Becoming self-employed is a risky move. For some, the switch from being employed to self-employed is the perfect decision to make. With the freedom and flexibility to work when they want, it leaves them with more time to spend with their family.
But what are the best benefits of being self-employed? And are there any cons that come along with it? Well, we teamed up with Scruffs Workwear to ask those in the trade what was the best (and worst) things about being self-employed.
3. At number three, as one of the top benefits of being self-employed was job satisfaction. Tradespeople described that it was one of the best feelings to see the smile on a customer’s face after work was completed. Being able to take pride in your work was described by tradespeople as being one of the best things about being self-employed.
However, they also warned that one of the biggest cons that came alongside this was the excess paperwork. Working for no one but yourself, of course, results in a lot more paperwork to handle. And, despite flexible working hours, this could result in having to dedicate more time at home to complete the necessary paperwork.
2. At number two, tradespeople stated that another major benefit of being self-employed was the potential to earn more money. Not restricted by a salary given by an employer, tradespeople can charge what they think is suitable, whilst earning themselves a healthy profit. If you’re fully booked up and have got work coming in left right and centre, you could end up making a killing!
However, if not, this could result in an increased amount of stress and hassle that you wouldn’t have if you were employed by an employer. As the boss of your own business, you have a lot more to consider in comparison to an employee. For example, insurance, paying off trade accounts and ensuring enough time is allowed for each job. Alongside this, you also have the added stress of finding work too. If short of work, this can result in extra stress for those working as self-employed, including financial worries.
1. At number one though, the biggest benefit of being self-employed was the flexibility and freedom it provided. With no boss telling you what to do, you’re free to work as much (or as little) as you like. There are no restrictions in terms of taking time off with the family or finishing early to pick the kids up from school. You don’t have to worry about rationing your holiday days, if you need the day off, you can simply take it! This freedom to work as and when you please is especially great for self-employed people around Christmas too!
However, unfortunately, what comes along with this is no holiday or sick pay. As one of the biggest downsides of being self-employed, money problems can cause real issues for those in the trade. The insecurity of not being guaranteed work can result in self-employed workers worrying about their finances and consequently, not taking any time off at all! Alongside this, there are also the issues of late payments and having to chase payments from customers. Unlike an employee, self-employed workers don’t get paid until the customer itself pays up. This can cause major problems including a tradesperson being left out of pocket until that payment is received.
Scruffs described: “There are many pros and cons to being self-employed.”
“For some, the benefits outway the worries. However, for others, the financial insecurity is enough to keep them from taking the leap.”
“One thing is for sure though, this decision shouldn’t be taken lightly.”
“All options should be considered first in order to ensure that this is the right decision for you!”
So what do you lot think? What is the best (and worst) thing about being self-employed? How much time are you taking off over Christmas? Let us know in the comments below.