Self-employment is a popular choice for many in the workforce with 9.98 million in the U.S alone being self employed as of February 2022. Many people may also identify as a freelancer. As per Upwork, the supply side of the US freelance economy consists of 56.7 million total freelancers, including all types of freelancers meaning they freelance full-time, part-time, or only occasionally.
But what is self-employment, really? Self-employed, freelancer, independent contractor, are a few of the common terms to describe an individual who does not work for a company, but instead represents their own company. These jobs can come in all shapes and sizes. From running your own construction business to doing consulting for multiple companies to working as an independent contractor with just one company. The key point here that unites all these unique jobs is that you don’t work for anyone, but rather with them.
With this type of work becoming so common in society and offering its own benefits to individuals, businesses, and the economy alike, there are many reasons as to why self-employment can create self-empowerment.
We’ll dive into these benefits below along with some helpful tips and tricks for protecting yourself, your future, and your finances as a self-employed individual.
Control
Being a self-employed worker gives you the power to control what you do and how you do it. Offering your own services or business allows you to pursue your passions and crafting it to your own skill set and expertise. You get to have control over how business is handled and what your schedule looks like. Not to mention, you don’t have to answer to a boss. You can set your own goals and design what you want your business to look like!
Flexibility
Work life balance has been a hot topic lately, with many realizing the importance of finding a healthy balance that is suited to your lifestyle. Self-employment empowers you to create your own schedule and conduct work in a manner that lets you live your life freely. Instead of being bound to an office from 9-5, you now have the flexibility to run errands, schedule a doctor’s appointment, or even take a day off without having to stress about getting approvals and staying on track.
Work Environment
The environment you work in can greatly impact the way you conduct work, from the overall productivity to the actual quality. Each person’s preference of where to look may look different, but the great thing about being self-employed is that the decision is purely up to you. An at home office, a nearby cafe, or a shared workspace. Any option is a possibility! Recently, being a digital nomad has had quite the takeoff, and freelancers are the perfect candidate. Traveling to new countries and staying for a month or two to take in the sights while working.
Financial Benefits
When you are self-employed, you are in full control of your money. No quarterly reviews, waiting for a promotion, or negotiating a salary increase. Many who do freelance work take on multiple jobs at a time. This benefit lets you either slow down or pick up on work depending on your needs, and make more money while doing it! You can set your prices, take on new clients, and know your overall value.
Give Yourself The Benefits Of Employment, But Better
As you’ve read, self-employment creates a world in which you hold the power to do what you love, as you see fit. It opens up so many opportunities and gives you the freedom to explore your passions while maintaining a schedule that works for you.
The one catch with self-employment is that you are on your own to plan ahead for your future! Without a company behind you, no 401k or insurance plan will be set up for you as part of the process. Instead, you have to take action and plan to secure your future.
Being self-employed makes you a prime candidate for disability insurance. If something happened to you and you could not work, there would be no company behind you to offer help or compensation. It is essential to take the extra step and create financial security for your future.
With both short and long term options, disability insurance is essential in ensuring that if you were to fall ill or injured and were unable to work, you would still receive a payout on par with your usual earnings. Life doesn’t stop when something happens, and bills will still need to be paid. If you’re self-employed, protect what you’ve worked to build and sleep soundly knowing your financial future is protected.
At Heroes Sick Pay, we strive to protect the unsung heroes of society. We can help to find you a plan that actually works for you. With many traditional employers, they offer an insurance package that has minimal benefits when needed. An individual plan can meet your individual needs and cater to the lifestyle that you live.
