All about Being Self Employed, Working for Yourself, How to become Self Employed,the Pros and Cons of Working for Yourself and more on Mywage Zambia.
Employment is hard to come by nowadays in Zambia. It is therefore important to know the advantages and disadvantages of getting started on your own. Getting into self employment has its own benefits and risks.
Mywage Zambia has gathered a few pointers to highlight some advantages and disadvantages of working on your own:
Benefits
- You work for yourself
- You make decisions on how your company or business is run
- You work with passion, dedication and commitment
- It is flexible and less time consuming
- There is minimum labour (human resources) involved
- You decide on capital inputs and re-investments
- You work as your own boss with no supervision
- You can operate anywhere with a conducive working environment
- You are able to determine salaries for your employees
Risks
- No proper working structure and schedule
- Profits generated can easily be misused or diverted to other activities
- Less labour means less productivity
- Flexible working hours can lead to unaccountability
- There is no security or guarantee of theft or fire
- Your business can be sued and you risk losing both business and private assets
- No leave days, paid holidays or overtime allowance
- No pension
- Provision for medical aid or insurance is optional