This was originally going to be titled the ‘benefits of working from home’ but I realise now I can incorporate that into this post anyway. You may also be interested in my post ‘how to dream big.’ You can also check out my short post on me now studying/working from home.
Alas, today I’m going to go over some excellent reasons why being self employed. If you live in England you can check out this Gov article on being a sole trader – https://www.gov.uk/working-for-yourself.
There is a lot of independence to be gained, and a lot of fun also. You might be earning £23,000 a year working in a desk job sorting a lot of papers. Compare that with having the freedom to work your own hours, be your own boss, and earn whatever you want. Self employment, or being a sole trader, is a sure fire way to get an unlimited income potential. You earn an amount of money both proportionate, directly, to how much you work and what the demand for your services is.
- Home Working and Having a Lot of Fun – If you already work from home, or study from home, as I am doing myself at the present moment, although I have a week off starting from tomorrow… a week of work still. So, you get to just do your work in the hours that suit you, whether that be 9 – 5 or 12 – 2pm, you have complete freedom when it comes to home working. You might be able to set up a home based internet business, or run a small business from home where you also store actual inventory – in other words you keep stock in your property. Of course, don’t forget to register with the appropriate tax people, self employment still means paying income tax. I suspect a lot of people are making more than £1000 a year from side hustles, which means they will have to pay tax.
- Unlimited Income Potential – There is no limit on how much you can earn from self employment. In fact, there is more income potential as you aren’t in a job where you work fixed hours for someone else, ending up getting nowhere. Self employment en mass is the future, a future where people earn the amount they want and deserve. You see it everyday or hear about people, just leaving well paid jobs to start their own business, work from home, or go solo consulting and then popping up years later as millionaires. Don’t go thinking it’s based on demand though, income cannot be guaranteed through demand unless you have a niche and well valued and sought after skill or service. usually income is dependent on the amount of work you do. This is in turn related to the demand from customers.
- Do Your Own Thing – You only have to pay your taxes and national insurance to appropriate levels. It’s real freedom. In terms of what to do for self employment, as already mentioned, you can start a home based business, or a small business, you can sell goods from your home. This can include goods and products you make yourself, like candles, soaps, paintings, pottery, furniture, food, gift cards, anything! If you have skills that are sought after, utilise them for goodness sake. If I pass my course, I’ll be loaning myself out at £50 an hour for legal advice to start with on a freelance basis. To be honest, I can do that now because people with a degree, or relevant qualifications are automatically more likely to have those skills and knowledge that people want. Used to work in an estate agents and want to do this yourself.
The benefits of anything are endless, self employment vs working for a company are truly superior. I never understood why anyone would work for a company on the basis that they will be promoted, earn more and after 50 years become a director or something. Think about it, you can become a director from day one with self employment. The reason I was attracted to becoming a barrister was because they are self employed and independent. Independence is an important word here, remember, you have to deal with it all yourself, unless you pay an accountant or rent an office or hire someone etc.
I hope light shines on you eternally. Thanks for reading.