In this post, PlatinumTimes outlines the 9 benefits of being self employed in Nigeria.
Living conditions are horrendous and unemployment is becoming rampant due to Nigeria’s shattered economy.
Many other countries also face this same situation. Many people are looking for work in order to make ends meet, but many are having difficulty doing so.
Due to the situation of the economy, graduates are competing for difficult job offers intended for those with little education. This leaves graduates with low-paying positions that do not match their degrees and gives the ignorant no hope.
For the working class in Nigeria and many other countries, there are only two options: either take positions that are below their qualification and earn lower wages, or start their own business.
Self-employment is the practice of working for oneself rather than a company or organization. It entails starting and managing your personal business in addition to working as a consultant or freelancer.
Anyone who is unable to find a good employment despite making significant and honest efforts has the option of starting their own business. You can work when and how you want when you are self-employed, which is something that normal employment cannot provide. However, working for yourself still has a lot of additional advantages. In this post, I’ll take you through the nine benefits of becoming your own boss.
1. You create your own work schedule
The flexibility that self-employment provides is greater than that of regular employment. Instead of working during predetermined hours, you have the option to choose your own schedule. This suggests that you can work whenever it suits your schedule or when you are at your most efficient. This flexibility may be quite beneficial for those who have personal or family obligations because it enables them to work when it is most convenient for them.
Being self-employed allows you greater scheduling flexibility, which can improve work-life balance, reduce stress, and increase productivity. This might result in a career path and more satisfying employment prospects.
2. Greater freedom and power at work
Self-employment is the only employment option that will work for people who are fiercely autonomous and dislike being told what to do. You have complete control over your daily decisions and activities when you work as an independent contractor.
Due to your complete control over your actions and sole accountability for the success of the company, this can be liberating. You can select the clients and projects you work on based on what interests and qualifies you.
Independent work allows for freedom and independence, which can lead to more meaningful job and a more fulfilling career.
3. Grow in knowledge and improvement in skills
When you work for yourself, especially at first, you frequently run into new processes. In-depth learning opportunities can be found in managing client acquisition, marketing, finances, and other business operations. These experiences can help you in your professional life.
4. Endless Opportunities to Make Money
Self-employment gives you the freedom to earn as much money as you like, in contrast to traditional work where your income is frequently restricted. If you work hard and put in the time, you can earn as much money as you want.
Your earning potential will improve together with the growth of your business and your skills and knowledge. In a typical job, the only way to raise your pay is through promotions, which frequently don’t come around for years.
5. Possibility of Growing Income Streams
Being totally dependent on a monthly wage in Nigeria is risky since you never know when your employment will end. Even more so with employment in the public sector, where wages may be withheld at any time despite greater job security. On rare occasions, the pay of government employees is withheld for several months. If nothing is done, a serious financial disaster could happen.
Fortunately, when you work for yourself, nothing can stop you from earning money. You can offer a variety of goods and services or work with many clients to make sure you have a backup income in case one of your sources of revenue fails.
6. The Potential For Working From Home
Most independent contractors have the option of working remotely. This improves the comfort of working. You save the time and money you would have spent on the commute, and you might work more effectively in a more relaxing environment.
Working from home as a self-employed individual can offer several advantages in terms of convenience, cost and time savings, work-life balance, and stress reduction.
7. The Prospect of Job Creation
As an entrepreneur and someone who works for themselves, you have the ability to generate work for others. Because you are aware that you are improving the economy of the nation and the community, even if only marginally, you may feel fulfilled. Self-employment and entrepreneurship can open doors to economic growth and the creation of jobs in Nigeria, where youth unemployment is a major problem. By working for yourself, you will not only be able to escape unemployment but also help others.
8. You can create valuable networks
In conventional workplaces, you frequently collaborate with a group of people every day. When you are an independent worker, it is up to you to create these networks and contacts. The opportunity to collaborate and create connections with other business owners is something that networking may provide. Making those relationships gives you the chance to connect with knowledgeable, like-minded people who can help you expand your company. Additionally, you have the opportunity to build genuine relationships with your clients and maintain open channels of contact with them.
9. Reduced Cost Of Transportation
In a traditional job, you might be earning a respectable wage, but once you account for the cost of daily transportation to and from work, you’ll realize there isn’t much left over.
Another one is the time and energy commitment required for travel. This is especially true for persons who reside in densely populated areas where traffic is a major issue, such as Lagos. Spending so much time on the road each day can be taxing on one’s health and, as a result, their productivity.
Working from home instead of driving to the office can save you time and money. As a result, you’ll have more time to work or do other things.
Conclusion
Being self-employed has several benefits, including improved work-life balance, flexibility, financial rewards, quicker professional growth, and many others. The advantages of becoming your own boss go far beyond those discussed in this article.
Not everyone will have the good fortune to succeed, especially in the beginning, even if self-employment may be the best way to escape the constraints of unemployment and poverty imposed by our failing economy. Even though it might seem challenging, anyone can support themselves through self-employment provided they are committed, have the appropriate attitude, and put in the necessary work.