The Benefits of Becoming Self Employed

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Benefits of becoming self employed

Each year, more and more people decide to remove themselves from the rat-race and become self employed. But what are the benefits? Below I will outline just a few reasons why you need to take the plunge and become your own boss!

Like I said, you’re your own boss

We’ve all had horrible bosses. Working underneath someone can be tedious, it can be tiring, and for some it can completely ruin their working life and passion for what they do. By becoming self employed, the only person controlling your every move is YOU. You control your actions, and you control the outcomes. What could be better than that?

You decide your working hours

Being your own boss means that you make your own rules, and you decide how much, or how little you work. If you have a family, becoming self employed could be perfect for you. You can work from home, set out your hours, and spend the rest with your family. If you want to take the day off to take your kids to the zoo, no problem! If you want to finish early one day, no problem! In fact, 78% of the UK public think that self employment and freelancing lead to a more healthy work/life balance.

You get to THINK

While in your typical 9-5, ideas can be wasted. You are given instructions, expected to do them, and repeat. Basically, it can get boring. As your own boss, you constantly have to change. You need to adapt, and you need to learn new skills, and every day you will need to push yourself to your limits to create new and creative innovations to entice new clients. There will never be a dull day; that’s for sure.

Ditch the commute

In 2015, The Trades Union Congress estimated that 1 in 7 workers spent two or more hours commuting to and from work daily. That was 3.7 million people who spent a full 40-hour working week commuting to and from work each month. If you’re working from home or working near your home, there is no longer a need to commute to your London skyscraper. If you work from a home office, you can quite literally roll out of bed to your desk; you can even work in your pyjamas if you want (not that we would necessarily recommend this!)

You can take credit for your success

Have you ever worked your socks off for a boss for them to take the credit? This is quite common for the everyday employee. As your own boss, you create your own success, and you can take the credit for it. As your own boss, you can feel the effects and rewards of your company’s growth. If you put in the work, you’ll see the results and the benefits will be both personal and monetary.

You get to do what you want to do

Yes, money is great, but so is doing what you love! More often than not, the most successful businesses are those that are run without the sole intention of making a huge amount of money. It’s all about the passion. If you haven’t got the passion, you’ve got nothing. The best businesses are those where you love your idea, your product or your service, and you just love running your business.

Earn your own money

You score a big business deal for your insurance firm in London. Who reaps the monetary benefits? EVERYONE. Working hard for a company and earning them money won’t get you a pay rise. They have hundreds of workers who they pay the same rate, whether they work as hard as you, or if they do the bare minimum. As a self employed worker, working hard actually pays, and it solely benefits you – not Jim from Accounts who spends four hours a day playing solitaire on his computer.

You get to choose who you work with

When you become self employed, you choose your clients, and you choose who you want to work with. You can surround yourself with those who you feel will enhance your career, job satisfaction, and profits, rather than be forced to work with those who hinder your chances. If you choose the right people, you’re onto a winner.

Job security

In today’s day and age, job security can never be certain. With the current economic environment, large businesses are entering liquidation every day. This means that the Average Joe can go to work one morning and leave unemployed. By running your own business, and running it well, you can secure yourself against this fate.

Tax advantages

As an employee within the average job, your tax will be deducted from each pay packet each month. As a self employed person, rather than paying each month, you pay twice a year – in January and July. Although you pay around the same amount, it means you get to hang onto your money for a little longer.

You might qualify for Government support

There are many different ways to get help from the Government when looking to go self employed if you’re eligible. The Prince’s Trust charity can help those who are aged 18 – 30 to become self employed and start their own business. There is also Government funding in areas classed as ‘Regeneration Areas.’ Furthermore, if you have been unemployed for six months, at least, you are eligible to qualify for a self employed credit, whereby you get £50 per week to help start your own business.

More and more people are hiring freelancers/self-employed

Freelancing is becoming much more common. The number of businesses hiring freelancers is increasing year by year. Forbes estimates that by 2020, 50% of the workforce will be made up of freelancers. Perhaps you could be one of them?

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