Why go self-employed?
The good and the bad...
Whether it’s a lifestyle choice, a new challenge, a way to generate a second income, or the next stage in your career, self-employment presents both benefits and risks, and these vary from person to person.
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Here are some general incentives for starting your own business:
• You are your own boss, and have control over your daily workload
• The opportunity to use the skills you possess at the same time as doing what you enjoy
• The sense of achievement and personal fulfilment of running your own business
• Working hours that suit you
• Your level of achievement cannot be controlled by anyone else
• No one day is ever the same - you’re not involved in just one area of the company: you’re involved in all
• All profits generated go to you
• Complete recognition for your achievements and successes
• You are in control of your destiny
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However there are risks. Only one in three start up business in the UK succeed in the first three years of business. But knowing the disadvantages of working for yourself in advance may help focus your long term goals.
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The downsides could include:
• Working long hours, particularly with pressures from clients and customers who dictate your working hours
• You will often have to do multiple jobs, many of which you may dislike or are not strong at
• Personal financial implications: start up costs, ongoing costs, no paid days off, unsteady pay, tax and pension arrangements and non-paying clients
• You’re financially responsible for any mistake you make
• Losing a range of benefits (not just financial) and a support infrastructure, as well as
social contact with colleagues
• There is often little or no name recognition
• You will often be competing with bigger, more established businesses
It was predicted in 2000, by a government research body, that by the end of 2010, one in three of us within the UK working population will be running a business.