What is Self-Employment Really Like?

Some people have a vision of self-employment that involves sitting around in pajamas and relaxing. New research shows what self-employment is really like.

Dreaming of sitting around and watching TV all day while making money at home? That might be the vision of self-employment, but new research shows that's not at all what the reality is like. A study of self-employed professionals shows that it’s a lot less play and a whole lot more work, when compared to professionals who are more traditionally employed.

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Balancing Work and Life

Self-employed professionals have trouble finding a balance between their work lives and their regular lives. According to research conducted by ICM, 24 percent of self-employed workers take absolutely no vacations. Compare this to only 5 percent of non-self-employed professionals who take no vacations through the year. A surprising 11 percent of self-employed contractors have never taken a vacation.

And even when self-employed professionals do take a vacation, they don’t stop working. Approximately 45 percent of those who did take vacations in their self-employment kept right on working anyway, while only 23 percent of traditional workers said they continued to work during vacation days. Nearly one-fourth of all self-employed professionals who participated in the survey, 24 percent, said they don’t enjoy vacations even when they’re taking them – they’re too busy thinking about the cost of the trip and all the money they’re losing. Around 20 percent of self-employed workers have cancelled their vacation plans because the work load just became too heavy.

Overall, 48 percent of self-employed workers take less time off than those who are more traditionally employed. However, research indicates that it doesn’t bother them greatly. Around 56 percent of self-employed respondents said they think they have a better work/life balance than their traditional counterparts. Despite lack of vacation days, 35 percent of the self-employed who were questioned said that being self-employed is still a major benefit because they get to choose when they want to work – even if they have to work more than others.

Balancing the Good and the Bad

Like every other career choice, self-employment has its own pros and cons. Professionals who work at home for themselves really can sit around in their pajamas, if they like, and maybe that makes up for a lack of vacation time with the family. However, self-employed professionals enjoy a lot less job security than others. Freelancers and subcontractors have to find their own jobs and opportunities, and this creates a lot of stress. Other studies of self-employed workers show that they have much higher stress levels than their more traditionally employed counterparts, and this is detrimental to their overall health. Even staying at home and working can be very stressful, and self-employed workers have to remember to relieve that stress – if not through vacations, then through down time, meditation and other methods.