Is self employment right for you?

With the Australian Bureau of Statistics (ABS) reporting that unemployment for the March quarter is 5.9% you could be forgiven for losing faith in the job market and wondering if you should be self employed. Maybe you've had a few different jobs but they're never really the right fit and something is missing. You might not be able to pinpoint exactly what's missing.

It could be that you're actually supposed to be self employed. You wouldn't be alone if you chose to run your own business.

According to figures released by Civil Society statistics 2.4 million Australians are running their own businesses. Of the total population that is 10 percent.

The ABS says that 12 million Australians are in paid employment. That means 20 percent of the working public have chosen to create their own path and set up their own business.

That's a huge number. The Department of Employment says that no other industry has the same level of participation. The four biggest industries recorded the following numbers;

• Health Care and Social Assistance (1,523,000)
• Retail Trade (1,267,400)
• Construction (1,046,900)
• Professional, Scientific and Technical Services (1,023,300).

Source:  https://australianjobs.employment.gov.au/jobs-industry/industry-overview

Based on these numbers, you might be wondering if you should go out on your own and start your own business. It certainly seems to be the most popular industry in Australia.

Here is a list of the top 5 reasons you should become self employed:

1 - You have a passion

So many people lack a passion and drive. They don't care about work. For them, work is just a means to an end, a way to make money. Others however have a vision and they want to realise that. They want to change the world and how things are done.

If this sounds like you and there is something you are passionate about, then that is a sure fire sign you should set up your own business.

No matter how much you like the security of being employed by someone else, when you are under someone's thumb, you're always going to be working for their vision and not your own.

2 - You're not worried about security

One of the biggest barriers to self employment according to Entrepreneur.com is the fear of being in poverty. People are worried that if they don't have the security of traditional employment they'll live in poverty.

In reality it's actually the opposite. When you're self employed nobody can ever fire you and you can choose what you earn. If you want to earn a million dollars then you can, just as you can earn only $100,000 if you'd prefer.

When you're self employed you're in control of your destiny, so if you would rather control what you earn then it looks like self employment is suitable for you.

3 - You prefer calling the shots

Everyone knew a kid in school who was defiant and always had to do things their way. It didn't matter what the teachers said. That kid had a better way of doing things. They thought outside the square (or is it an iceberg?) and decided to dance when everyone else was singing or playing in the band. That kid knew what they wanted. The chances are they went on to start their business.

If you're a bit of a control freak and you hate taking orders from other people then there's a strong possibility you would be suited to self employment.

4 - You hate the 9-5 workday

Country singer, Dolly Parton sung about it, "9-5, what a way to make a livin'!....It's all takin' and no giving, it's enough to drive you crazy if you let it...you want to get ahead but the boss won't seem to let me...."

I could go on with the Dolly Parton lyrics, but I think you get the gist. 9-5 can be soul destroying and you will often find yourself being held back and not reaching your full potential.

If you are the type of person who hates being held back and never gets any credit, then choose self employment, by choosing self employment you're choosing success. You can be as successful as you want to be, and you can do the job that you were born to do, without being told you're not good enough.

5 - Freedom is important to you

To carry on with the 9-5 theme, you value freedom. When you work 9-5 you need to sit at a desk at a certain time of day, and have your lunch break at a certain time. You have to dress a certain way, behave a certain way, and well basically, you can't be who you are. That means that if you're most productive in the middle of the night, you can't work then because you're not calling the shots and you need to conform to traditions.

If you value freedom and want to work when the inspiration strikes then self employment is definitely the right path for you and you'll find that you're more successful when you're not being monitored by a boss or told to do things a certain way.

The bottom line

Self employment isn't for everyone and it can be a scary path to choose. It's long hours, however, if you do it right you'll find that the clients flock to you because you have an aura of confidence and self belief. That confidence is essential to business success.  Confidence can become drive, and when you're driven your performance will be better. Just take a look at the CEOs of the world's top businesses. The majority of them dropped out of University because they had another idea and saw a problem that needed solving. Their passion became their full time job and now they're rolling in the cash.

There are so many other reasons why self employment is right for you. We would be here all day if we were list them, so without taking more of your time, we'll let you go and think about the top 5 reasons.