Be your own boss: the pros and cons of self-employment

Do you have dreams of being your own boss? Making decisions whenever and wherever you want to? There’s a lot to think about before taking the leap from being an employee to the employer, so we have created this guide to start your journey.

Whether you want to go freelance or start your own business, there are different challenges to face. Make sure you’re making the best decision for you, and get prepared!

The business start up

Starting up a business involves hard work, commitment and a strong vision of what you want your business to be. It’s not as easy being at the top as you might think.

For example, if you’re looking to become a property developer, having a clear and concise business plan is a great start to pursuing your career. This will guide you through goals, plans and aims.

However, being a property developer is hard work and does require money which most borrows from private lenders or banks. Take a look at recent projects from property developers.

Manage your own diary

One of the best things about being self-employed is that you can manage your own diary. You can decide what hours you work, and where you work from. Not only does this mean you’re able to work around family commitments, but also takes away the stress and cost of commuting.

However, starting up your own business can be very time consuming. You may have dreams of 3 day weeks and Monday morning lay-ins, but that’s not the reality. Working hours are long in the beginning and, in order to create a successful business, you have to be involved in all decisions. For financial information, click here.

Job satisfaction

You get to reap the rewards, and the more you put in the more you get out. You’ll never feel like you’re not fulfilling your potential because you get to call the shots. You can also have a clear view of long-term goals because you know what you’re working towards.

On the flip side of that, you’ll have a lot of pressure on your shoulders. Although you get to call the shots, the responsibility, ultimately, lies with you.

Money

Although you won’t get a traditional salary, you do get a certain amount of control over how much profit you make. The more dedicated you are to making the business a success, the more likely you are to get the rewards.

However, you will have to invest a lot of money into the business at first which can be a big risk. You also won’t be paid if you take holiday, and you’ll have a lot to think about when it comes to investing money in the right places.

Freelancing

Freelance work gives you the freedom to work around other commitments. You can work from wherever you want, and get to avoid the stress of the daily commute. There are, however, some down sides to being a freelancer, and it’s important to think about every side. Get in touch for more information.

Workload

Freelancers get to choose how much work they do, as well as when and where they do it. You get to avoid the office politics, and can work around quality time with family and friends.

There isn’t, however, any guarantee of work. As you’re not on a payroll, you won’t have a steady monthly salary coming in, and it can be difficult to rely upon this kind of fractured income.

Fulfilment

Becoming a freelancer can be very fulfilling. If the work is there, you’re able to choose what subject you work with and what sector you work in. Instead of spending your time doing menial tasks, you get to spend your day doing something that you enjoy.

However, freelance work can be very competitive. If there’s a specific topic or sector that you enjoy working on most, the chances are other freelancers will enjoy it too. You have to constantly be on the ball to get the very best opportunities, and if you miss them, you may have to settle for a job you don’t particularly enjoy. See answers for finances.

Money

If successful as a freelancer, it can feel like you’re being paid for doing your hobby. You’re being paid for something you love doing, and, as an added bonus, you don’t have to answer to anyone.

As mentioned, freelance work isn’t a steady form of income. Worrying about your next month’s pay can be very stressful, especially if you have a family to support. Being a freelancer very much depends on your personal circumstances, and if they do change, you may have to consider changing your career plan too.