If you are a man approaching the age of 50, chances are that you could have already had a varied and interesting career. However, there can come a time in someone’s life where perhaps corporate culture is no longer for them, or they simply want to be in control of their job role more. If you are feeling this way yourself, you may want to consider self-employment as a way to avoid the daily grind. However, you will need to consider the pros and cons of self employment UK, before you make that final decision. So, if you’re ready to be your own boss, check out our advice below on everything you will need to consider before taking the plunge.
WHAT ARE THE PROS AND CONS OF SELF EMPLOYMENT UK?
Ditch the office. As your own boss, you don’t have to start at 9 and leave at 5. You’re in control of your own hours. So, if you want a day off here and there, or simply need a lie-in, you will have the flexibility to work the hours that suit you without having to answer to someone else.
Choose where to work. In the age of the net, you can work virtually anywhere you want. So, instead of spending all day in your spare bedroom sorting through e-mails, why not pop into your local cafe, soak up the atmosphere, and get stuff done at the same time.
Choose the work you want. Unlike being in a job, where your supervisor may throw work your way continuously, working for yourself allows you to accept or decline jobs you do or don’t want to complete. Have a nightmare client? Worry no more! Check out a related blog on developing a growth mindset, here.
Make some steady income. Chances are that your hourly rate for self-employment is going to be considerably better than what you were earning at your nine to five. However, your clients will be happy too, saving money by paying only for the work you complete rather than forking out on a yearly salary.
Money not guaranteed. This is one of the pitfalls of self-employment. Unlike working in a full-time job, going it alone doesn’t guarantee steady work, and you will continually have to invest in marketing and chasing leads to ensure you have enough to keep you going. However, when you do get yourself established, this will become much easier.
Possibly working more hours. Another downfall of being your own boss. Unlike working a job which probably has a very specific role, freelancing requires you to wear many hats. One minute you may be doing your accounts, the next you may be working on your marketing strategy. This could eat into your time considerably. However, if you like variety, running your own business will rarely be mundane.
Feeling isolated. You may find yourself being on your own for long periods. Although this may suit some personality types, it isn’t for everyone. Thankfully, with co-working spaces and networking, freelancers and self-employed folk no longer need to feel cut off.
So there you have it, the many pros and cons of self employment UK. Ultimately, only you can make your mind up whether self-employment is for you. We hope this guide has some input to you making that critical decision. If you decide self-employment is for you, you may be wondering which area to break into. One area you might want to consider is investment property. Check out the blog here.