Can You Afford to Leave Your Employer and Work from Home?

The pandemic is causing many people to rethink their lives. Some are now considering leaving their employers to work for themselves from home. While there are advantages, there are also disadvantages to self-employment. Listed below are a few benefits and drawbacks to consider ahead of making your decision. 


Freelancers who work for themselves from home don’t have a set amount of income each month that they can rely on. This can present challenges, especially if you’re not good at managing money. If you’re not good with managing money, you should consider working with an accountant, financial planner, and professional tax prep service. 

Establishing and sticking to a family budget will give you a better chance of paying your bills on time. A budget factors in not only your bills but also other expenses such as gas, food, clothing, and essentials. 

You may discover that you have high balances on several credit cards. This can make it hard to leave behind a guaranteed salary. However, taking out a consolidation loan or refinancing your home, offers positive ways to reduce the amount you are obligated to pay monthly. 

Lack of Benefits

In most cases, full-time employment through a company gives you access to many benefits including healthcare, retirement, and vacation and sick time. Unfortunately, you won’t have any of these as a freelancer. If you get sick and take the day off, you do it without pay. The same goes for a vacation, it’s all out-of-pocket. You must acquire your own healthcare and retirement benefits independently. Most times, the cost of healthcare for individuals causes many people to do without. 

Freedom: A Life Without Restrictions

One of the biggest benefits of working for yourself is freedom. You have the freedom to make all the work-related decisions. You have the freedom to come and go as you please. You can schedule a vacation on the spur of the moment and make doctor appointments at the most opportune times. If your child has a special event, you can attend. If a family member gets sick, you can visit. With your computer, tablet, iPad, and iPhone in hand, you can be where you want to be when you want to be there. 

Create Your Own Work Schedule

Typically, office jobs operate from 8:00 A.M. to 6:00 P.M. When you work for yourself, you can choose a schedule that works best for your situation. If you have children to get to school, it’s not a problem. You can start your workday at 9 or 10 A.M. If you are not a morning person, eliminate working mornings altogether. 

Get Your Own Clients

When working for an employer, you may encounter clients that you prefer not to deal with. Unfortunately, you are not the boss, so you make the best of it. However, as a freelancer, you find the clients and choose who you want to work with. If a company doesn’t suit you, you have the option of parting ways. 

Unlimited Earning Potential

As an employee, you have a set paycheck and annual salary. You will get raises. However, often they don’t amount to the increase you wanted or that you deserve. That all changes in self-employment. You make as much as you want with no salary cap. Easier jobs with a larger profit are all yours. 

Finding Clients

When you first start out on your own, finding clients is difficult. The first few months can leave you strapped for cash. Unless you have money in reserve, you may end up falling behind on your bills. Some people choose to work from home part-time prior to leaving their current employment to reduce the risk. 

You Work Alone

As a freelancer, you work alone. You don’t have to deal with petty instances that often happen on the job. However, isolation can have a negative impact on your health. If you are someone who prefers to work in a quiet place away from others, you will do well. However, if you enjoy the company of others, working alone may not provide a good fit. 

Becoming a freelancer or entering the world of the self-employed can open the door to personal financial wealth. However, it’s not for everyone. Weight the pros and cons carefully before making a change.