Surely self-employment sound really good to anyone because it has so many obvious advantages, but unfortunately, the downsides are also important to be taken into consideration.
You make your own time, no need to be bossed around, no morning traffic, but when it comes to a self employment loan, things are no so bright anymore.
If you have your own path and things work out great, you have enough time to do everything you want, you travel more and sleep late in the morning, that sounds like a dream job.
There surely are so many perks when being self employed.
- You can earn a lot more than being employed, but you will probably hassle more which means more stress. It will be hard at the beginning until you find enough work to support yourself, and there Is no guarantee you get the same amount of money every month.
- No boss to answer to, but you’ve still got clients. It’s not the exact same thing but you still need to follow guidelines, rules and deadlines. You can always refuse a project, which is a cool advantage.
- Flexible timetable. Even if lately, employers started creating more flexible schedules, you can’t beat self employment on-off time. This sounds great, but if you really want to be successful, you will work your ass off day and night and even weekends.
- You will be more productive if you make your own schedule. This actually almost never happens. Having your own time, you will most likely joggle tasks and household duties especially if you work from home. Trying to be as productive as possible is sabotaging your own game. You will want to do more, while not finishing much.
- Travel more while you work. This is probably the best perk of all. You could probably work from wherever you want, so being on a year long vacation in your favorite place is something really doable.
- Starting your own business. Being self employed probably got you thinking on creating your own business especially because you have enough time to put in it right now. But then there are other financial hindrances that could prevent you from doing this. And this is where we find the biggest disadvantage of them all: Getting a loan while being self employed.
But things are not so easy when you want to scale things up. Maybe you need a personal loan to build something bigger and you can’t get it so easily because you are self employed. Still, there are some tips that might help you get past this issue.
The idea is to show your financial status and gather all the right documents to prove you will be able to give the money back and of course, that you are trustworthy as well. Tax returns, income papers, bank statements, financial statements and a few more.
Be sure you are not in debt with anything else and you have all your taxes paid which would show that you are trustworthy.
