The federal government’s student loan forgiveness program is a boon to many graduates who are struggling to pay the bills. But, even if you benefit from this new program, you still want to have a job that pays as much as possible.
If you’ve stayed away from commission-only jobs because you’re worried about not making enough money to pay for your expenses, you might want to reconsider, especially if you no longer have a student loan payment. Here’s why.
You Make Your Own Schedule
For the most part, commission-only jobs are extremely flexible because you earn only when you’re working. This means if you need some time off to attend a friend’s wedding or to take a girls’ weekend, you can have it without asking anyone for permission. People who are looking for a true work-life balance that they control will love the schedule of a commission-only position.Â
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Of course, this can backfire on you as well, so be careful. For procrastinators, an entirely flexible schedule can cause major issues. You might put off work when there are more fun things to do.
It’s hugely beneficial to make a schedule and stick to it as much as possible as if you had a regular job so that you don’t fall into the trap of avoiding work. But, it’s nice to know if you need time off, it’s never an issue.
You Control Your Income
Unless your commissions are capped at a certain amount, you’re able to control how much money you earn when you have a commission-only job. You will likely have certain minimums to reach each month or quarter, but once you hit those minimums, the rest is up to you. If you want to not work for the rest of the reporting period, you can. But, if you want to earn more for specific needs (like car repairs or a vacation), you’re also able to do that.
Controlling your income does come with a couple of caveats, though. Usually, commission-only jobs are sales positions, so you can only control your income if people are willing to buy what you’re selling. This is why it’s critical for you to choose a company that has a product or service that’s in demand. While your sales ability is going to be a factor in how much you sell, your customers’ willingness to buy is also important.
You’ll Always Be Able to Measure Your Performance
Since your job performance in a commission-only position is based solely on how much you sell, you’ll always know where you stand. If you have a great month and sell a lot of a product or service, you’ll know it by how much money you make that month. If you have a bad week, you’ll also know that by how little money you make.
This is also a drawback because your income will likely fluctuate from term to term. You may have difficulty budgeting and meeting savings goals. If you’re in a commission-only position, you’ll want to have a plan for those leaner times.
Conclusion
A commission-only job can be a wonderful way to make a living, and it comes with some pretty good perks. Just be sure you know what you’re getting into before you take such a position so you can be successful.
