Is self-employment right for me?
Setting up your own business is no easy task, it’s not for everyone and there is no bible that tells you what you should and shouldn’t do. It takes hard work and resilience though for me the benefits are all worth it.
In reflection thinking about it now;
- Would I have seen myself working for myself when I worked for Barclays – no
- Did I think I would be as successful as I am now – no
- Am I great business owner – yes
Self-employment isn’t for everyone, some people are very happy being employed, going in, doing their job, getting a monthly salary, going home and forgetting about it. For me being on the payroll didn’t work so I was brave enough to try something different.
Will self-employment work for me?
To help you decide here are some of the advantages:
- Work, life, balance – you will be able to work when you want to work, fitting work around other commitments which will lead to a better quality of life
- More money – your earning potential is much higher when you are self-employed, the sky is the limits
- Location – to be able to work from home virtually, no more stressful daily commute
- Job satisfaction – because you are in control of what you do, this allows you to do what you love every day
Plus some of the disadvantages too:
- No employee benefits – you won’t receive sick pay, holiday pay or any other benefits
- Loneliness – it can be very lonely at times working on your own, without the interaction of peers and/or a team
- Irregular finances – in the early days your income may peak and trough though you will still need to cover any running costs
- Long hours – your working day may be longer than someone who is employed and it may be a struggle to switch off
Weighing up the step in to self-employment
Take time to consider and weigh up the pros and cons for you, knowing your personal circumstances. Talk it through with your partner and your family, it’s vital that they support your decision too – I promise you will need all the support you can get.
What’s important though at the end of the day is that if you have that feeling in your gut – don’t ignore it. If you really want to give self-employment a try then do it, if it doesn’t work what the worst thing that can happen – you can always look at an alternative option. If it does work then we could be looking at the next Karren Brady!
If you’re are ready to take the next step, why not take a read of our blog Company Set Up: limited company or sole traders? What’s right for my start-up?