Being self employed is it right for you?
When you become self-employed it means you are running your own business rather than working for an employer and there are a number of things you have to take into consideration. Working for yourself can have a number of advantages and disadvantages. For example, it means you are in control of what you do, so you can organise your own hours. You are now working for profits not wages. This is great when you are making profits but can be a nightmare if there are no profits or the profits are low. Self employment can involve working very hard and you may no longer have a regular income. The best advice to anyone that wants to become self employed try and find some thing you can do part time along with your current job.
The self employed lifestyle
Many people look at being self employed as a lifestyle as well as a financial decision. Here is a short list of the benefits of being self employed and working for yourself.
- Hours to suit
- Unlimited income potential
- Your own boss
- Leave a business for your family
When you start a business you can do so either as a sole trader or partnership. The type of structure you choose depends on the kind of business you are carrying on, with whom you will be doing business and your attitude to risk.
Self employed as a sole trader is relatively straightforward to set up, but if your business fails, all your assets could be used to pay your creditors.
Self employed as a partnership can work out well if both people are prepared to put in the same effort but can be a disaster if one person in the partnership is not prepared to pull their weight.
Become self employed and work from home
The easiest and the most risk free to become self employed is to work from home. You dont have to commit to a lease or rents and rates before you make a cent. The advantages of working from home out way the disadvantages. To find out more on how you can be self employed working from home. Information on working from home.