Pros and cons of going self-employed

Pro: Healthier work-life balance

Although some people enjoy the consistency of working set days and hours, being self employed does offer the opportunity to work when you choose to.

This leaves more room for other commitments outside of work, as well as taking time for yourself to improve your personal wellbeing should you need or want to.

Con: It may take a while to get started

While there are many benefits of being self-employed, both practically and financially, it may be a struggle at first to get things off the ground.

Essential components of any trade-based business can be costly, including the upfront cost and maintenance of tools and transport. This could mean that at least for a while, your outgoings may make a hefty dent in your income.

It may also take a while for you to get your name out there and to build up a solid set of clients, which could mean inconsistent income.

Social media is always a great place to start from drumming up business, you can find out more about how to boost your trade business via social media here.

Pro: You can choose the jobs you want to take on

Once you become established as a self-employed tradesperson with a consistent income and client base, you can be more selective with jobs you want to take on and clients you want to work with.

If you feel that you do not have the time or resources to take on the job, or you feel that yours and your client’s expectations are not compatible even after meeting and discussing the details of the job at length, you have no obligation to agree to the job.

This then leads to greater job satisfaction, as you will more often than not be working on jobs that you are happy doing.

Con: It could be more difficult to prove financial eligibility

As previously mentioned, when you’re first starting out, it can be difficult to achieve a truly consistent income, especially in the first few months.

This can then prove difficult when trying to get approval for loans and mortgages should you need it, so you may want to take this in to consideration when thinking about going self-employed.

Pro: Self Employed Financial Benefits

The financial aspect of switching to self-employed is often a sticking point for many, but what some may not know is that those who are self-employed are entitled to certain financial benefits.

Whether it be applying for grants to help set up a new business, a financial boost while you’re getting things off the ground, and even cutting out unnecessary expenses that come with other forms of work.

Becoming self-employed has just as many risks as it does rewards, so it is important to assess your current situation carefully to ensure that you are ready to take on this challenge and reap all of the rewards that being self-employed has to offer any ambitious tradesperson.

If you’re looking to go self-employed, you can find everything you’re looking for with IronmongeryDirect, from Door Furniture to Screws and Fixings at a pocket friendly price, as well as flexible delivery options so not only can you get exactly what you need, but you can get it exactly when you need it too.