Search
Close this search box.

Starting up your own business may be the dream, but is it right for you? We look at some of the pros and cons of going it alone.

Making a change

Self-employment and traditional employment have their benefits and drawbacks. Choosing between them requires careful consideration of individual circumstances and preferences, including financial implications. Taxation plays a significant role in determining the pros and cons of being self-employed or employed.

Pros of self-employment

Cons of self-employment

Pros of traditional employment

Cons of traditional employment

The decision to become self-employed or seek traditional employment depends on individual preferences, circumstances and financial goals. While self-employment offers more flexibility, unlimited earning potential and tax benefits, it also carries financial instability, responsibility and higher tax obligations. Traditional employment, on the other hand, offers financial stability, employee benefits and reduced tax obligations, but comes with limited earning potential, less flexibility and limited control over job responsibilities and career growth.

If you are thinking of going self-employed and would like any advice, give us a call.