Knowing when it’s time to go self-employed is a big decision. According to the Office of National Statistics, there are currently 4.8 million self-employed workers in the UK including contractors, freelancers and small business owners who made that choice. Anybody thinking about quitting their day job to become their own boss will be weighing up all of the possible risks. An everyday job has security as you are contracted to fixed hours for at least five days a week. You will have a salary which has the opportunity of increasing periodically based on review. This financial security allows you to live and plan your everyday life comfortably.
However, there are people who consider themselves imprisoned by the restraints of the everyday job. Perhaps the standard office environment isn’t for you anymore and you have bigger aspirations for your career. Despite the risks of losing job safety when working for someone else, there will be signs that it’s time to go self-employed. 3 Wise Bears has compiled a few of these below.
1. You Have Outgrown Your Position
It is possible that your current job is no longer for you. There was a time when you loved your role and you really excelled at it. Ultimately, there’s a chance that opportunities for further progression aren’t forthcoming. This is a telltale sign of outgrowing your role and by becoming your own boss you can challenge yourself again. The only way you can progress professionally is by constantly learning and pushing yourself further. Becoming self-employed is the perfect opportunity to prove yourself.
2. You Are Stifled By The 9-to-5 Routine
Most freelancers will tell you that the biggest reason for leaving their everyday job, is because of the 9-to-5 routine. For many, this work schedule is absolutely perfect for them and are secure within it. However, there are those who consider themselves trapped by a fixed schedule. If you’re someone that wants to find that perfect work life balance and take time off on your own terms, then this is a sign that you need to be your own boss.
3. You No Longer Want To Work For Someone
Are you daydreaming about working for yourself? Do you want to be properly rewarded for your work? Your schedule is likely filled with tasks that will benefit the business that employs you, but you aren’t seeing any benefits yourself. By becoming self-employed, you will reap the benefits of every aspect of your job. Moreover, you’ll even enjoy the additional benefits of making money for yourself!
4. You Have Your Own Business Ideas
Are you constantly thinking of business ideas that you think could be a success? Perhaps you have a little entrepreneur notebook full of business plans that you want to put into action. Daydreaming about your ideas is great but you will also need to do your research to back it up. If you are not sure about leaving the security of employment but want to test your business idea, then starting a part-time business could be right for you. This can minimise your risk so if it turns out it isn’t the right idea, you still have a job. If the idea has potential to be a success, then make the move.
5. You Want To Do Things Your Own Way
Many people flourish within a team environment and thrive on the opportunities it presents. Working for a team isn’t for everyone. You might be an individual with a single goal and you know how to progress by yourself. Becoming self-employed allows you to decide how many people you want on the payroll, even if it is just yourself. If you need that extra support from time to time, then contractors and freelancers can be hired on a short-term basis.
Ultimately, when you choose to become self-employed is completely up to you. Once you see all of these signs, you know it is the right time for you. When it is, you will need the best accounting support on the market. 3 Wise Bears are specialist accountants for self-employed workers who benefit from market-leading accounting software and advice to effectively manage their accounts. Contact us today to find out more.