The decision to leave behind a permanent and familiar job in favour of self-employment is not one that you’ll take lightly. Yes, it will take a lot of hard work and determination, but ultimately there are many advantages to making the leap. Here’s a look at some of the benefits you can enjoy when you’re self-employed.
Increased potential earnings
One of the main advantages of self-employment is that your earning potential will be much higher and on average, you can earn 45% more than if you are traditionally employed, giving you the opportunity to invest your profits. You’ll be able to directly reap the benefits of your hard work, which is a more rewarding lifestyle than if you work within a company.
Look into the financial benefits and incentives available to you, as you may be entitled to tax deductions and the opportunity to claim expenses if you use your phone, internet and travel for business. Don’t be afraid to ask for advice when it comes to your finances. Many banks and building societies offer specialised services for those who are self-employed.
Flexibility and reduced costs
Another major pro is the flexibility that you will enjoy if you are self-employed. Gone are the days of paying expensive childcare fees and for school breakfast clubs; working from home means that you can skip the stress of the daily commute and set you own schedule, whilst also saving money on your petrol or train fare.
Plus, you will have more freedom when it comes to taking holidays rather than having to consult the office calendar and waiting for your manager’s approval. This means that you can plan a break during a time that’s most suitable for you and your company, and also find better deals.
When you’re self-employed, the only people you have to answer to is yourself and your clients. You can avoid the office politics and receive the credit for your efforts personally. Feeling like a valued individual is a very rewarding benefit that you may not experience in traditional employment.
You can also pick your own customers, which means that your work is more likely to be varied, enjoyable and matched to your skills and interests. No two days will be the same and it will lead to a more creative and diverse lifestyle.
Do you like the sound of making the transition into self-employment? Make sure you seek further advice on how to get your business set up correctly, going through the government’s SME checklist research everything you need to know in the journey to becoming your own boss.