Working For Yourself

Reasons Why Working For Yourself Is Better?

Being self-employed may seem an appealing option, but it requires a lot of hard work and devotion. There are a number of advantages of working for yourself, but it should not be used as an escaping route from a job you dislike. Only persons with a strong desire for success should choose it.

Within the United Kingdom, there are above 5 million people working for themselves, and this figure continues to rise day by day. But why working for yourself has become so popular in the last few years, and why is it better? To know the reasons, read this blog till the end!

 

Talk to our professionals about all the problems regarding your self-employed business! We are friendly, cost-effective chartered accountants that provide accountancy, taxation, and payroll services at affordable prices! Contact us now!

 

What is Self-Employment?

When an individual work for himself instead of working for an employer, then it’s called self-employment. This can include anything from running & managing a company to regularly selling items and services as a trader in order to make a profit. 

In self-employment, you get revenue directly through the profits made by your business instead of receiving a salary from an employer.

 

What Type of Business Can I Run by Self-Employment?

There are many options available for those who want to work for themselves. But your legal liabilities will not be the same for all types of business. The following are the few types to consider:

  • Sole trader You will own and manage your business solely, which implies that all profits and dues go directly to you.
  • Limited company – It has its own legal rights and responsibilities, either registered as a private limited company or public. Its ownership would be split into shares and divided among the shareholders. It means that the actual owners of the company may not be involved in operating the company.
  • Partnership – Like sole trading, it will follow the same format, but it will include two or more individuals combining their skills.
  • Franchise – It is already established and possessed by a franchisor. He can then sell a franchisee the right to utilise their company model.
  • Freelance or consultancy – In it, you will use your professionals to work from home for a number of companies regularly.
  • Charities – Instead of trading, the income is made through donations and grants in this business type. 
  • Social enterprise – It provides advantages to society, and its profits help the economy.

 

To take the pressure off your shoulders and to make the process easy, contact our small business accountants for help!

 

What are the Essential Qualities You Need to be Self-Employed?

The essential qualities for working for yourself are as follows:

qualities for working for yourself

  • Good leadership
  • Determination
  • Realism & objectivity
  • Self-belief
  • Time management
  • Focus

 

The Top Reasons Why Working for Yourself is Better

The benefits vary from industry to industry. Many business types provide many advantages, which are not available with other types. But the key reasons why you should choose self-employment over employment are as follows.

You will/can:

  • Create your own success.
  • Be your own boss.
  • Work alone or select your own team.
  • Work flexibly.
  • Have more control.
  • Have no dress code, office politics, and commute. Thus, you will have more job satisfaction.

 

Quick Sum Up

We hope now you have a better understanding of why working for yourself is better than working as an employee. We will conclude our blog by saying that working for yourself is a fantastic lifestyle option. So do prefer self-employment over employment and if you are worried about managing your business finances, hire an expert for it.

 

However, you can focus more on your business by hiring an accountant to handle your business finances and everything on your behalf! Reach out to our Chartered Accountants in London!

 

Disclaimer: This blog contains general information on self-employment.

 

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