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The Downsides to Being Self Employed

September 7, 2021 5:20 pm

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Being self-employed is appealing to a lot of people – being your own boss certainly is an attractive prospect. But before you decide to go self employed it is a good idea to also consider the less attractive parts of being self-employed…

More Pressure – When you are working for a company you are ultimately not the one who the most responsibility lies with. When you are the sole person in charge, this can make you feel under much more pressure and for some people this can have a negative effect on their mental health and stress levels.

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Managing Finances – The financial side of being self-employed is important to get right as there are fines for those who get it wrong and fail to do things such as complete tax returns on time. It is a good idea to find a business accountant such as Stroud Accountants Randall and Payne as the financial side can be hard to get your head around if you are not familiar with it.

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Fluctuating Income – During the first year or so of being self employed, income can vary dramatically depending of course on what sort of work you do. It can be difficult to adapt to this and it is a bit of a leap of faith even if you have done plenty of research and prepared well for it. It is a good idea to have some savings to fall back on just in case it doesn’t work out.

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