196. The Pros and Cons of Self-Employment vs. Corporate Life

career change Jul 24, 2023
Self-Employment vs. Corporate Life

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:

 

Are you new to The Job Hunting Podcast? 

Hello, I’m Renata Bernarde, the Host of The Job Hunting Podcast. I’m also an executive coach, job hunting expert, and career strategist. I teach corporate, non-profit, and public professionals the steps and frameworks to help them find great jobs, change, and advance their careers with confidence and less stress. 

If you are 1) an ambitious professional who is keen to develop a robust career plan, 2) looking to find your next job or promotion, or 3) you want to keep a finger on the pulse of the job market so that when you are ready, and an opportunity arises, you can hit the ground running – then this podcast is for you. In addition to The Job Hunting Podcast, I have developed a range of courses and services for professionals in career or job transition. And, of course, I also coach private clients. 

So there is no excuse – I’m determined to help you! I want you to feel empowered, nail your next job, and have the career you want.

Enjoy the episode, and ciao for now!

 

Renata Bernarde | Job Hunting Expert

[email protected]

www.renatabernarde.com

I cannot recommend it highly enough.

To my friends and colleagues who are currently job hunting, this podcast is for you. Renata Bernarde and her stellar line up of guests very generously share their perspective, advice, behind-the-scene secrets, tips, and anecdotes. "It's called The Job Hunting Podcast (it is what it says on the tin!) Guests include Anita Ziemer, Michelle Redfern, Mohit Bhargava. I cannot recommend it highly enough. Run. Don't Walk." - LinkedIn post shared by Amber Knight.

We listened, and we both got jobs!

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