on us by our poor economy, not everyone may be lucky enough to make it big especially initially. This may seem daunting, but with the right attitude, hard work and commitment, anyone can make a living with self-employment.