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Going Self-employed is something that has been done by many, there are currently over 4 million self-employed people in the UK. It is a great way to progress after your apprenticeship, but how do you do it?
Going Self-employed is something that has been done by many, there are currently over 4 million self-employed people in the UK. It is a great way to progress after your apprenticeship, but how do you do it?
There are plenty of reasons to go self-employed. You get to ‘be your own boss’ and work more flexibly. You also get to set your own working rate, and could therefore earn more than if you were an employee! Like anything though, there are downsides to consider if going self-employed is right for you.
Is Going Self-employed the right decision for me?
Is Going Self-employed the right decision for me?
There are a number of factors that you need to consider when thinking if going self-employed is right for you. These are not only business factors, but also factors within your personal life. For example, working on your own may mean that you miss the social aspect of interacting with work colleagues, or do you have enough space at home to complete the admin work necessary.
Other things to consider are:
Do you know how you would get clients or customers?
Do you have some money to set yourself up?
Are you able to financially cope with slow business periods?
Are you confident about managing your own business, e.g. managing cash flow, keeping thorough records and completing tax returns?
Have you thought through the impact of losing employee benefits, e.g. holiday pay, sick pay, and employer pension contributions?
The Benefits of being Self-Employed
The Benefits of being Self-Employed
The benefits of being self-employed include:
You have the flexibility to work around your own commitments, such as childcare or other responsibilities.
You can work multiple jobs within the same week, so you have plenty of variety at work.
You can be creative in growing your business, bring out your inner-entrepreneur!
Admin can be completed from the comfort of your own home.
The Disadvantages of being Self-Employed
The Disadvantages of being Self-Employed
The Disadvantages of being Self-Employed include:
Your industry is your area of expertise, however, being self-employed means you will have to understand administration, such as bookkeeping, marketing to potential new clients, and ensuring regulation compliance.
There are also risks when going self-employed:
Your income isn’t guaranteed.
The buck stops with you, the success of your business depends on your own standards of work and dedication.
If you cannot work because of illness or you are on holiday, you don’t get paid.
Personal finances can be impacted, it is more difficult to be approved for mortgages or loans when you are self-employed.
Going self-employed is an individual decision and only you will know if it’s the right career progression for you.
Going self-employed is an individual decision and only you will know if it’s the right career progression for you.
If you have any questions about becoming self-employed, please ask your Trainer/Progress coach, they will likely have experience of being self-employed, or know someone that is!
Here are some useful links to support you:
https://www.gov.uk/working-for-yourself
https://www.gov.uk/limited-company-formation
https://www.princes-trust.org.uk/
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