Had To Start from Scratch but Here I go

Saturday, February 8, 2020

Benefits of Self Employment

Who wouldn't want to be self employed? It seems like a really easy and super simple idea, you just get up one day, have a thought and go for it. Right? Well not exactly true for most people it take years of thought, research and practise plus you need to be able to find your niche and put it to the test, because it's a lifestyle choice and something you have to commit to every day for as long as you make it a job.  For most people that is years.  Of course if you love what you do it will never be a bad thing.  Some people choose a job that requires a startup fee or other odd fees and in which case they may consider  self employed loans .

One main point is 

No Need For Bank Statements

When applying for regular loans, which would be things like car loans or mortgages, one will have to supply the lender with a never-ending list of documents. This includes, but is not limited to, previous tax returns that have been signed, credit scores, income verifications like pay stubs, and much more. Often times, the most concerning piece of information that people ask for is one’s personal bank statement. The reasoning behind this is the fact that a lot of the aforementioned type of loans are secured in nature. Meaning, if one fails to pay back what they owe, the lender will keep the deposit that might have been given to them. Well, self-employment loans are nowhere near as convoluted.

Although lenders will still make inquiries into one’s credit history and tax returns, they will not go as far as to analyze their banking activity. This is an important advantage that many entrepreneurs appreciate as it promotes better privacy and a much simpler process. After all, not everyone is going to be thrilled about having a third-party look into all of their recent transactions.

Of course there are other reasons to and it's so important to really think it all through even though it is super tempting to want to work for yourself. 

Some people do not like to answer to authority or have certain deadlines put on them. Others may want to stay home with kids or might be disabled and need some extra income.  You can even be retired and just want to start some new way.  Whatever the reason is you should go for it. Don't let the harder things stop you because it is so worth it if you succeed. 

Let's ask Google for the definition of Self Employment and thanks to Wikipedia

As seen on site:

Self-employment is the state of working for oneself rather than an employer. Generally, tax authorities will view a person as self-employed if the person chooses to be recognized as such, or is generating income such that the person is required to file a tax return under legislation in the relevant jurisdiction. Wikipedia
Here is another point

Difference between self-employment, entrepreneurship, and startup

Self-employment provides works primarily for the founders. Entrepreneurship refers all new businesses, including self-employment and businesses that never intend to grow big or become registered, but startups refer to new businesses that intend to grow beyond the founders, to have employees, and grow large.

In summary:

self-employment: an organization created with the primarily intention to give a job to the founders.
entrepreneurship: all new organizations.

startup: a temporary new organization created with the intention to be bigger (at least have employees).

This is a sponsored post.

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