When is the Right Time to Become Self-Employed?

Designing On A TabletFor some careers, being self employed is the best way to ensure you earn the money that is needed, and are able to work across different sectors that not only give the necessary experience and skills but will improve employability should employment be needed or wanted.

Since the recession had such a negative impact on the employment industry finding the right position and actually achieving it can be harder than it ever was before. Sites such as www.jobstoday.co.uk are ideal for seeing the positions that are available within a specific job sector but often, the right position simply isn’t available and this is when self-employment becomes the only resolution.

Advantages and Disadvantages

With anything, there are some positive aspects that are closely followed with negative elements that can require a great deal of consideration before a decision is made.  Risks can be exhilarating but need to be thoroughly thought about before they are taken to make sure you can cope if the worst situation were to arise.

Advantages

  • Being self employed means you have the freedom to work the hours that suits you best, whether you are an early riser or a night bird, as long as you aware that a certain amount of hours need to be worked to earn the money then you have a great deal more freedom.
  • Although you will often work alongside someone or as part of a company and still be considered self employed there are jobs that you are able to choose to do or not depending on your personal skill level it is not as structured as it is in set employment
  • You are far more independent than when you rely on an employer to do things for you. You are more likely to learn new skills, take on new roles and progress as much as possible to ensure you are as competent as possible, which results in higher earnings.
  • You are responsible for your self, you have to pay your own taxes, ensure you are paid correctly and are in charge of your income
  • Being self employed relies heavily on self-motivation to make sure you go to work, as sick pay is not an option, and to ensure you work the hours that is needed to keep yourself afloat

Disadvantages

  • You are responsible for your self, you have to pay your own taxes, ensure you are paid correctly and are in charge of your income
  • Being self employed relies heavily on self-motivation to make sure you go to work, as sick pay is not an option, and to ensure you work the hours that is needed to keep yourself afloat

Although the two points above were found in the advantages, they can also be seen as the downsides of being self employed as you are entirely responsible for yourself.

  • If there is no work then you do not get paid. For instance, builders and outdoor workers lose a great deal of money in the winter as the weather doesn’t permit working and fewer people require their services in the colder months.
  • You are not as secure when self-employed as you are in full employment. There are no benefits in terms of sick pay etc. and at any time you could find periods of no work, which means no money.

There is never a perfect time to take the leap into self-employment, there are many pros and cons which need to be considered before such a risk is taken. There is a lot of pressure involved to ensure there is always work and regular money coming in, the more highly skilled you are and qualified will make your position better although there is still a certain lack of security in terms of working regularity,

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1 Comment

  1. August 23, 2013 / 4:17 am

    You know I have been debating this for some time now. This post was really insightful and thank you for writing it hun. I am a new mom and struggle with leaving my kids each day, so I believe I am going in the right direction. Thank you.
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