3 big benefits to being self-employed

There’s no denying that working for yourself has an element of risk involved, but with an estimated 4.8 million1 of us here in the UK currently self-employed – surely the benefits must outweigh the risks?

So, what is it exactly that entices so many people to become entrepreneurs or freelancers?

A recent survey by moneysupermarket.com into freelance careers, found there were three standout benefits…

 

1. Flexible working hours

If you’ve got a family, or other responsibilities that demand a lot of your time and energy, the flexible lifestyle of being self-employed must appeal to you?

Of those surveyed almost 60% said this was the biggest benefit to being freelance2.

Work early in the morning or late at night, during the week or at weekends, work through school holidays or take them off – it’s whatever works best for you. The main thing is that the work gets completed on time.

Location is also worth a mention, you have the freedom to base yourself wherever you feel comfortable and most productive – whether that’s in a home office, at the dining room table or making the most of your local coffee shop.

 

2. Being your own boss

Some people thrive in an employee environment: job security, regular pay, a management structure… but not everyone.

In fact, 42% of people cited being their own boss as a major benefit.2

And even though being your own boss comes with heaps of responsibilities and hard work, the perks of being the one in control, the decision maker and the person shaping your business the way you want it, can be worth it.

 

3. Flexibility over which projects you work on

Setting up your own business or working freelance gives you the opportunity to do what you love every single day. You also get to dictate how much work and, most importantly, which work to take on.

Almost 40% of those surveyed stated this as a big benefit2, as choosing the projects that you feel most drawn to and have a passion for, will ultimately give you the most job satisfaction.

And an added benefit is that you also get to decide which clients to work with. Spend time getting to know each client and if the relationship doesn’t develop or your values and priorities don’t align… you don’t have to work with them again.

 

Of course, with the good comes the bad (or not-so-good) and in this case it’s in the form of inconsistent cash flow according to 58% of those surveyed, the responsibility of finding your own work was mentioned by 38% of participants and the lack of company pension was a downside for almost 30% of people.2

 

So if you’re considering a change and becoming self-employed, be sure to weigh up the pros and cons in advance and remember, there are plenty of resources out there that support freelancers, entrepreneurs and the self-employed.

Experian Business Assist can support your small business by helping you to make more informed decisions about both your own business and the clients you work with. Find out more today.

 

Sources: 1. IPSE, 2. Money supermarket

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