Self-employment allows you to do your own thing, and pursue those areas that you feel passionate about. As your own boss, you work when you want to work; and stop if you want to stop. You can tailor your work according to your lifestyle and accommodate various tasks. You can work in however way you please — in your pajamas, with the TV loudly blaring — without getting a memo from the personnel department.
Self-employment means freedom from rules. The entrepreneur often wears many hats — the strategic planner, the marketer, the customer service rep, and the sales rep, even the bookkeeper.
Entrepreneurs face tremendous challenges and experience incredible joys when these challenges are overcome. If you crave excitement, become an entrepreneur. One moment, the local newspaper is featuring you; and the next, you are losing your biggest customer. As an entrepreneur, you make things happen. You create a vision, lay out the plans to bring the plan to fruition, and pursue the steps needed to make the business a success. Doing all these things can give you an incredible feeling of pride and joy — seeing your website used by people, finding your products in the department store, getting compliments from customers on how your business has helped them, and being written about by the media.
In many respects, your business is your baby, and nurturing it and seeing it grow can give any parents a sense of fulfillment. Entrepreneurship is tough. There will be moments where you will question yourself, or your decisions into going into the business. But once you succeed and overcome the challenges, you gain renewed confidence and respect for yourself that you can do it. As an employee, no matter how hard you work, the financial remuneration you receive is limited to your salary and an occasional bonus.
As a self-employed person, you can earn so much more if you hit the right business idea and execute the business well. The potential financial windfall is so much higher as an entrepreneur rather than a corporate person.
You are the business; anything the business gains is yours. If you are an employee in the corporate world, your bosses may even claim your success as theirs! If you are working for others, you are only a cog in the whole machine.
You never get bored as an entrepreneur: every day brings a new challenge, new tasks, and new discoveries. You set your pace and you can go fast if you choose or slow down if you feel like it. Sharing what you learned can be your way of giving back to the community — it can take the form of mentoring other would-be entrepreneurs, writing a book so others may see how you did it, or even talking about your experiences.
Companies are willing to pay more to independent contractors because they don't have the expensive, long-term commitments that they do with permanent employees, such as benefits, unemployment compensation and pensions. Independent contractors may also deduct business expenses from their taxes, which may increase their net pay. Many successful businesses in Canada are run by newcomers or immigrants. Disadvantages of Self-Employment Less security - It will be your responsibility to make sure you always have work to do.
This means you may sometimes be without work and therefore without income. Fewer free benefits - You will have to pay for your own vacation time, fund your own retirement plans, and buy your own dental, disability and life insurance. Paying taxes - As a self-employed person, you are solely responsible for doing all the paperwork and paying your taxes on time. If you are an independent contractor, you will pay estimated taxes quarterly to pay your Canada Pension Plan contributions and income tax.
From the Ontario Immigration website. Canada Business - Information about taxes, licensing, importing, exporting and much more. Start Up Info-Guide for Newcomers to Canada - If you want to start a business in Ontario, this guide will help you understand the government resources that are available to you. It has information about choosing your business structure, regulations, taxation and more. From Service Canada. Related Articles What options do I have to start a business in Ontario?
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