The Pros and Cons of Being Your Own Boss

Joining the gig economy and getting to enjoy the life of a freelancer, whether you take on the full life of a digital nomad or you want to do this on the side of your full-time job, means that you get to be the boss. This is something that many people spend years dreaming about, but it is not always as easy as it seems. Understanding both the benefits and the negatives of this task can help you prepare for joining the gig economy.

The Benefits

As a digital nomad or freelancer, there are a lot of benefits to being your own boss. This is a big reason why so many people will jump into this type of career and use it for their own needs to. Some of the benefits of being your own boss include:

You Get to Make the Decisions

Rather than following the rules that your boss puts in place all the time, you get to take the wheel and make all the decisions. While this can be risky and all the consequences of a bad decision will fall on your shoulder, you also get more flexibility and can go after some great opportunities that a traditional boss may discourage you from doing.

You Can Set Your Own Hours

Want to do freelancing without giving up your full-time job? This is completely possible because you will get to set your own hours. If you have a few hours at night to do the work or only want to work on the weekends, that is completely possible. You are your own boss, no one else is telling you when to fill a seat and you can choose projects and job opportunities that allow you to work the hours you want.

You Get to Choose the Work Style and Environment

There are some bosses that do a great job when it comes to giving you upgraded technology, helping you to choose a location and allowing for some flexibility with work. Others are not as good at this. This can either help promote work or hinder some of the things that you want to get done in a traditional workspace.

When you are your own boss, this is no longer a concern. You can choose all of the work style and even the type of equipment you would like to use. Choose how fast the internet speed is, whether you want a desk and what type, and even what type of view you get to look at. You get to pick it all as the boss, even if you just do this on the side of your full-time career.

Set Your Own Location

Depending on whether you choose to do this full-time or on the side of another job, you get the control over your own location. If this is your new full-time career, choose where you would like to get the work done. Even if this is done on the side of a full-time income, you are not stuck in an office or even in. your home. Get out to a Starbucks and meet some people, go to the library, or pick another fun place to spend your time.

The Negatives

While there are a lot of benefits of choosing to be your own boss, there are also a few drawbacks that you need to consider. There are reasons why some people do not like the idea of working for themselves and just want to stay with their full-time job. While these are not meant to keep you away from the great world of gig economy, it is important to know both sides of the story before starting. Some of the negatives of being your own boss include:

Your Clients and Customers are Your Boss

You are technically your own boss and have a lot of freedom as a freelancer, but technically, your clients are your boss. If you do not get the project done, you do not get paid. If the project is big or you get overloaded with other things, this could mean a lot of late nights to get it done. Many people go into freelancing and are shocked to find out they still have a boss in some sense of the word; they need to still report to the clients to make money.

You Have to Handle Employees

As your business grows, you may need to bring on employees. There is another level of work and management that you need to handle when this happens. While some decide to keep this small so they are the only ones in control over all of the work, some want to expand and turn the gig economy into a bigger income. You will need determine whether this is something you are ready to handle along the way.

You Spend Your Own Money

While one of the benefits above was that you can choose the equipment and technology you want to use, you need to remember that you are the one spending this money, not an employer. If you can’t afford it in your budget, then it is not a good idea to use it. Instead of running right out there for all the gadgets right away, you need to make a plan to see if this is right for you.

The Income

This can be a positive and a negative. There are no earning caps on the amount of money that you can make when you start your own business. There are also no guarantees on the amount that you will earn. It all depends on your market, the clients, and how hard you are willing to work. There is no stable compensation plan like you would see with a traditional job and you need to be able to budget and plan things out ahead of time.

Starting the life of a digital nomad can be so beneficial for many reasons, but it is not always the best option for everyone. The good news is, that freelancing is something that you can start right now and test out without having to quit your day job. If it doesn’t work out, then there’s no big loss. If it does work out, then you will not only have a new source of income, but possibly live the freedom lifestyle you have wanted all along.