Top 10 Benefits Of Being Self-Employed In Nigeria

Unemployment is pervasive in Nigeria’s crippled economy, and the standard of living is deplorable. This is also true for many other countries. Many people are looking for work to make ends meet, but many are having no luck. Due to the status of the economy, graduates are scrambling for laborious employment designated for the uneducated. This leaves the ignorant with no hope and graduates with employment that do not match their degrees and low pay.

For the working class in Nigeria and many other countries, there are only two options: accept employment below their qualifications and earn pitiful wages, or become self-employed.

Self-employment is the activity of working for oneself rather than for a corporation or organization. It entails starting and operating one’s own firm, as well as working as a freelancer or consultant.

Self-employment is an option for anyone who is unable to find gainful employment despite long and diligent efforts. Earning your own money on your own schedule is an advantage of self-employment that regular employment cannot match. However, the advantages of self-employment do not stop there; there are several others. In this essay, I will list ten advantages of being your own boss.

1. Flexibility In Working Hours

Self-employment provides a level of flexibility that regular work does not. Instead of working at defined hours, you have the option to create your own schedule. This means you can work when you are most productive or when it is most convenient for your lifestyle. This flexibility can be especially beneficial for people who have family or personal obligations, as you can work when it is most convenient for you.

The flexibility in working hours provided by self-employment can result in a better work-life balance, lower stress, and increased productivity. This can result in increased job satisfaction and a more rewarding career path.

2. Greater Job Autonomy And Authority

Self-employment is the only sort of employment that will work for people who are overly independent and dislike being told what to do. When you work for yourself, you have complete control over how you operate and the decisions you make.

This can be liberating because you are completely accountable for the success of your company and have complete control over what you do. You can pick and choose the clients and projects you work on, focusing on what interests and qualifies you.

The independence and freedom that self-employment provides can lead to increased job satisfaction and a more meaningful career.

3. Unlimited Earning Possibilities

Unlike regular work, where your earnings are generally limited, self-employment allows you to earn as much as you want. If you put in the time and effort, you can earn as much as you want.

Your earning potential will expand as your business grows and your abilities and knowledge grow. In a traditional career, the only way to enhance your earnings is through promotions, which often do not occur for years.

4. Possibility Of Diversifying Income Streams

Relying on a monthly wage in Nigeria is risky because you could be laid off at any time. Even more so with government jobs, because, while job security is stronger, the government has the authority to withhold wages at any time. Government employees’ salaries are sometimes withheld for months at a time. If no action is done, this could lead to a serious financial crisis.

Fortunately, when you work for yourself, no one can stop you from generating money. You can provide a variety of products or services, or work with many clients, so that if one source of revenue fails, there is always another.

5. Opportunity To Work From Home

Most self-employed people have the option of working from home. This provides greater comfort while working. It saves time and money that would have been spent commuting to work, and a more comfortable working environment may help you be more productive.

Working from home as a self-employed individual can have various advantages in terms of cost and time savings, convenience, work-life balance, and stress reduction.

6. Reduced Commuting Time And Costs Of Fares

You may be earning a nice wage in a typical job, but after deducting the cost of daily transportation to and from work, you’ll realize there isn’t much left.

There is also the issue of wasting time and energy while commuting. This is especially true for residents in congested areas such as Lagos, where traffic is a big issue. The stress of being on the road for so long every day can have a bad impact on one’s health and, as a result, one’s productivity.

When you work from home, you can save time and money that would have been spent on commuting. This provides you with more time to work or do other things.

7. More Time To Spend With Family And On Own Interests

You don’t have to be a stay-at-home dad to provide for your family. You also don’t have to entrust your children’s care to nannies in order to earn money. Self-employment provides you with a consistent source of income while allowing you to prioritize other elements of your life.

Self-employment can provide more time for personal activities and family time by allowing you to determine your own schedule and have greater control over your workload. This improves work-life balance, which can lead to greater mental health, healthier relationships, and higher job satisfaction.

Being self-employed allows you to spend more quality time with your family and be there for them at difficult times.

8. Possibility Of Developing A Personal Brand

When you work for yourself, you are the face of your company. This allows you to develop a personal brand and reputation, which can be useful for future professional chances.

You can establish yourself as an expert in your field and get the trust and credibility of potential clients and consumers by starting your own firm. As you gain recognition and respect, you will be approached with better business and professional progression chances. This is only achievable if you create your brand and raise your visibility so that potential clients can find you.

9. Possibility Of Job Creation

You have the capacity to create work for others as a self-employed individual and entrepreneur. This might provide a sense of fulfillment because you know you are contributing to the community and boosting the country’s economy, even if only slightly.

Self-employment and entrepreneurship can provide a road to job creation and economic development in Nigeria, where youth unemployment is a big issue. You will not only get yourself out of unemployment by working for yourself, but you will also benefit others.

10. Possibility Of Long-Term Financial Success

Generational wealth is created by owning profitable enterprises rather than working 9 to 5 and getting a mediocre salary. While self-employment may need some initial investment and hard effort to get started, the long-term financial stability and success potential is substantial.

You have the opportunity to generate wealth and financial stability for yourself, your family, and future generations with an endless earning potential.

Final Thoughts

Self-employment provides a better work-life balance, flexibility, financial rewards, increased career progression, and many other perks. The advantages of being self-employed go well beyond what is discussed in this article.

While self-employment may be the ideal way to break free from the constraints of unemployment and poverty imposed by our failing economy, not everyone will be fortunate enough to make it big, especially at first. This may appear to be a daunting task, but with the correct mindset, hard work, and dedication, anyone can make a living through self-employment.