Most of us have to work unless of course, you win big on the lottery. Winning millions is probably not going to happen to most of the people reading this, the chances are just too small. So when it comes to working you want to make sure you’re as happy as can be in the job you’re in. For many this isn’t the case though, is it? People spend our years slaving away in jobs they don’t really like to get the bare minimum with money. So whilst you still can, go out and find the career that you love to help change your life. You’ve got two options with this one. You can either be employed or self-employed. Both of them have their strengths and weaknesses which we’re going to outline to you today. Hopefully, by the end of this article, you should know whether you want to take a leap of faith and go self-employed, or stick to what you know with normal employment. Have a read on to find out more.
Self-Employed
Becoming self-employed is the ultimate way of finding freedom when it comes to the working life. But actually going self-employed is one of its biggest downfalls. It is a risk that for some people just isn’t worth taking. You need to find a venture to go down and build up a client base to be successful enough to earn money. Building up the client base high enough can often take a long while, so the lack of money in the meantime is what puts people off so much. A lot of people start going self-employed by doing it part-time to begin with, this is probably your best option. At least you know you’re having some form of stable income from one area of your life.
One positive about going self-employed is that you’re most likely going to be doing something you love. It could be photography, wedding planning, writing etc. Whatever it is you know you’ll have a passion for it before you have even started. It is so much easier to stay motivated when you’re actually interested in what you’re doing. It’ll be a lot easier to stay motivated in one way, but actually being self-employed is hard when it comes to motivation in general. When you’re working from home it is so easy to think, ‘Oooh i’ll do it later’ and pop the TV on. But you need to know out of this mentality sooner rather than later if you’re going to be successful. Try and plan your day accordingly so you have breaks along the way. Working solidly from home for hours really isn’t advisable, that is when your attention span will start to dip. There are apps you can download from your phone that will help you plan your day better.
One final thing about going self-employed that can sometimes be a positive and a negative is the money. If you’re going through a busy period and you’re swamped with work, you’ll be swamped with money. This isn’t a bad thing by any means. But when things are quiet it can get a little worrying, especially if working self-employed is all you’ve got to do. When you’re going through your busy period make sure you’re saving some money for a rainy day. Another thing you’ll have to think about is your taxes. Each year you’ll have to pay your contribution, so you’ll need to be saving for that as well. Sorting your self-employed tax assessment out can be rather complicated if you’ve never done it before, and you can get fines if you don’t do it right. Use a tax accountant to help you sort it all out. You can claim back certain expenses to help you get some of the tax back at the end of the business year. Depending on how much you’ve worked will determine how much you’re going to have to pay. Don’t forget it until it is too late!
Employed
The main positive about being employed by a company is that you have the stability of knowing what hours you’re going to work, and how much money you’re going to make each month if you’re salaried. It is also stable in the sense you know who you’re working with and you can build rapport with them. Sometimes being self-employed compared to being in an office environment can be a little boring and lonely. You also have stability in terms of knowing your taxes and national insurance contributions are being paid, and that you’re building up holiday money. The one thing with self-employed people is they have to save up for a holiday, and for a week or two off work that they’re going to miss. With employment, you’ll have statutory holiday pay written into your contract.
One downside to being employed is definitely the people you work with, mainly the bosses. You won’t ever work anywhere where everyone is nice. There will always be that one moody person who is set out to ruin everyone’s days. Dealing with people like this day in day out can often be the reason why people hate their jobs so much. A nasty boss can often lead to workers being overworked and underpaid. The atmosphere that creates in the office is never a good one. That’s why a lot of people favour the self-employed lifestyle. They are their own boss, and they can set the money that they would like to earn. For some people, this is all the persuasion that is needed to take the leap to becoming self-employed. But, even when going self-employed you’ll meet a ton of people you’re really not keen on in the form of clients. People can just be so picky and judgemental of your work. It can often upset you if you think you’ve done a good job.
So there we go, the pros and cons of both sides of the coin. Whichever one you chose, at least make sure you’re actually happy within your line of work.
