There are said to be around 4.8 million self-employed people in the UK, making up around 15% of the labour force. The ‘gig economy’ is booming as many find opportunities to escape their nine to fives and work for themselves thanks to the digital revolution. Taking the decision to work for yourself is a big commitment so we have weighed up the pros and cons of being your own boss to help you out.
There any many advantages to being self-employed including:
- Having flexibility with your own time, meaning you can fit your working hours around other commitments
- Not being a cog in a machine! Knowing that your role is important and that you are valued by your customers, contacts or clients
- Being able to pursue a passion through your work and unleash your creative side
- Having variation in your role as you may work on a wide variety of tasks and projects
- Having the potential to earn more money as day rates for self-employed professionals can be significantly more than a salary or hourly rate
- Being able to ditch the commute if you work from home or choose a more suitable location if you move into your own business premises
The potential cons of going solo are:
- Feeling isolated, especially if you are used to working in an office-based role
- Needing to get clients on board and build your reputation in what may be a competitive market
- Having to wear many hats including being responsible for your finances, marketing, HR and complying with regulations, particularly if your business grows
- Not having a guaranteed income and no holiday pay when you take time off
- The costs associated with starting up your business
If you do choose to go self-employed or start your own business, however, there is support available that can help you overcome some of these obstacles. To tackle the issue of isolation, you can attend business networking events in your local area and make use of co-working or shared facilities where you may meet like-minded individuals to share your experiences with and learn from. By building up a network of contacts, you can also raise the profile of your company and the services it offers which may assist you in securing the reliable client work or business you need.
Outsourcing functions such as HR, marketing and finance will enable you to dedicate more time on business development, ease the burden of administrative duties, cut costs and ensure compliance. Outsourcing will also enable you to develop strategies in line with your business goals as well as providing you with business development guidance and consultancy.
For further information on how to find the right support to help you on your self-employed journey, please get in touch.