Myth - Work Less:
I work more and the people that are subcontractors work more than we did when we were working for the big companies. I am not a good example, because I love my work therefore it is hard to tell when I am playing and when I am working.
Myth - Paid More for same hours:
Yes you can get paid more (a lot more, about 50% to 75% more). The gotcha is you pay more taxes, more for insurance, all business expenses, and yes the almighty administration monster work. There are a lot of hours working that you do not get paid. That is why you are paid more.
Myth - 6 weeks of Vacation!!!!
Not! Every day that you do not work, you do not get paid. You do not get paid for anytime off period! You must build up your time and build it into your rates and plan well in advance. I have taken less time off since I have been working for myself and spend every spare min improving my work and my business. Harvey McKay said you can be successful working half days! You can work the first 12hrs or the second 12 hrs!
There are many more, but these are a few big one's. For as many Con's as there are Pro's, I enjoy working for myself far better than working for a big company full time. I do business with big companies, but I am not there all the time. I have complete control over my destiny. To hell with titles and career ladder climbing. I am the President, CEO, Director of IT and head bottle washer! I hold a number of prestige titles all of which might buy me a cup of coffee.
The moral of the story, to be self employed you must be self motivated and vigorously seek answers.