What Nobody Tells You About Being Your Own Boss

I recently published a blog post focused on the best things about being self-employed. I made self-employment sound like a dream lifestyle, but I felt a bit guilty about that because working for yourself DOES have its downsides. It wouldn’t be responsible or authentic of me to only share the highlights.

The sad thing is, most of us don’t realise what the drawbacks of self-employment are until we’ve jacked the regular wage in and ventured down self-employment’s tumultuous path. It’s easy to look through rose-tinted glasses when self-employment is a dream for the future, but when you’re trying to keep your head above water as your own boss, you can become all too aware of the tough bits.

Young girls have swapped pop star fantasies for the goal of becoming Instagram influencers when they grow up – and while I recognise the value in the younger generation having powerful, independent females they can look up to – I do worry that social media’s presentation of being a #girlboss can make it all look too easy.

Don’t get me wrong: I love my job and appreciate that digital content creation isn’t akin to brain surgery. But I’d like to use my platform here and on Instagram to show both sides of what running your own business online is like.

I’ve been a self-employed travel blogger and freelance Digital Content Consultant for around three years now and I’ve definitely had days where I’ve craved the stability, structure and social perks of a regular job.

If you’re considering leaving the world of employment to set up your own business or become freelance, it’s important to evaluate the negatives.

5 negatives to consider before you become self-employed or start your own business

The disadvantages of self employment can outweigh the perks for a lot of people. Here are some of the things I wish I had known before I made the leap to being my own boss.

It can get very lonely

I enjoy my own company, but you can have too much of a good thing. Working from home for myself, by myself all week has taken its toll on my mental health massively and I’m certain that’s down to the social isolation that working from home creates.

I became so used to spending time on my own that I was beginning to struggle to socialise even outside of work. Human beings are social creatures and we need interaction to keep us sane. Yes, even the most introverted people.

How to beat it

Of course, not all self-employment is the same and many people will be happily self-employed while enjoying the company of others.

A lot of freelancers find it helpful to find or create their own network. Maybe a few of you who work from the same coffee shop, or an online community (though I think real-life human contact should always be your priority). This is something I haven’t quite managed yet but I know it’s something I need to do to stay sane!

I also recently got a puppy and wee Archie has been excellent company around the house. Now, I’ve always got someone to talk to on my lunch break.

Pups aside, you might find it helpful to get out of the house and work in a coffee shop or even a co-working space once or twice a week. Just being among people, even if you’re not talking to them, reinforces that you exist in society.

There’s no yardstick

Humans are shallow and we crave validation, not just in the form of Instagram likes and compliments on our new hairdos. We especially seek validation in our careers; a little nod that we’re on the right track or that piece of writing really IS quite good.

In a normal workplace, that praise and encouragement comes from your boss and occasionally from your colleagues. We need to be told when we’re on the right track so we can keep hammering away at it, and being complimented on our work gives us a confidence boost. 

With nobody to validate our work directly to us, how do we know we’re successful? It can be confusing and I’ve struggled with anxiety about my work purely because I need a way to ascertain whether it’s any good.

How to beat it

I like to think of my readers as my encouragement. When I get a nice message telling me someone has used one of my travel guides to plan a trip and they had a blast, it boosts my ego. I try to screenshot these messages so I can look at them when I’m feeling like a big failure. It really does help! Oh, and in a business sense they can be used to show potential clients as social proof that your work is worth investing in.

For those self-employed in different fields, I think taking online courses and other forms of professional development can help you recognise your worth. Sometimes just having a certificate to prove you can do something can boost your confidence.

It’s not how it looks on Instagram

They say comparison is the thief of joy, and looking at other #femmepreneurs on Instagram, with their pristine workspaces, glam networking events and seemingly endless stream of disposable income that seems at odds with the fact they rarely seem to be actually working can make you feel inadequate.

Why am I propping my laptop on my knee on the couch while so-and-so rents an office space? What if my lack of marble decor is holding me back? Why wasn’t I invited to that event?

How to beat it

My inner happiness has improved exponentially since I started to unfollow the accounts that didn’t serve me. Instead, I’m curating a feed that reflects the reality of self-employment, of travel and of life in general. I prefer messy feeds, humble confessional captions and people who aren’t afraid to take the mick out of themselves a bit online.

I also try to focus on my own goals rather than what everyone else is doing. Sure, she has prettier pictures and more likes. But is she making and saving any money for her future? Do those likes convert to cash? Can she afford to take three weeks off work completely to travel? Follower count is irrelevant to the flexible lifestyle I’m creating for myself.

The instability can be worrying

Money is such a taboo and so shrouded in secrecy historically when it comes to careers that I genuinely don’t know whether I think people should or shouldn’t talk about what they’re earning. 

I’ve had months where I’ve genuinely looked at my bank account and cried happy tears because I never, ever imagined earning such a large amount in one month. Then the month that followed, I earned next to nothing. I went from feeling like Beyonce to wondering if I should go on the dole.

Being self-employed is a financial and emotional rollercoaster! The current economic climate due to the pandemic has only served to highlight that.

How to beat it

My greatest weapon against the financial instability that freelancing brings is passive income. Put simply, passive income is money you earn without having to do a thing. Obviously, if it was that simple the world would be a scarily untethered place, so of course passive income takes a lot of work at the start to set up. But once you’ve set it up, tested your strategies and found a formula that works, you’re making money while you sleep – literally.

For me, my passive income is the display ads you see on this website and any affiliate links I’ve embedded in blog posts. I’m now getting to a stage where I could PROBABLY live off my passive income if I had to, but not COMFORTABLY. My aim, of course, is to get to that comfortable stage.

So if you’re ever turned off by the ads on my site (and I totally get it if you are), just know that those ads allow me to turn down campaigns that aren’t right for me and focus more on creating the content people WANT to see here. 

Other ways to avoid financial troubles while freelancing are of course, to set aside a chunk of your income for tax and also put a percentage from every job into an emergency fund or savings account. I don’t do this outright but I’m a saver so I’ve never had a problem with unexpected bills. It doesn’t hurt my soul any less to pay them though!

I try to diversify my income too, by establishing multiple income streams so that if one source of money disappears, I’ve still got other jobs to keep me going.

Burnout is a real threat

There was a stretch of time, about nine months long, where I felt like I didn’t have a moment to breathe. I was working on my morning commute, working 7.5 hours in an office in a freelance role, working on my blog on my lunch break, working on my client’s work during the metro ride home, then spending a few more hours on client or blog work before bed.

I was happy(ish) to do it because it made me feel like I was finally ACHIEVING THINGS (and I was making good money, let’s be honest). But looking back, I’ll never let myself get in that situation again. I stopped exercising, I was grouchy with my loved ones, and I can’t honestly remember doing anything just for pleasure during that period.

When you’re in charge of how much you work and therefore, to some extent, how much you earn, it’s difficult to switch off or say no. It gets a bit tiring, lemme tell ya.

How to beat it

It takes time to learn how much you can achieve in a set period of time. Once you’ve learned this, you’re less likely to take too much work on at once. Set boundaries for yourself, work out how much work is actually achievable in the space of a week, and stick to it.

Once I’d learned my worth, I stopped saying yes to low-paying jobs. When I first became self-employed, I charged low in order to gain clients or agree on brand work through my blog. I quickly realised that this just meant working more on stuff that probably wasn’t right for me or worth my time.

Now, I charge more and take on less. You can only really do this with experience, but it’s a life-changer. The quality of your work improves, your to do-list becomes less daunting and your bank balance will thank you for it.

Do you have any questions about self-employment or earning money as an online content creator? Let me know in the comments. I’d love to do more blog posts like this one!

You can follow me on Instagram, Facebook, Twitter and Pinterest. I also have a Youtube channel where I share some of my travels.

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