More than 15% of Brits are currently working for themselves. In 2018, this number reached 5 million people, which is an increase of 1.7 million from 2001.
If you’ve always wanted to work for yourself, or you’re simply wondering if it’s time to quit your 9-5, this article is for you.
Read on to learn the top benefits of being self-employed.
Ready? Let’s get started.
The End of the 9-5
Brits are leaving their day jobs in droves. This shift to self-employment has helped drive a recovery in the United Kingdom’s employment statistics.
If you’re still throwing around self employment ideas, here are the top benefits of self-employment:
Being Your Own Boss
How many times have you disagreed with a decision your boss has made? Or wished you could take a different approach?
When you’re self-employed, you won’t need to answer to anyone but yourself. You control how and when your work is done. If you’re working with clients, they’ll have a say in how the final product looks, but how you get to that point is completely up to you.
Increased Income Potential
When you work for someone else, your income is limited. Sure, you can ask for a raise occasionally, but you’re dependent on your boss.
When you work for yourself, the sky is the limit. Want to earn more? Work harder. Take on more clients, think outside the box, and find new income streams.
Your income is only limited by your work ethic and ideas. If you’ve been punching a clock at your 9-5 for years, this will be a big change. You’re only paid for the work you actually do.
No More Commute
Is there anything worse than getting up in the middle of winter, going outside in the cold, driving through traffic or being squeezed together with strangers on public transport?
When you’re self-employed, you get to say goodbye to that commute. Not only will you save money on gas or public transport, but you’ll save time. You can get more sleep since your ‘commute’ will be from your bedroom to your workspace. Or, you can get up at the usual time but get much more done.
Tax Deductions
When you’re self-employed, you’re in charge of paying your own taxes. But you also have access to a number of deductions.
These include:
If you’re planning to take advantage of some of the above deductions, make sure you keep plenty of detailed records. You’ll need them in case you’re ever audited.
No Coworkers
This can be a little sad if you like talking to your coworkers, but there’s no reason why you can’t take those relationships outside of work. When you work alone, you don’t need to deal with any of your coworkers’ annoying habits.
No more struggling to concentrate when people are loudly talking on the phone next to you.
No more gagging when someone decides to reheat last night’s fish dinner for lunch. And no more dealing with loud music from people who refuse to wear headphones.
Ahhh. Bliss.
Sick Days
When you’re self-employed, paid sick days don’t exist. However, you also don’t need to jump through hoops, get a doctor’s note, or deal with a passive-aggressive boss if you don’t feel well.
In the UK, most people prefer to use their leave for holidays. This means that they go into the office even when they’re sick. This means that those germs just spread to all staff members, who in turn, go into the office when sick.
When you work for yourself, you may choose to spend the day working from bed. you may take a client call and take the rest of the day off, or you may choose to email your clients and take a week off.
Whatever you decide, you won’t be treated as if you’re lying or incompetent.
The Equipment You Want
For anyone who has worked in an office, you’re probably well aware of the hoops you have to jump through when you need something. Whether it’s a new laptop, staples, or a pack of pens, you almost always have to ask someone higher up about the equipment you need.
It can take anywhere from a few days to a few months to get what you need, and by then you’ve often been making do with what you have (no matter how frustrating).
When you work for yourself, this is a thing of the past. Need a new laptop for your design or copywriting work? Go get one. And don’t forget to deduct it.
Setting Your Own Schedule
Are you a night owl? Sleep in and work late into the night. Get the most done in the early morning hours?
Get up at the crack of dawn and take a nap in the afternoon. The ability to set your own schedule is one of the biggest benefits of working for yourself.
The typical 9-5 simply doesn’t work for everyone. You may find that you prefer to only work until lunchtime from Monday to Friday, but you’ll also work on Saturday mornings. The best part? You can tweak your schedule until it works best for you.
Ready for Self Employment?
If you love the idea of self employment after reading the above benefits, why not make 2019 the year you make it happen? There are plenty of ways to get started, although you’ll need to be smart with your finances and set aside some savings in case you have some lean months.
Once you’ve started your business, be sure to consider advertising with us. This will help you get your name out there and attract potential customers.
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