Small Business Owners

Is self-employment for you?

People choose to become self-employed for many reasons, including greater independence and flexibility. But they also consider the downsides, such as the long hours and lack of benefits.

As part of your decision-making process, you should weigh the pros and cons of starting a business, along with your own reasons for seeking self-employment. For example, hoping to make a lot of money quickly can lead you into trouble. But if you feel passionately about developing an idea, self-employment may be right for you.

Skills and knowledge

Time management - Self-employed workers often have multiple responsibilities and keep long hours. Being able to manage time efficiently—for example, through multitasking and scheduling—is crucial. These skills help you determine how much time you need to complete tasks and whether you can take on additional work.

People skills - Good people skills, such as communication and customer service, help you attract and retain both employees and clients—especially in the beginning. 

Passion - Experts say that a passion for what you do can give you the belief, motivation, and commitment you need to overcome the challenges that self-employment may present.