This is a collaborative post
At the end of 2019, there were over 5 million people classed as self-employed in the UK (Source: Office of National Statistics). Self-employment is a huge contributor to the economic wellbeing of the country. It’s not for everyone, some people prefer to work in a more traditional, secure environment.
While many self-employed people have been hugely affected by the COVID-19 pandemic, it’s worth remembering that there are many benefits to being to working for yourself.
Why People Become Self Employed
Everyone has their own reasons for wanting to be self-employed. Some people plan for it, others find themselves forced into it through circumstance. A survey by Axa in 2019 showed that the top five reasons for people choosing self-employment were:
- Better work/life balance
- More control over the work they do
- Sense of achievement
- Doing something they are passionate about
- They wanted to work fewer hours
It’s clear from these findings that people are seeking more control over their own lives and this is extending into their career choice. The number of self-employed people in the UK and across the world is increasing every year thanks to technology and the rise of the ‘gig economy’ making it much easier to achieve.
No Workplace Stress
Yes, being self-employed can be stressful at times. By working for yourself, you no longer have to deal with office politics, how to handle no call, no show employees or demanding bosses. Some people thrive in a traditional workplace environment, while others do not. According to research by Perkbox, 79% of adults in employment experience work-related stress. That is such a huge number and these figures are rising.
Improved Health & Wellbeing
Being self-employed can have a positive impact on your mental and physical health too. Now, if you’re a very unhealthy person with a lot of bad habits, self-employment isn’t magically going to fix that, but it does create the right circumstances in which to improve your health.
Less workplace stress leads to a better mood and quality of sleep. Prolonged mental stress and poor sleep can lead to a host of health problems including high blood pressure, obesity, depression and a compromised immune system. The freedom of self-employment, coupled with the establishment of healthy habits, can change your mental and physical health substantially.
A Better Work-Life Balance
Hand in hand with that workplace stress goes longer hours. The modern technology that allows us to be connected at all hours of the day and night, means that we are finding it more and more difficult to switch off. There’s always another email or slack message, or phone call to answer. Our personal and family lives suffer because of it.
Being self-employed gives you greater control over when you work. It’s not always as a picnic. If you set your work schedule to let you pick up and drop off your children from school, then you may well be working into the evenings and weekends. The point is that it’s your choice to do this.
A better work-life balance, and being able to work around your family, is one of the main reasons that people become self-employed in the first place.
Choose Who You Work With
When you’re just starting out, you never turn a potential client away. You need to establish yourself and start making money. Almost every self-employed person has ended up with the client from hell. The ones who demand the world, and they want it yesterday, but still never seem to pay their bills on time.
The good news is, once you’ve established yourself, you can pick and choose who you work with. If you have a bad feeling about someone, or there are other warning signs that the may be a nightmare to deal with, then you don’t have to.
The same goes for ‘colleagues’. Although you have no colleagues in the real sense of the word, there will be other professionals and businesses that you work with as part of your job. Again, if they aren’t doing a good job, or you don’t get along, you’re free to move on.
You Could Make More Money
For most specialisms, your hourly or project rate is going to be much higher than if you were working a 9-5 office job. This is both essential and expected by clients. After all, they don’t have to recruit you, pay you holiday pay, sick pay, benefits or anything else like that. If you have a steady stream of work coming in, then you could potentially make a lot more money whilst still providing value to a client.
You Are The Boss
Let’s be honest, some people just hate being told what to do by others. It’s not necessarily anything to do with their boss or the company they work for, some people just want to be their own boss. There’s nothing wrong with this and for some, it is the ultimate reason to become self-employed.
You Reap The Rewards
One of the greatest causes of low employee engagement in business is failing to be recognised or rewarded for your role in the success of a company. It’s not always about monetary reward either.
In business, you may get a bonus or a pat or a mention in an email but when you’re self-employed, the rewards and satisfaction of achievement are all yours.
You Can Do Something You Love
Self-employment is a way to follow your passion and do something that you’re good at for a living. Yes, your goal may ultimately be financial, but it is very difficult to achieve without true love or interest in the work that you are doing.
You Grow As A Professional
Running your own business requires you to learn so much more than you would in a traditional job. Skills you will pick up along the way could include planning, marketing, finance, networking. Of course, if you get very successful, you can outsource all of these, but you’ll definitely expand your understanding and skills in these areas, making you a much better business person.
You Join A Community
Self-employment is often mischaracterised as a lonely existence, and it can be. If you work exclusively from home, don’t speak to people or go anywhere, then, of course, you’re going to be lonely. But when you’re a freelancer, you’re certainly not alone, just a quick look on LinkedIn or Facebook and you’ll find many groups that you can join devoted to people who are self-employed. You’ll find a sense of camaraderie there that is very uplifting. People are there to offer advice, encouragement, skill swaps and referrals.
Groups such as Freelance Heroes or Freelancers Corner are great places to start, they even have their own regular meet-ups too so you can network with other self-employed people. To get the most out of this community, contribute questions and advice where you can and you’ll find many people there to support you when you need it.
Your Business Can Reflect Your Beliefs
Rarely do people work for businesses who truly reflect who they are. That’s not the case when you’re self-employed. You can work to benefit and support others and really keep your vision and ethos that inspires you.
You can work with people you want to support and deal with suppliers who share your corporate social responsibility.
Final Thoughts
While self-employment isn’t a magic bullet, it can profoundly affect your life for the better, not only financially but in terms of general health and wellbeing too. Most self-employed people will tell you that it was one of the best decisions they ever made.