Self-employment is a form of work where an individual works for themselves instead of working for an employer. The concept of self-employment has gained popularity in recent years due to the increasing number of people who desire to work for themselves and have more control over their work-life balance.
Self-employment provides individuals with the opportunity to pursue their passions and turn their hobbies into profitable businesses. It allows for greater flexibility and the ability to work on their own terms, without being restricted by the schedules and demands of a traditional employer. Self-employment can also provide financial benefits, such as the ability to set your own rates and the potential to earn more than a traditional job.
challenges of self-employment
However, self-employment also comes with its own set of challenges. One of the biggest challenges is the lack of job security, as self-employed individuals do not have the same protections and benefits as traditional employees. Self-employed individuals also have to manage their own finances, including taxes and expenses, which can be daunting for those who are not familiar with these processes.
To become self-employed, individuals need to have a clear idea of what they want to do and how they will make money from their business. This requires research, planning, and a solid business plan. Self-employed individuals also need to be motivated and disciplined, as they will be responsible for managing their own time and staying focused on their goals.
Self-employment can take many forms, including freelancing, starting a business, or becoming a consultant. Freelancing is a popular option for those who have skills that can be used on a project-by-project basis, such as writing, graphic design, or web development. Starting a business involves creating a product or service and marketing it to potential customers. Consulting involves providing expertise and advice to clients in a specific industry or field.
In conclusion, self-employment is a viable option for those who desire more control over their work-life balance and want to pursue their passions. While it comes with its own set of challenges, self-employment can provide financial benefits and the freedom to work on your own terms. However, individuals who choose to become self-employed need to be motivated, disciplined and have a solid plan for their business to succeed.
Self-employment is the act of generating one’s income directly from customers, clients or other means as opposed to being employed.
Self-employed people generally find their own work rather than being provided with work by an employer, earning income from a trade or business that they operate.
Being self-employed is challenging in a developing country like Nigeria where there is no regular supply of power, water, and other public utilities required for a conducive environment for starting your own personal business on a small scale or large scale
This is why the majority of people would prefer the security of working for an employer whether a sole proprietor, private company or public company.
The financial security or regular salary is a guarantee as long as the employer is active and the enterprise is lucrative.
The conveniences of regular income, fringe benefits, leave or vacation allowances and pension make many people to shy away from self-employment and in most cases, they end up either fulfilled when they retire or unfulfilled.
The fear of poor or irregular salary or losing your job can make you consider being self-employed to fulfill your own dreams and be your own boss
When you take up the challenge of being self-employed, you should consider the advantages and disadvantages too.
Because working on the pros and cons will go a long way to help you to overcome the trials and go ahead to succeed.
Factors to consider before embarking on Self-employment
Once you have decided on the business venture you intend to embark on or invest in, you should take the following steps.
- Carryout Feasibility Study: You should carry out a feasibility study of the kind of business you want to embark upon. This is a small business plan with your venture capital. This will show the profitability of your business.
- Possession of Some Capital: You should have some funds or capital to start and run the
- Register a Business Name: You should go ahead and register a business name for your
- Study About Taxes: Do not fail to pay your tax no matter how small. At least, your income tax
is a must before you can pay the other required taxes.
- Start on a Small Scale: Start on a small scale with the capital you have. Do not go into
borrowing from banks at the beginning.
- Carry out Market Research: You should be able to identify or know the potential consumers of
- Ensure Better Packaging: Do your products and package them very well. You should try and package them differently from what is already existing. This will help you to penetrate the market.
- Recognized Your Talent: Recognize what you can do.
- Watch Out for What People Need: You should be able to watch out for what people need
before embarking on such a business.
- Recognize Your Potential Customers: You must recognize your potential or target customers
- e.g. schools, the general public, children, etc.
- Expert Advice: Make a consultation or seek expert advice on new business.
- Go for Training: Go for training on a new business you have no idea of.
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries
- RINDER PESTS
148. NEWCASTLE DISEASE
149. BACTERIA DISEASES
153. FUNGAL DISEASES