Calling all workaholics…and, well, anyone interested in the above title. There are numerous reasons for combining employment and self-employment, as the personal and financial benefits make it an avenue worth exploring.
Finance is an obvious incentive for combining the two types of employment, as it presents an opportunity to increase your income. Self-employment could be in the form of a freelance journalism role, which provides irregular pay, which on its own may not act as sufficient income, however, in addition to full-time employment, provides some welcome extra pocket money. If, on the other hand, self-employment is covering your living costs, the stability of a full-time job provides a security blanket, especially for those making regular payments such as rent.
For many young freelancers, self-employment won’t reap instant dividends, and thus require you to pay your dues. This could mean taking on unpaid roles, whilst building up a portfolio of work. In this situation, regular paid employment can prove vital, ensuring you have a steady cash-flow. Similarly, if self-employment takes the form of heading your own business, regular employment enables you to make the investments necessary to make a success of your project. Consider the old adage, ‘you need to spend money to make money’. This doesn’t need to be as gung-ho as the phrase suggests, but it is certainly valid when starting up a business, due to the various costs it presents. Employment would allow you to put the wheels (wheels, in this case, being the your business) into motion, without the stress of expenditure dwarfing income.
As well as these financial motivations, combining the two types of employment also offers personal payback. There’s a nice pair of shoes over there, let’s put ourselves in them. You’re now a recent graduate. You’ve got your degree and you are looking to put it to use. But the job market is harsh and a lack of practical experience is conspiring against you. You need money so you apply for a stop-gap role. Although it’s helping you to pay the bills, it doesn’t fit into your career aspirations. The employment/self-employment combination, in this scenario, provides the stone for the two birds. You can use your regular employment to keep money coming in, whilst self-employment boosts your attractiveness to employers and continues your development.
There are some drawbacks to combining regular employment with self-employment. These include the commitment it demands. You will essentially be juggling two jobs, which will inevitably eat into your personal life. Self-employment, especially starting your own business, demands serious time and effort. Lucrative businesses don’t stumble across success, they are the product of blood, sweat and tears. Managing two jobs, without one of them suffering as a result, requires a steely determination and self-belief. Likewise, ensuring you are working to your potential in both types of employment is vital, to avoid failings in both roles.
The option of combining employment with self-employment requires substantial dedication, though the rewards in terms of finances and personal development may provide enough incentive to tackle the two.