Understanding what it’s like to be self-employed is more important than ever in today’s age of incredible technology that allows everyone to be their own boss and operate their own company. If you have a business idea and want to work for yourself to see it through, now is the time to do it.

In reality, becoming your own boss isn’t that straightforward. If you don’t know what to expect, you might be setting yourself up for failure or, at the very least, making things more complicated than they need to be. Read on to learn more about what it’s truly like to be self-employed so that you can better prepare yourself for the huge changes it will bring about in your life.

Working Hours

For many, the fantasy of becoming self-employed centers a lot on the flexibility of working hours that it would provide. When you work for yourself, you can take time off whenever you need it, and you can attend key family events like your children’s school plays and sports tournaments. In many circumstances, this is the case.

However, at least in the beginning when you are just starting to become recognized and established, it is possible that you will have to make up for those lost hours at another time. When it’s all said and done, you’ll probably be working until far into the night or over the weekend to make sure everything gets done. Even if you’re on vacation, you’ll probably work at least on responding to emails and staying in contact with key clients and customers.

Being self-employed is flexible to a certain extent, but you should be aware that the hours you put in are frequently longer than if you were working for someone else right at the start. However, having your own company means you can work those hours whenever you want, and it won’t seem like work most of the time.

Finances

Money is always a concern when you are self-employed, not only at work but also in your personal life. You won’t have to worry about the company’s finances if you work for someone else (unless you work in the accounts department, that is). After each week or month, you are paid the correct amount for the work you’ve done. When you’re self-employed, that’s not always the case. It’s possible to have a good month where you can pay yourself more than usual, only to then have a terrible month where you have to pay yourself less.

It’s a good idea to have a contingency fund in place in the event that you lose your regular income as a result of becoming self-employed. If your business runs into trouble, you’ll want to be prepared with three months’ worth of savings or another source of income to cover your basic expenses. This might mean making shrewd investments, which an expert like Fundamental Global will be able to help you with.

You’ll Discover Who You Are

Uncertainty about your true self is common. It’s easy to avoid self-reflection when it doesn’t make any difference, but it is different when you work for yourself. As a self-employed entrepreneur, you must be able to identify and capitalize on your own strengths and shortcomings. This means that you need to take a close look at your own personality.

Recognizing your own limitations is as important as knowing your own strengths when it comes to starting and growing a company.