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self-employment, going solo, starting business in a recession — Scripting Happiness

On being self-employed

I came across this old Entrepreneur article about Top 10 Reasons to Start a Business in a Recession. If you are considering going solo, it’s worth a read. I’ve been self-employed since 2007. I will say it was one of the best (but difficult) decision I’ve ever made. After 4 years, I know that I can never go back to working for someone again. (Okay, so I do have a price, but no one would ever pay me that much so I’ll stick with self-employment.)

Wickipedia defines Self-employment as “working for one’s self.” It distinguishes self-employment and being a business owner.

“To be self-employed is not the same as being a business owner: A business owner is not required to be hands-on with the day-to-day operations of his or her company, while self-employed person has to utilize a very hands-on approach in order to survive.”

Using that definition, I am in the crossroad of self-employment and business owner.

Being self-employed means you not only have to be good at your craft, but also at running a successful business. It’s simply not enough to be a brilliant writer, photographer, lawyer, accountant, hair dresser, or financial advisor. You also have to master things like marketing, business licenses, taxes, payroll, reconciling your bank account – you get the idea. The list is endless.

The past 4 years has been a grueling experience and I’ve learned so much. I’m also very grateful that we beat the odds* and have managed to stay afloat and grow our practice.  *According to US Bureau of Labor Statistics, only 44% of businesses survive the first 4 years in business.

So, for those of you who have also beat the odds, what have you learned from self-employment? Why did you decide to fly solo? What’s the best and worst part of being self-employed?

 

Image credit: Shorts and Longs | The Both And

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