Although there are many risks to being self-employed, it also comes with many benefits. We’re sure that you have already considered the risks – unstable income, lack of benefits, etc., but we want to reveal the extensive benefits that are available to help you self-identify if you are the right kind of person to pursue self-employment.
1: You gain much more control over your life
By being self-employed, you are able to decide your hours, what to wear, who you work with – everything. If you are an individual who craves freedom and is highly self-disciplined, this could be perfect for you. Furthermore, by having the flexibility to work when and how you want, it is likely that you will be able to work much more effectively compared to the situations that could be imposed on you by an employer. This also allows you to take time off easily, so that you are able to be there at all family events and unexpected emergencies.
2: You control your income – kind of.
In combination with being able to choose your own hours, you are also able to control your productivity, and hence your income. The harder you work, the more you are likely to earn – theoretically of course, it is not guaranteed. However, unlike working for an employer where you make a consistent salary, you are able to keep all of the profits from what you have accomplished. Furthermore, if you have a holiday coming up, you are able to control the amount of overtime and extra hours that you put into your work to make up for the lost income.
3: Great tax benefits
Individuals who are self-employed are able to deduct many expenses to lower their income and pay less income tax. Some examples of deductible expenses include: internet and phone bills, health insurance premiums, travel, vehicle use, and start-up costs. In fact, we think that this is such a great benefit that becoming self-employed is our TOP Tax-Saving Strategy (we made an entire webinar discussing it, you can watch it here)!!
4: It’s fulfilling
There is truly nothing like doing what you love and having full control over it. When you are self-employed, it is extremely gratifying to be able to see the results of your own hard-work and dedication. This gratification is additionally enhanced by the feeling that people are willing to pay for your skills/product! Furthermore, you get to decide your own mission and values for your work, rather than searching for an organization with a mission or values that align with your own.
If you’re interested in becoming self-employed, MrTaxes.ca is now franchising. Email us at help@mrtaxes.ca to learn more and sign up for our information session on November 23, 2019 here.