Advantages of being your own boss

1. Money: You’re in charge of your income. You earn much more than your employees. The entire results of your work: overtime, sweat, pain, investment comes directly proportional back to you, no fees deducted, you earn what you work.

2. Freedom: You get to make all of your decisions, no one else is telling you what to do. You don’t have to report to anyone except for yourself. Even though you may work overtime, but you can basically make your own hours and never get yelled at for being late, you can decide to work really hard one day and take half day off the next day. You get no worry about your career because you never get fired.

3. Benefits: You may get no paid vacation, but if your business is a successful, well-oiled machine you can do what you want and you deserve to do what you want for all the hard work you’ve done! Ultimately this can mean more time with your family. Also, if you have enough wealth from your business you can afford what you need when it comes to healthcare options and you aren’t tied down to what a company is offering you.

4. Responsibility: As your own boss you will always have responsibilities, but if your business is successful the responsibilities become less of a burden. Things eventually fall into place. Part of it can be fun! You want to be your own boss so you can make the decisions. You decide how to market your product. It’s a big responsibility because you’ll either fail or succeed, but it’s a fun responsibility because you’re in charge!

5.More freedom – there’s nobody telling you what to do
6. More self-confidence – it’s prestigious to be your own boss
7.Less stress (once you’re up and running)
8.No limits – you can aim as high as you like
9.You can control how much you earn, and how much you invest
10.You can create your own working environment.

Disadvantage of being your own boss

·         Responsibility and stress

·         Crazy, long hours (while you’re setting up)

·         No paid holidays (while you’re setting up)

·         Uneven salary (while you’re setting up)

·         You have to deal with all sorts of problems – there’s no one else to blame

·         You can't be lazy and still get paid!

·         You won’t get paid extra for overtime!

·         Your pension fund and medical aid are paid by yourself

·         There’s pressure to perform

·         There may be uncertainty – there are no guarantees

·         You may feel isolated or lonely

·         You will need to motivate yourself

Advantages of working for someone else

The greatest advantage of being employed by somebody else is the financial security and the additional benefits such as paid holidays, a guaranteed pension and possible bonuses. You also have the advantage of knowing how much income you will take home each month and can manage your finances to live within your means.

 Try before you buy- As an employee, getting regular income, you have less financial pressure. That’s why you can expose yourself to a few industries and roles before locking yourself into a business or industry. Trying several roles is a great way to learn more about what you enjoy, what’s important to you and what you’re great at—before you risk your own capital in a venture.

 Save, save, save- An almost guaranteed paycheck is one of the perks about working as an employee. The trick then is to keep your eye on the ball and save as much of your salary as you possibly can.

 Make mistakes on someone else’s tab- The sooner you accept that mistakes are part of your growth process, the sooner that you’ll stop wasting time dwelling on them and spend more time learning from them.

Disadvantage of working for someone else

·         The daily commute

·         Only having a set amount of holiday to take each year

·         Childcare means you either work shorter hours or pay someone else to mind your children

·         You're a cog in a machine and you have little freedom to make your own choices

After review my findings I would prefer to own my own business.