If you’re thinking about going it alone as a tradesperson, there’s a number of things you’ll need to consider. Being self-employed doesn’t work for everyone, so you’ll need to think carefully about whether you prefer the flexibility of being your own boss, or the security of a contracted job.
However, many tradespeople do find that being self-employed gives them the freedom to work their own hours, as well as the opportunity to grow their own business and develop their skills.
To help you decide what would be best for you, we’ve come up with a list of the pros and cons of becoming self-employed.
There are a number of advantages to being self-employed. For example:
One of the biggest advantages of being self-employed is flexibility. You’ll be able to choose your working hours and manage your own time. You can also forge your own partnerships with manufacturers or other tradespeople, and choose your jobs to hone your skills in specific areas.
By going self-employed, you’ll be able to manage your own taxes and claim deductions for business expenses. Also, if you’re working from home, you can save on commuting to the office or base of operations for a large company.
Build your own business
Being self-employed is a fantastic opportunity to start your own thriving business. By building a name and reputation for yourself, you’ll be able to grow your business through word of mouth. Having your own clients gives you the freedom to generate your own work and build your own company.
However, there are also some downsides to running your own company. Some of them are:
Can be expensive to get started
While it’s not very expensive to set up a limited company in the UK, there are a number of other costs that you might need to cover when you’re starting your business. You’ll need all of your own tools, and you may need to start paying for marketing upfront to get yourself set up.
Lots of admin
Running your own company involves a lot of paperwork. You’ll need to make sure everything is set up properly as well as managing your own customers and leads. Also, you’ll have to file your own taxes and make sure your company complies with all of the relevant regulations.
When you’re running your own company, you don’t have the security of sick leave or paid holiday. Also, it can be more difficult to get approved for loans or mortgages when you’re self-employed. You can get around these problems with careful planning, but it can be an extra worry.
There are pros and cons to being self-employed, and it’s not right for everybody. However, many tradespeople find that being self-employed gives them the freedom and flexibility to pursue and develop their careers. Have you got any advice to tradespeople considering becoming self-employed? Tweet us @quotatispro and let us know.