The Creative Universe: Self Employment

Self-Employment: The Good, the Great, the Bad, and the Ugly 

Weighing The Pros and Cons of Being Your Own Boss: Is it Right for You?

       When it comes to work, there are two main paths you can take: working for someone else, and working for yourself.  While both paths have their hills and valleys, and some chart a course down the middle by straddling both, being self-employed offers a unique set of benefits and challenges.

Self-employment can be a dream come true for some people, but it's not without its hurdles.  Speaking from experience as an all-around artist, here are some of the good, the great, the bad, and the ugly aspects of being your own boss.

  PROS  

👍 The Good 👍

You're in Charge:  When you're self-employed, you're the boss. You get to make all the decisions and call the shots, which is cool to be able to say.

Autonomy: Being self-employed means you're independent.  It can be really fun to be autonomous and make your own choices to blaze your own trail.

Flexibility:  A big advantage to working for yourself is having the freedom to set your own schedule, working from wherever you want and having the option to take time off when you need it.

Unlimited Earning Potential:  When you're self-employed, your earning potential is virtually unlimited.  You can charge what you're worth, scale your business, and have the potential to earn more than you would working for someone else. 

Pursue Your Passions:  When you work for yourself, you have the opportunity to pursue your creative business ventures and do something you're truly passionate about.

😃 The Great 😃

Financial Control:  Working for yourself means you have full control over your income.  You get to decide what services or products you offer, how much you charge, how you market yourself, and how much you want to make.  This level of control can be both empowering and fulfilling.

Growth Opportunities:  When you're self-employed, you adapt, learn and grow in ways that may not be necessary or available in a traditional job.  When you work for yourself you need to stay up-to-date with industry trends, standards, technology, best practices, and network with other industry professionals leading to personal and professional growth.

Creative Freedom:  Working for yourself means you have the freedom to be creative and innovative.  You can try new things, pivot your goals, experiment with strategies, and pursue any projects that inspire you.  The possibilities are endless.

Confidence Booster:  Running your own business the way you want, and building a name for yourself can build up your self-esteem, self-sufficiency, and self-reliance.  When you achieve business goals and make clients happy, it can bring a real sense of pride, and motivation that can snowball into confidence in yourself and your capabilities.

Sense of Accomplishment:  Like a total boss, you get to take full credit for your successes.  Every client you land, every project you complete, and each milestone you achieve is a direct result of your hard work and dedication.  This sense of accomplishment can be incredibly rewarding and enriching.

  CONS  

👎 The Bad 👎

Uncertainty:  Being self-employed comes with a lot of unknowns.  You may not have a steady income, and you're solely responsible for finding your own clients and work which can be stressful.

Responsibility: As a self-employed person, you're responsible for everything.  This can be a lot of pressure.  From managing your finances to marketing your business, you have to stay on top of every aspect of your business.  Because of this it can be hard to mentally “clock out” for the day.

Isolation:  Working for yourself can be isolating.  Unless you scale to a point of growing a team, you may not have the same coworker experience as you would in a traditional job of bounce ideas off of others, or socializing which can be lonely at times.  It can be difficult as a self-employed person to make efforts to step outside your work bubble.

Lack of Benefits: When you work for someone else, you often have access to benefits like health insurance and paid time off.  When you're self-employed, you have to provide these benefits for yourself which can be costly.

💀 The Ugly 💀

Burnout:  Working for yourself can be extremely demanding and stressful.  It's all too easy to fall into the physical, emotional and mental death trap of overworking yourself.  It can cause prolonged fatigue, cynicism, and low productivity, which only exacerbates the problem.  Burnout can feel like a dark and suffocating black hole that drains all the light from your life.  The things that once brought you joy and happiness seem distant, mundane and meaningless.  

How To Identify Burnout: Common Symptoms

• Feeling physically, emotionally, and mentally exhausted
• Decreased motivation and productivity
• Cynicism or negativity toward work or other activities
• Difficulty concentrating or remembering things
• Insomnia or other sleep problems
• Headaches, stomach problems, or other physical symptoms
• Increased use of drugs, alcohol or eating more/less as a coping mechanism
• Feeling detached or isolated from others

Here are some tips to help manage the stress and anxiety from overworking to avoid and/or help prevent burnout:

• Prioritize self-care by doing things that aren’t work related, and make it your mission to find something you can be excited about.
• Delegate tasks to others, or give yourself a time frame/schedule to avoid doing everything yourself all at once.
• Reward yourself for big successes, and still celebrate the small ones.
• Learn from failures without the self-sabotage.
• Take breaks, eat, drink & be patient with yourself.  
• Speak kindly to yourself by using mantras. You got this.
• Practice gratitude by focusing on the good things in your life and taking time to appreciate them.

    It is important to note that if burnout has already occurred, it may be necessary to seek support from a mental health professional or make larger lifestyle changes.  

    Recognizing the signs of burnout is a crucial step to preventing it from taking hold and extinguishing your passion for the things you love.  By taking proactive steps to address burnout, your mood can feel brighter, wins can feel more meaningful and problems can feel less troublesome.

 The Takeaway: 

Understanding the Benefits and Challenges of Working for Yourself

    To understand all the benefits and challenges of self-employment and decide if it's right for you, here are some things to consider:

1. Evaluate your personality and work style: Self-employment can be a great fit for people who are self-motivated, disciplined, and independent. Consider if you have these traits and if you enjoy taking on new challenges and working on your own.
2. Assess your skills and expertise: What skills and expertise do you possess that could be turned into a business? Think about your passions and hobbies, as well as your professional experience and training.
3. Consider the financial implications: Self-employment can provide financial freedom and flexibility, but it also involves financial risk and uncertainty. Be realistic about your financial situation and consider your options for funding your business.
4. Research your industry and competition: Before starting a business, research your industry and competition to understand the market demand, pricing, and trends. This will help you identify potential opportunities and challenges.
5. Create a business plan: Develop a business plan that outlines your goals, strategies, and financial projections. This will help you identify potential roadblocks and opportunities and will provide a roadmap for your business.
6. Seek advice and guidance: Reach out to other entrepreneurs and business owners for advice and guidance. Consider working with a mentor or joining a business network or association to connect with other like-minded individuals.

"Entrepreneurship is living a few years of your life like most people won't, so that you can spend the rest of your life like most people can't." - Unknown

 The Final Verdict: 

Is Self-Employment Right For You?

Only you can decide if the benefits outweigh the challenges in your unique situation.

Overall Benefits: Control over your business, independence, growth, creative freedom, sense of accomplishment.
Overall Challenges: Managing finances, landing new clients, staying motivated, avoiding burnout.

My Advice: Remember why you started. The road to success is never easy, but staying focused on your goals and passion can help you overcome any challenge.

    As full-time musicians, both Tyler and I have experienced the pros and cons of being self-employed firsthand.  We love the flexibility and creative freedom that comes with working for ourselves, but we also know the physical, emotional and mental struggles of running our own business, managing finances and finding new opportunities.  However, the sense of accomplishment we feel when we create memorable moments for our clients, connect with strangers in a crowd, or receive positive feedback on our original material is unmatched.  

    Being self-employed requires hard work and dedication, but for those willing to put in the effort, the rewards can be significant and in my opinion, outweigh the cons.  Whether you're considering starting your own business or already working for yourself full-time or part-time, it's important to recognize the hills and valleys and be mindful of the unique challenges and opportunities that come with being self-employed.