The pros and cons of being your own boss

Working for yourself is an exciting proposition. But take note: whether you work from home, open an office, or hire a factory, there are both advantages and disadvantages to this option. Find out more before you take the step.

Advantages

• You are the boss!
• More flexibility, in terms of time and productivity
• More enjoyment – you’re doing what you want to do!
• More control – you can direct your business your own way
• More freedom – there’s nobody telling you what to do
• More self confidence – it’s prestigious to be your own boss
• Less stress (once you’re up and running)
• No limits – you can aim as high as you like
• You can control how much you earn, and how much you invest
• You can create your own working environment
• You can get tax advantages – if you organise your finances properly
• You can hire people to help with tedious or time-consuming tasks – your decision!
• You learn to multi-task and handle different aspects of running a business
• If you work from home, there’ll be no more commuting (which is both costly and time-consuming)
• If you work from home, you can spend more time with your family
• If you work from home, you don’t have to spend large amounts on a work wardrobe

Disadvantages

• Responsibility and stress
• Crazy, long hours (while you’re setting up)
• No paid holidays (while you’re setting up)
• Uneven salary (while you’re setting up)
• You have to deal with all sorts of problems – there’s no one else to blame
• You can't be lazy and still get paid!
• You won’t get paid extra for overtime!
• Your pension fund and medical aid are paid by yourself
• There’s pressure to perform
• There may be uncertainty – there are no guarantees
• You may feel isolated or lonely
• You will need to motivate yourself

Read more

Find out more about working for yourself in our Question and Answer section. You may also want to know how to Refine Your Management Skills.

Find out all about state Minimum Wages for all official sectors.