Why Itsgood to be self Employed – To be
Many of us envy the self-employed and would love to be in the same boat; however, it is not always plain sailing. Overall I think it has the edge on being employed but there are many pros and cons on both sides. For anyone to be successfully self-employed they need a little luck and:-
A good idea for a business. The best endeavours tend to be those that are aimed at a niche market, otherwise the competition can be too fierce. This is especially true of your first couple of years trading, which can be the most difficult.
A sensible business plan. It is possible to survive without one but you will need a lot of luck. If you are looking at borrowing any money, especially from a bank, for your business then you will need a good business plan.
Some initial monetary investment by yourself or others. However be careful who you let have a foot in the door of your new venture as you may find it hard to part company with them when the time is right.
So with those three very basic ground rules established what are the advantages of working for yourself? Well do not imagine that one is pleasing yourself as far as the time invested in your business is concerned. Most newly self-employed people only take a small wage initially, spend vast amounts of time building a customer and client base and getting the business of the ground. There are rules and regulations regarding income tax, benefits, wages, accounts, VAT(value added tax) and national insurance all to get to grips with. If you are leasing premises and employing staff there will no doubt be Health and Safety regulations, business rates, suppliers and leases also.
However in the long run the pros are:-
Knowing that you have built a successful enterprise.
Job satisfaction.
Reaping higher rewards and not putting money in someone elses pocket.
Maybe improving your community and the environment.
Having a quality business and building up a good reputation.
Perhaps even establishing a family business for future generations.
Getting away from the 9 - 5 grind.
Being in charge yourself.
In the long run, the self-employed tend to earn much higher salaries. However the downside is in England that if their business fails they are usually not eligible for unempoyment benefits. In some ways, it used to be that working for an employer was generally safer than being self-employed but less rewarding. However, in these days of global economic gloom even the most secure jobs are suffering redundancies. The one overriding positive about being self-employed is that, especially if it is a one man enterprise, there is no-one slacking and destroying all your hard work. Hopefully, if you are putting the effort in, the rewards will be yours. Just be patient.
