| Most people have been at the point where they would | | | | that you can repay the loan. If you have been |
| love to ditch the 9 to 5 routine and work for | | | | unemployed for a time before turning to your own |
| themselves, but unless you have actually been there | | | | business, you may not be able to get a loan without a |
| and gone the self-employment route, it is hard to | | | | co-signer. |
| determine whether or not it will be right for you. There | | | | Pro: Health insurance you purchase for yourself and |
| are a number of different benefits and drawbacks of | | | | your family is tax deductible. |
| being your own boss and here are just a few to think | | | | Con: You will have to do boring tasks having to do |
| about before you make that final decision. | | | | with overseeing your business, such as maintaining |
| Pro and Con: You are your own boss and answer to | | | | records for tax purposes, client information, and |
| no one but yourself. The basic idea behind this is that | | | | etcetera. |
| while you do not have someone over your shoulder | | | | Pro: You get to choose who you work with and who |
| making sure you get things done is the temptation to | | | | your clients are. Everyone has had a co-worker or a |
| take too many days off and let yourself get behind in | | | | client they could not stand and if you find yourself |
| your work. Self-employment requires a significant | | | | having either a client or an employee you simply |
| amount of self-control and making sure that you know | | | | cannot stand the sight of, you are not obligated, in |
| how to keep yourself on task and making money. | | | | most cases, to deal with them. |
| Con: Dealing with employees is not as fun as you | | | | Pro: Lots of things are tax deductible. Anything you |
| might think. You not only have to make sure you stay | | | | purchase related to your business is tax deductible. If |
| on task, but also that your employees stay on task. | | | | you primarily do your work online, for instance, most |
| And do not forget the possibility that you might have | | | | items having to do with your work computer and its |
| to fire someone who is not performing. | | | | maintenance, office supplies, printers, paper, and office |
| Con: Obtaining loans in your first couple of years in | | | | furniture are tax deductible. If you have a home office, |
| business can be difficult. If you are just starting out in | | | | a portion of your rent or house payment is also tax |
| self-employment, you may have a hard time getting a | | | | deductible as long as the space is used for business |
| loan for anything. Many large companies require you to | | | | only. |
| show them two years' worth of tax returns proving | | | | |
