Working for yourself might sound alright on paper and sometimes it really is, you get the space to work the way you want to and you don’t have anyone checking up on you or telling you how to run your day. You can pick up work when it suits you and actually get things done in the order you want, however you want, and that part can be really good when you’ve been stuck in strict routines before. There’s also something about earning money from something you built yourself, even if it’s small, because it makes you actually want to keep at it. But there are flip sides as well, here are some things to think about if you want to give up your day job and become self employed.
Slow periods
When it comes to self employment, you’ve usually got quieter times and busier times. When these are depends a lot on what you do, for example if you have a gardening business then you’ll be busy all spring, summer and through to the fall time but then it will be quieter in winter. If you have any kind of retail based business then big public holidays especially Christmas will be your busiest time, with a quieter period in January where everyone is catching up with their money. If you know when your slower times are likely to be then you can plan for them, but be aware that they can sometimes just hit out of nowhere too. It’s definitely a downside compared to having a job where you get the same amount of money each week/ month.
Time and flexibility
One of the greatest things about self employment has to be the flexibility with time. Most people that want to be self employed will be doing it for this reason Because you’re in control you get to choose your hours and you can make work fit around your life (rather than the other way around.) If you want to be semi retired or have kids that you need to work around or just don’t want to be a slave to 9-5 jobs then this is ideal, although there is a flip side too. Time off can turn into another thing you have to deal with. If you’re sick you don’t earn, and if something happens that pulls you away from work then you’re just not bringing anything in until you’re back to it, and that might be when you realise how much regular jobs just sort out in the background for you. And if the only reason you’re not working is because of something that wasn’t your fault, it’s worth getting some actual advice instead of guessing. A legal office with an experienced team of personal injury attorneys deal with this all the time and can actually tell you if you can claim back lost income or the extra things you’ve had to pay for. A lot of people find out far too late that they could have done something about it.
Admin
Finally there’s the admin, which is a real task when you’re self employed. It’s like an entire extra job but one you dont get paid for. You’re sending invoices, waiting for replies, chasing things you thought had already been sorted, trying to keep your records straight and then the tax side too. If you use an accountant and also invest in some decent accounting software that can make things easier, but it is a big part of self employment and something to think about.
