Self-Employment –A Broader Picture 

Juliet D'cruz

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Self-Employment –A Broader Picture 

A coin has two sides –head and tales. Similarly, everything has two major extremes –the rise and the fall. The same extremes lie in the tax world- the higher tax brackets and the lower tax brackets, the penalties and the bonuses, the self-employment and standard employment. Pros and cons lie in everything.  

It is imperative to analyze both sides if a business or company wants to exceed in the market world. The broader picture analysis helps you look at a deeper detail about the specific task. Some individuals are self-employed whereas, on the other hand, some people are working under the influence of other people. Both categories have their pros and cons, and both are necessary to run society as a whole.  

 Give Opportunity – A Try 

 If a person has only one source of income, then he is on the verge of unemployment. The moment you lose your job, you enter into the category of being unemployed. Starting a small business as a part-time job might prove to be a peanut seed, but just like pension income, it can save you from being unemployed even if you are not actively working in your primary job. 

Starting from small input, you should expect a small output as well. But these peanut seeds can be very beneficial. When you already have a job, this might be added into savings pot, or in the other case, when you are out of the employed zone, this can prove to be the minimum requirement for your survival. So it’s always good to experiment with new things and identify your kick.  

Convert Your Wants into Needs 

It might happen that you are working in an intentional multi-dimensional company as an account manager, which is paying you in 5 to 6 figures. But the personality residing inside you wants to be its boss, plus the manufacturing sense is much more developed the merely counting the figures and mating the invoices. So, skipping a job is never recommended. The more you earn, the better it will be to improve your living standards. 

What you can do is to acquire a part-time job by may be consuming your savings into rental income and opening a place that speaks of your taste. On days you are working as an accountant, on nights you are working like a boss, accountant, manufacturer, seller all at the same time. The crux is to give a chance to your passions and submerge your wants with needs. Combining these extremes again opens a multi-dimensional side of the universe for you. 

Self-Employment – An All-in-One Package 

 Self-employment not only opens the door of specific tasks for you but also trains you. The training, on the whole, includes tax issues, tax liabilities, accounting, finance, gross income calculation, net income calculation, profit prediction, strategies, and a lot more. It’s just like a whole in one business where you are the working person at every step.  

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Things might get complicated, but accepting orders that you can handle can give you more than experience. You get extensive exposure in a self-employed business than in regular standard jobs where your interaction with the job type becomes limited. You get to know the depths of each mystery, and your courage convinces you to resolve every issue. So, self-employment becomes an additional source of income with another source of income. 

Time Flexibilities 

There are calculated numbers of leaves in regular employment. Most companies allocate two weeks of paid leaves in a whole year. The criteria of days off are different for any organization, and work from home has affected this thing majorly. You can’t reach to destined place; no problem, you just need to open a laptop and check sales and purchase progress for today. But it is essential to consider that some emergency needs your time.  

“In a self-employed business, you are not answerable in front of anyone.” 

Some medical emergency might happen, and your boss might be arguing with you, not informing someone in the company like 1 hour before the trouble actually happened. Jokes apart, in a self-employed business, you are not answerable in front of anyone. You were the boss, but you also understand the need for the hour and inculcate your time investment in a specific medical emergency that actually happened. You will set priorities, and the list might regulate according to you.

Be Your Own Boss – Decision Freedom 

 Self-employment holds a special hot seat for you, which is the boss post. You are free to make your own decisions. Depending on the time frame and resources available, you will set your own rules, and again depending on the circumstance, you will break them to build up some new ones. You will be responsible for all the profits, and on the other hand, you will be the only one handling losses.  

“You will be your own boss. And who doesn’t like this power?” 

Due to proper strategy building the later condition might not happen, but if it happens, everything will go from your pocket. The process will be yours, the guideline will be yours, and the working hands will be yours as well. You will get to decide what sponsorships you are likely to handle and how much you will invest in your product. In short, you will be your own boss. And who doesn’t like this power? 

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 Hiring Rate –Your Choice  

 If you are not easy to handle all the stuff alone, you can add people into your self-made business without any hesitation as much as you need. The number and the type all depend on your circumstances.  

You might facilitate the near ones without offering any sort of interviews and documentation. The circle of your employees will be totally according to your requirement. Try to add those who have more experience in tax issues, banking, and finances, which are the backbone of any business.  

“The circle of your employees will be totally according to your requirement.” 

 Online Platform – Time and Energy Saver  

 If you are thinking about hiring a place to give out rent for the site, you might have to think once more. Because living in 2022, almost every business is associated with online platforms. So you can think of your business totally on the online platform as well. Online opens an excellent opportunity to encounter the inputs and the output issues. The promotions, delivery contacts, designing, and finances can all be managed through various software, saving the space of time and energy.  

Close Deadlines- Energy Drainer  

 Closing more deals with tight deadlines can constrict your working capacity, and the bandwidth might get shorter with time. The rule is simple- divide and rule. Division of labor is something that goes to your benefit. Being a boss of your own and building a community are two different things. Your influence on other people will not be affected if you connect more people with you. The energy barrier will become amplified with time, dispatching many orders in less time.  

 Analytics –A Central Mind Provoking Area 

 The sales and purchase graph should amplify or remain constant. It is the least a business can handle. Going graph downside will catch your business in the losing situation. It all depends on the amount of passion with which you insert your soul into the company, which will be measured only by the running graph of your business.  

The moment you turn a blind eye on your business, the graphics, and other profits will also turn a blind on you! So being a boss of your own doesn’t mean spending money lavishly; rather than with it comes the great responsibility. 

Registrations And Other Legal Procedures 

Your company will always be at risk if you are not willing to register it. Registering it saves the company from various legal troubles. Entertaining the legal benefits and looking for ways to avoid the tax can only be attained if the company is registered. Many registrations come into this account. VAT registration, Self-Assessment Tax Return Account, and other specifications pave your way to some significant benefits.  

“There are ways to avoid stress; you just need to take a bit of pressure to look for ways to avoid them!” 

 Planning –The Central Ideology 

Sorting out your self-employed business’s main idea and target holds essential planning and strategies. If the moto is not entirely defined from the very start day, the product will not attain the specific selling rate. So start planning with a positive attitude and invest rightly. 

A healthy work balanced life is something that you must owe. Because a healthy environment blooms you inside out, the benefits and the profits can be attained by keeping in mind the pros and cons both. There are ways to avoid stress; you just need to take a bit of pressure to look for ways to avoid them!