196. The Pros and Cons of Self-Employment vs. Corporate LifeJul 24, 2023
Working for oneself or being a part of a corporate setup both have their merits and drawbacks. Having experienced both sides, I find it essential to weigh the advantages and disadvantages of each to make an informed decision. In this episode, recorded last year, I share my personal journey, comparing my time as a self-employed career coach with my previous corporate life.
I get asked a lot by my clients what it's like to work for myself. We also discuss this option when working on the client's future goals and career plans. So, in this episode, I wanted to share with you my experience working for myself since 2019, compared with my previous experience being an employee from 2002 until the end of 2018.
Before 2002, I also had my own business from 1993 until 2000 and took a year to study in 2001. You can learn more about my career story by watching or listening to episode number 62 of the Job Hunting Podcast. I have also recorded an episode on how to transition from a corporate job to being a business owner. But this episode is different: it's a comparison of the two different work types and lifestyles. Also important to note as you listen to this episode is that I am based in Australia. So certain concepts discussed here might require translation to fit your local circumstances, especially concerning tax benefits.
There are always pros and cons to every path you take in life. And the decision you make should align with your current life situation. After listening to this episode, you will know that, at times, it was great for me to have my own business, including right now. But there were moments when I craved the stability of a permanent job. There is no definitive right or wrong choice; rather, it's about finding what suits you best.
For those contemplating their future career steps, I hope this episode serves as a helpful guide in exploring the advantages of both self-employment and working for a company.
Timestamps to guide your listening:
Reasons to love working for myself:
- 21:50 - I'm my own boss
- 24:13 - You can earn more money
- 28:22 - Flexibility and balance
- 30:33 - I am happier
- 32:08 - I spend less
- 33:33 - I am entrepreneurial
- 34:04 - It can be more financially secure than having a job
- 38:21 - Potential tax savings
Advantages of working for a company:
- 39:52 - Regular paychecks
- 40:31 - You can focus on what you do best
- 41:15 - Teamwork
- 42:52 - Pay package and benefits
- 44:13 - Regular working hours.
- 45:15 - Opportunities only available in your sector
Links mentioned in this episode:
- Reset Your Career Workshop & Action Plan
- Subscribe to my newsletter
- The Job Hunting Podcast Episode 62: My Career Story
- The Job Hunting Podcast Episode 79: From corporate job to business owner
- Join my Facebook Group - it's free!
- Follow me on Instagram and LinkedIn
- Register for an Australian business number (ABN)
- The Job Hunting Podcast Episode 78: Portfolio Career