Going self-employed might not be the first thing most people think of when they’re looking for their next job.
But starting your own business could be right for you.
Did you know?
According to the Office for National Statistics, 13% of workers are self-employed.
Whilst there’s risk and uncertainty with choosing to go-it-alone, starting your own business offers the chance to create a career that better suits your abilities and lifestyle, and gives you control over how, where, and when you work.
This guide is designed to help you map out what the path to starting your own business could look like, but before that, here are ten reasons why you could decide that your next boss should be yourself:
1. Build your confidence:
Starting and running your own business can boost your self-esteem and sense of purpose.
2. Control over your career:
You get to decide what you work on, when you work, and how you work. This autonomy can be empowering if you’ve only previously worked for other people.
3. Pursue your passion:
Self-employment allows you to turn your hobbies, skills, or interests into a source of income, making work more fulfilling.
4. Flexibility:
You can set your own schedule, which is especially helpful if you have personal commitments, health conditions, or need to ease back into a work routine. You can also choose where you work, whether that be from home, your client’s location, an office, or even a coffee shop – it’s up to you.
5. Income potential:
While it could take time to build, self-employment offers the potential for unlimited income growth, unlike fixed salaries in traditional jobs. As your business grows you could find your financial rewards also getting bigger.
6. Networking opportunities:
Running your own business often involves meeting new people, which can expand your professional network and open doors to other opportunities.
7. Build your CV:
Self-employment demonstrates initiative, creativity, and resilience, which can be attractive to future employers if you decide to return to traditional employment.
8. Use your skills:
If traditional employers have overlooked your skills, self-employment lets you showcase and earn money from them directly. Likewise, being your own boss means you can ask someone else to do the tasks you don’t enjoy, leaving you to focus on the parts of the business where you can add the most value.
9. Adaptability to market needs:
You can quickly pivot your business to meet market demands, which is harder to do in a traditional job.
10. Tax relief:
Sole traders and the self-employed only pay tax on their profits rather than their income and it’s possible to reduce your amount of profit (and therefore tax you pay) by claiming for legitimate business expenses.
If you’re considering self-employment, it’s important to start with a clear plan, research your market, and ensure you have the resources to sustain yourself during the initial stages.
Starting a business, no matter your ability can be daunting.
However, an extensive network of organisations, funding, and support is available for anyone to help bring their business idea to life.
Read on for more guidance on how to get started.
Go further with start up loans
Your previously read articles
Chapter 2
Making a fresh start
A positive mindset can help you build resilience as you launch your business.
Learn more about making a fresh startDisclaimer: The Start -Up Loans Company makes reasonable efforts to keep the content of this article up to date, but we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. This article is intended for general information purposes only and does not constitute advice of any kind, including legal, financial, tax or other professional advice. You should always seek professional or specialist advice or support before doing anything on the basis of the content of this article.
The Start-Up Loans Company is not liable for any loss or damage (foreseeable or not) that may come from relying on this article, whether as a result of our negligence, breach of contract or otherwise. “Loss” includes (but is not limited to) any direct, indirect or consequential loss, loss of income, revenue, benefits, profits, opportunity, anticipated savings, or data. We do not exclude liability for any liability which cannot be excluded or limited under English law. Reference to any person, organisation, business, or event does not constitute an endorsement or recommendation from The Start-Up Loans Company, its parent company British Business Bank plc, or the UK Government.
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