The life of a self-employment is an attractive proposition for millions of workers, and it can unlock the door to a far brighter future. Still, it’s important to remember that the reality is far different from the vision. While the potential can be fantastic, it’s not the right solution for everyone. So, if you’re thinking about this possibility, it’s essential that you ask these questions first.
Will I Actually Be Self-Employed?
What we usually consider to be self-employment is a far broader term than the legal equivalent. As such, you need to know how your situation will be viewed in the eyes of the law. This will affect a whole host of issues, not least in terms of tax. If you could be labeled a contractor, seeking free IR35 advice is essential. Otherwise, you could be entering the arena with a warped image of what your financial situation will look like.
Will I Have Long-Term Security?
Many people opt for self-employment with the knowledge that their immediate future is filled with work. However, if this is going to be a genuine career change, you need to think beyond the next few months. This doesn’t necessarily mean that you’ll have the long-term future sorted, but you should at least know how to network. Sacrificing the sustainability of your current job for the sake of a short-term reward could be a major mistake. Make sure that you’ve considered it properly.
Will I Earn More, In Reality?
Self-employment can often open up increased hourly rates. However, there are a host of other factors that must be taken into consideration. You won’t be earning money during vacations, maternity leave, and other periods away from work. Fail to take these elements into account, and you could take on a situation that sounds great in theory but causes problems in reality. That ability to view the full picture in a mature fashion is crucial in the decision making process.
Will It Improve My Life?
Your career is important, but it’s only one part of your existence. If going self-employed is going to disrupt progress in other aspects of your life, it might be worth reconsidering your thoughts. The work-life balance is far more important than earning a few extra pennies. Moreover, if the additional tasks are going to destroy your levels of enjoyment, there’s very little point in making those changes. Even if it does result in an increased level of income.
Will I Handle The Pressure?
Going it alone comes with many pressures. This can result in a huge spike of stress, especially during moments where work or revenue is hard to find. Some people will thrive in those situations, but others are better suited to standard employment. There is no right or wrong way to handle your career. Essentially, discovering what works best for your individual needs is the key to success. Achieve this, and you won’t go far wrong.
Self-employment can be either the best or worst decision you’ll ever make. Sit down and consider every element, and you should find a winning outcome.
