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Does being your own boss really pay off?

Posted on March 20th, 2012 Read time: 1 minutes

There were 21.7 million one-person (nonemployer) businesses in 2007, according to the U.S. Census Bureau. But, as the economy crashed, so did these companies, dropping to 21.1 million by 2009.

However, those numbers have remained above 21 million in recent years, and are once again on the rise, CNJ Online reports.

At these businesses, you are your own boss. Sometimes, this can be a good thing. Nobody controls what you do, how much money you make or the type of work you put out. Unfortunately, the administrative tasks that come with such a venture can be burdensome.

Maybe it's time to consider hiring an employee?

This could be a costly addition. Because there's no payroll or HR administration on staff, there's nobody there to assist with paperwork such as taxes, insurance and background checks. There's also the issue of benefits, training, workman's compensation and paid time off, as well as Social Security tax, Medicare tax and unemployment tax.

If you have any reservations about making the jump, consider a local employment agency that can provide a worker while handling the paperwork themselves. If the burden is too big, think about adding a freelancer or contract worker. 

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