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Is it better to work for an Established Employer or to be self-employed?

Both opportunities have their own advantages, and disadvantages. There a lot of people think that working for them self is great, while others swears that working for a company, is the best way to go. I am going to try to list a few advantages and disadvantages on both sides of this debate.

Advantages of working for a company!

Working for a company gets you a 40 hour week, in some places you can get in some overtime.
You get time off, (paid), for deaths of family members, or family weddings.

They take money off for income tax.
They pay you health care, (at least they do in most cases, although I do know of a few places that do not pay for health benefits.
You get all the paid holidays off with pay.
You do not have to worry about not having a paycheck coming in every two weeks, once a week, or twice a month, in some cases.
There is no need to worry about having the money to pay the mortgage, car payments, insurance, food and cloths for the family.
You get two weeks paid holidays so you can spend time with your family.
The company takes money off your check to pay for retirement and CPP when you can no longer work.
Someone tells you what needs to be done that day, and how they want you to do it.

Disadvantages of not working for a company!

You no longer have the comfort of having to only work 40 hours a week, it will take more than 40 hours a week to obtain the money you will need to support your family.
If you take the paid holidays off, you do not collect money from your own business.
There is no money set aside for family deaths or weddings; you have to pay for it out of your own limited overhead your own company provides.
Paying into income tax is your own responsibility.
Providing health care for your family is your own responsibly, and you will need to make sure you have enough coverage to cover emergencies.
The days of payday every two weeks, once a week, or twice a month, will not be there.
The money to pay your mortgage, car payments, insurance on home and car, food and cloths for the family will have to be saved from your limited budget of the home based business.
Financing your holidays will be your responsibility.
The responsibly of paying into retirement funds and CPP will be up to you.
Free time will be a thing of the past. Working for your self takes much more time than some people may think. In some cases you will have to work from early morning, until late at night, to get the work done that needs to be done to get your home based business off the ground.
Even though you do not have to listen to someone telling you what has to be done, you will have to commit your self to work the long hours it takes to run a business of your own.

No matter how you look at things, there is no way to get out of working for a living. Supporting your family is the most important thing you have to do. How you choose to do this, is strictly up to you.

Learn more about this author, Linda Shrigley.
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