PROS

More freedom and scheduling and performing work. Being self-employed allows you to have

the flexibility in choosing your own working hours, work from home and be around your

family at the same time.

PROS

You are more likely to get work-at-home positions. One of the advantages of being self-employed is

that you get to have your very own private place in the comfort of your very own home. You won’t have to spend much on gas, bus fare, take out foods and

time.

Say goodbye to taxes taken out of payments. It is very frustrating to look at your paycheck and

seeing that the biggest deductions are from taxes. Admit it. But when you’re self-employed, you can

now bid goodbye to paycheck deductions.

PROS

Compensation rate might be higher. Since all those terrible deductions on your paycheck then you

might get in a fat paycheck. It’s not always the case though, but there is a great possibility that

compensations are higher than regular employment.

PROS

CONS

Say goodbye to benefits. Since benefits such as paid vacation leaves, maternity or paternity leave, health

and life insurance are for regular employees only, this could cost you a lot. Though there are some other

contractors who offer benefits, but they are very rare.

CONS

Less security of tenure. The freedom you can enjoy with self-employment comes also with the threat of less projects. Less projects means less payments and that won’t be very good won’t it?

CONS

Collection and invoicing is your own responsibility. When you are self-employed, you usually send an invoice to get

paid. The payment schedule is irregular unlike a paycheck that is scheduled regularly. There are also a few cases that you

won’t get paid on time or much worse, you never get paid at all.