Imagine that it’s Sunday and your evening is gradually drawing to a close. Before long, it’ll be time to climb into bed, and your thoughts will turn to the week ahead and all that it’s going to entail. How do you feel? Excited? Motivated? Ready for another week at work? No? Then perhaps you need to reassess what you’re doing.
It sounds too good to be true, but for the 4.79 million people who are working for themselves, happiness about work really is a reality. Being their own boss, setting their own rates, and working the hours that fit their lifestyle is something that’s undoubtedly contributing towards the numbers of people going self-employed. In fact, an extra 250,000 people are making the move from employment to self-employment every year in the UK, and the figures show no sign of slowing down.
But if you’re considering it, how do you know when it’s right for you? Is there ever a perfect time to go self-employed? Well, no – there isn’t. As Andrew Johnson from the Money Advice Service says: “There are a number of things you might want to think about before considering self-employment such as registering with HMRC and that you will now be responsible for paying your own income tax and National Insurance contributions (NICs). However, it goes far beyond just financial considerations, for example the impact on your day to day life that being self-employed would have. Ultimately, it’s a decision that needs to made after some careful consideration”.
So, while we can’t decide for you, here are a number of signs that working for yourself could be the right decision…
- You and your family need more flexibility
David Sayce, a freelance Digital Marketing Consultant, says that flexibility is one of the best things about being self-employed. “I’m able to shift my routine to try to get the work-life balance that suits me best,” he explains. “Shifting the 9-5 means that I can now enjoy time with my family, make the most of the weather, and generally get stuff done – like the shopping – at quieter times”.
- Interest rates are lower than ever
And as for meeting repayments on your existing debts (such as a mortgage)? Well, it ought to be a little bit easier to manage, meaning that being self-employed right now could be a little less daunting than giving it a go once interest rates have hiked back up again.
- You want to earn more
- The current economic uncertainty could result in redundancies soon anyway
“Believe it or not, I was made redundant three times before I was 26,” says Ellie Roddy, a writer. “Everyone thinks that employment is safe, secure and guaranteed, but for me, that really wasn’t the case. I experienced two redundancies in the space of three months, and on one occasion, I wasn’t even paid the money I was owed,” she recalls.
- You have a passion for something else and are seeking fulfilment
- You’re ready to push yourself outside your comfort zone
This low level stress is what will drive you and give you so much satisfaction. That and the fact that you’re actually doing what you want to do, of course!
So, with the ability to decide on the direction of your work and a chance to be your own boss (as well as an increase in salary and a flexible schedule), is it time to take the plunge?
By Flora McCormick, content writer at Zazzle Media