Separating yourself from the herds of salaried employees to become a self-employed master of your own universe is a gamble that can pay off in a variety of different ways.

But every gamble involves taking risks that need to be weighed up against the rewards on offer. To wager with your own career without considering such risks would be reckless, so it is wise to conduct some sort of cost-benefit analysis before you take the plunge into self-employment.

Of course, too much analysis leads to paralysis, but let′s look at some of the basic pros of being self-employed.

Decide your own work hours
One of the most common reasons for taking up self-employment is a desire for better work hours. How many times have you thought that you needed that extra hour of sleep in the morning? When you′re self-employed, you decide when you want to work. Take a holiday whenever you want, finish earlier in the day – all up to you. Flexibility over your work hours also comes with a downside though…

Work where you like
Many small businesses can be operated through the use of just a mobile phone, computer and internet connection. Self-employed people running these types of businesses can work anywhere in the world they like. You can work from your bedroom in your pajamas or beside the beach – now that′s freedom! Even if your business requires an office, practice or shop, at least you can choose its location.

Tax advantages
Many things become tax deductible if it′s purchased for the sake of your business. Anything you pay for that′s directly related to you earning your taxable income is considered a business expenses which can be claimed. Such expenses range from advertising expenses and business insurance to asset purchases such as cars and warehouse fixtures. The government′s recently-introduced $20,000 tax write off is a current tax incentive to keep in mind.

More control over your income
You′ll never complain that you should be paid more because you′re responsible for your own income. This could provide you with more of an incentive to work harder because there′s more of a correlation between your effort and your income.

Choose the people you work with
Self-employed workers are not forced to deal with frustrating clients or be around co-workers they aren′t comfortable with. They have the power to decide who they associate with.

Do what you love
Instead of being given dreaded tasks by your boss that make you feel undervalued, you can do what you feel you do best and are most passionate about. You are free to carry out more fulfilling tasks that you believe best utilise your skills.