There are many pluses about being self-employed, but there are some minuses as well. The main reason I like being self-employed is that it gives me the needed freedom to do what I need to when I need to (usually). The main downfall is that their can be times where earnings dip unexpectedly due to seasons, the economy, etc., so that's where having a steady dependable paycheck is nice, as long as it IS dependable.
Another thing I like is that my earnings are not limited by anything other than my abilities and willingness to make as much as I choose. If I need more money, I kick things up a bit.
There are pluses to both sides of self-employment, each person just has to decide if it's right for them!