If you’re seriously considering self-employment, it’s important to be aware of the benefits and the challenges of striking out on your own. Becoming self-employed can be challenging and even quite scary at times, as it marks a completely new phase of your career and means that your whole approach to work and the way you see risks/uncertainties may have to change.
You Can Be Your Own Boss
When you’re self-employed, you no longer have to adhere to the demands of a higher power within your work place. You can completely control (within legal limits) how your work is conducted. Your clients will have a say regarding the final product, but all other matters will be left completely up to you. You’ll be able to manage your time and structure your working day however you please.
Many self-employed workers find this experience very liberating and being self-employed relishes the amount of creative control that comes with the freedom.
You Can Earn More Money
When it comes to money earning potential, let’s just say that the sky’s the limit. You can work as hard and smart as you want – nobody will hold you back.
What’s more, if you’re self-employed, you’re allowed to deduct certain business expenses that regular employees are not able to. This means that you can keep more of what you earn. There’s also the option of joining an umbrella company that will deal with your VAT and tax paperwork, allowing you to take home as much of your pay check as possible.
Self-employment will also allow you to save, particularly on commuting expenses. If you perform your professional duties from a home office, commuting will be a thing of the past. Many people are also able to save on child care costs, particularly if they’re working from home, and other expenses like buying lunch out or at the office will be negated.
You’ll Never be Bored
The variety that accompanies being self-employed is one of the major draws that attracts people to striking out alone. If you become a freelancer, your job will be constantly changing, without a dull or repetitive moment. Your business should be lean, adaptable and flexible. You should also update your skills as you go along, to give yourself an edge over the competition and ensure that your services are chosen above those of other freelancers.
Self-employed workers are more proactive, they must go out and find work, and come up with creative solutions and approaches to problems, rather than performing the same tasks over and over again.
If you’re someone who enjoys challenges, variety and self-motivation, then becoming self-employment is definitely the right option for you.