The pros and cons of being self employed

The pros and cons of being self employed

One of the questions we are frequently asked is whether it's better to be employed or self-employed?

It's true that becoming self-employed is a great way to pursue your dreams but being self-employed also means saying goodbye to the many benefits a company will offer its employees.

To help you decide as to the best route to take, the short list below highlights some of the positives and negatives, which you may want to consider before making any final decision.

The Pros

One: There's no greater feeling than being your own boss, and if you decide you want to work from home, you can spend more time with your family too -  the ideal work/life balance.

Two: You don't have to worry about the pressures and stresses of the daily commute.

Three: You may decide to divide your week working for a number of different companies, working across a variety of interesting projects - ones that YOU have want to do.

Four:  You can take advantage of a number of significant tax breaks - such as claiming your expenses against your income to reduce your tax bill.

The Cons

One: Whilst all of the above sound great, being self-employed does have its draw backs. The most obvious one is job security. You will need to seek out job opportunities to maintain a regular income, which isn't always easy, and can put you under a lot of pressure.

Two: You are unable to enjoy the 'perks' being offered by a company such as holiday and sick pay, the chance of being promoted or being part of the bonus scheme.

Three: Some people choose to work as self-employed for a company, but you may be asked to cover the costs of renting an office or desk space.

Four: You may have to consider working long hours, or even weekends, until you have established your business.

How Can We Help?

If you are in the Harrow area and would like more advice on whether being employed or self-employed is right for you, please contact us, or fill the enquiry form on the right, and we'll call you straight back.

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