What are the pros and cons of working for yourself?
Running a One-Person Business mentors Paul & Sarah Edwards respond: Self-employment is about being in control of your life. You're the boss. You get all the benefits of your hard work. When you work for someone else, your economic and personal potential is usually limited. That ceiling goes away once you're on your own. Most people who become wealthy are self-employed. And today you can work from virtually anywhere.
It's also true, however, that most people who are self-employed don't get rich. In fact, many of the self-employed are unable to match the earnings potential of their counterparts who work for someone else, but most consider this a fair trade for having more control over their time and their work. Health insurance is more expensive and, for some people, virtually unavailable. While there are tax benefits to being self-employed, small businesses often bear an unfair tax burden. You have to deal with rules and regulations and get licenses.