Being self-employed can involve an unbelievable amount of dedication and hard work. However, being your own boss can also bring a lot of rewards and job satisfaction. Within the last couple of decades, the number of self-employed people in the UK has steadily increased and there are many reasons why people are moving towards working for themselves and not a usual 9-5 job. According to the Office of National Statistics, there were a total of 5 million people who were self-employed by the end of 2019 which equates to about 15% of the total workforce. This is a massive jump from 2000 when 3.2 million people worked for themselves. Here we discuss the benefits of being self-employed.
What are the benefits of being self-employed?
A better work / life balance
One of the main benefits to many people for self-employment is the possibility to create a better work/life balance. Not being confined and restricted to a 9-5, you can start working the hours you want, although it is not always as easy as this in practice. To begin with, there will be an intense amount of hours of work needed to get you started. However, once you have settled in and become established you will be able to know when your busiest times are and work around them.
Although you will inevitably still work 9-5 during weekdays if this is when your clients or customers need you, you have the control to decide how much business you take on and which hours you personally do. This level of control is what is most attractive to many people. Personal life and obligations can often get in the way of your working hours. Knowing you can also change the hours you work to suit your home life can help create a much better work/life balance. It allows you precious time to spend with your family.
Flexibility on hours and working environment
When you work for yourself you can determine when you work and where. A big appeal of being self-employed is the opportunity to work from home or by visiting clients. Not only can this flexible approach help save you money on certain things such as travel expenses on commuting, you have no need to leave your house during rush hour any more. This can make you a lot more productive and save time. Working in a space you have chosen also means you can tailor it to your exact requirements.
Tax deductions
People who are self-employed still have to pay tax at the same rate as if they were a regular employee, however, it is only their profit that is taxed as opposed to their overall income. Through claiming for work-related tax deductions, you can lower the final amount you are taxed on. There is obviously strict legislation around this that you must adhere to. You can only claim on items used for business purposes. As long as you keep all the necessary paperwork to prove the claims are business-related, there are many things you can claim for.
Items you can claim include:
• Meals that were business-related (for example client meetings)
• Travel
• Transportation (e.g company car)
• Internet and phone
Higher Earning Potential
Becoming self-employed is not a guarantee of more money, but it allows earning potential to increase as everything is in your hands. You decide how much you want to work, what prices you charge for your goods and services etc. From a financial point of view, when you are in charge of when you work, the sky’s the limit for potential income.
Job Satisfaction
Reaping the rewards from your own hard work can significantly increase your job satisfaction. With the autonomy to run your business how you want to, many people never regret going self-employed. They are making money doing what they love. Many like the variety that working for yourself involves. You’ll have the opportunity to work on a range of projects and develop many new skills which may not have been possible in another job.
Potential disadvantages
As with most things, there are always two sides to every story. Lack of employee benefits such as sick or holiday pay, irregular hours, unpredictable finances and a huge amount of responsibility are all potential downsides to being self-employed. However, for many people, the prospects and benefits that come hand in hand with self-employment often significantly outweigh any drawbacks.
Self-employment can bring a host of benefits and a level of independence and freedom that many people crave, but it is important that people choose the self-employment route because they are dedicated and willing to work hard and are determined to succeed.
What’s Next?
Oven Wizards franchise offers the opportunity for dedicated and hard working individuals to become self-employed and be their own boss whilst being able to work as part of a respectable and successful business model. This is the perfect situation for those wanting to be self-employed whilst still having access to support, the use of a known brand and marketing advice.
For more information about becoming self employed and an Oven Wizard, call Mark on 01367 850162 or John on 07590 536425.
