The demand of a fulltime time job can be stressful but the fear of being jobless is more dreadful for me. Self-employment can afford you to own your time and the freedom to do as you please. However, for those who are not yet prepared to take the risk, there are reasons that far outweigh the potential benefits of being your own boss…at least for now.
- Security. Except for those who are risk takers, most people are afraid of uncertainty. An 8-5 job provides the security that gives you peace of mind of not having to worry about the future especially for those in the public sector. Unlike in business, your income doesn’t depend on the effort you exert so you still receive the same amount either your performance is excellent or mediocre. But of course you get a higher chance of being promoted if you perform well…and the least chance of being fired.
- Insurance and Healthcare. Contributions for your social security and healthcare are benefits you get while employed fulltime. Some companies even offer private healthcare and retirement packages for their employees in addition to what’s mandated by the government. If you’re self-employed you’ll have to shoulder the full cost of insurance and it will be costly since group insurance are cheaper compared to individual insurance.
- Training. Improve your qualifications without having to spend your own money. Opportunities for training and further studies are benefits you gain while employed. Expensive trainings usually has an equivalent return of service contract which states the number of years you’ll have to stay with the company otherwise you will refund the company the cost of your training. These are great opportunities for career advancement and once you leave the company, your training will be good for your credentials too, among other things you learned.
- Network. Your network or connections are very important either you’re employed or self-employed. In the real world it really matters whom you know. We get important information, referrals, special treatment from people in our network. When you leave the company, you will also bring with you your contacts. The people you deal with while employed may be the same people you will do business with later on so it’s important that you treat your connections as an important resource.
I want to retire before I reach 50 and have my own business. The stakes are high so I have to tread carefully. In the meantime, I make most of my employment since it offers more than just financial benefits. For after all, more than capital, you, the would-be-entrepreneur, is your business’ most important asset.
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