(Last Updated On: 19/06/2017)

Anyone who wants to make money must work. In addition to the permanent employment, there is the possibility to become self-employed, and so to become one’s own boss and earn a good monthly income.

Fixing employment ensures safety
The monthly income from an office job depends on various factors. Compared to self-employment, this income is guaranteed every month. This allows better budget planning and you can keep revenue and expenses well in check. Insurance payments are automatically billed every month, and you are, through the employer, in a health insurance plan. In addition, your family members can also be insured by the company.

In the event that you get sick, you will not be left with no income, and you will be paid in the form of wage repayments. You also have a legal right to leave, and in the best case scenario, get a 13th month’s salary. However, living without an employment is something that can happen to you; you never know what’s in stored for you in the future. Your employer might terminate your job, for instance, if the company is not doing good and no longer has the resources to pay all its employees. Then once without financial resources and if you cannot quickly find a new job, you might find yourself in a situation where you can no longer pay your bills.

Be independent and be your own boss
Those who are self-employed with their own company often have to work more. In addition to the daily work, customers’ trust has to be won, invoices have to be written, telephone calls are made, and last but not least, good accounting is imperative. You should also bear in mind that you must get an insurance for yourself [& your family too] and must register with the health insurance company at your own expense.

If you want to survive and run a good business in today’s competitive market, you need to determine the best prices for the services or products that your business will offer. Do not set them too high, because there are many other offers beside yours. Thus you are financially not tied to a consistent merit. For this you must live with the risk of earing very little in a month, especially in the early days. Even in case of illness, huge or total loss of earnings can quickly occur, so you should secure yourself well here by having a backup plan for your business.

Business as a secondary job
If you do not want to leave a regular salary job but still believe that you can operate a business, then you can do it as a side job. As the name suggests, this side-business is not professional but only operated on a temporary basis. However, you should keep a good time management, because you will have to invest your free time in your small company.

This way you can test how your services are seen by customers and how satisfied they are. If you earn a good amount of money from your secondary business, then you can know that you can count on it by gradually expanding it, and finally converting it into a normal business. Then, however, you will have to give up your permanent job, and you will also lose the basic financial resources that you usually have in a regular monthly income job. You should calculate everything very carefully beforehand; set a financial plan and compare the expected revenues with the expenses, because only then you can know how high the approximate profit will be from your business.