Don’t get us wrong; there are loads of advantages to being self-employed. You don’t have to work for ‘the man,’ you can base your self-employed career on your hobbies and interests, and you can be flexible in your working pattern. If you have ever considered self-employment then, know that there are some good reasons why this is a path worth going down.
However, it’s not all sunshine and rainbows. There are some aspects of self-employment that suck. Big time! While you shouldn’t let these things put you off, you do need to be ready for them.
These are some of the suckiest things about being self-employed.
You have to do your own taxes
You don’t have to think about this when you’re in regular appointment, as somebody within the company you work for does all of this for you. But when you work for yourself? The buck stops with you, and you will find yourself in trouble legally and financially if you don’t get on top of them. If you would rather avoid sitting for hours calculating your invoices and totting up your income and expenditure, there are downloadable accountancy apps available to make the process a little easier, or you may prefer to hand the whole affair over to tax accountants while you get back on track with the more enjoyable aspects of your business.
There is the fear of failure
According to small business statistics, the chances of failure are high. This is enough to put anybody off starting a business in the first place, but if you have taken the decision to start out on your own, then knowing that more than half of new businesses face closure in the first year is incredibly off-putting. However, you can reduce the risk. Asking yourself the important questions when coming up with a business idea is a start, as you can reduce failure if you come up with something marketable. And marketing your business is a surefire way to increase your chances, whether you go the traditional route of classified ads and leaflet drops, or digital marketing, with social media exposure and SEO techniques. By working hard on your business, you can mitigate the risk of failure, and put your mind at ease.
Your social life will suffer
This is twofold. When starting out in business on your own, you may miss out on social interaction with your family and friends as you work hard to get your operation off the ground. Probably because you are fearing failure, overtime will become the norm for a while. Then there’s the issue of working alone, especially if you don’t have a team to banter with. You can become lonely, and this could affect your productivity if it causes you to suffer low moods. However, you can alleviate both problems. For starters, cut down on your workload by outsourcing some of the tasks that bind your time. This will help you maintain your work-life balance. And you can still socialise with others, such as having the occasional lunch break with other entrepreneurs you may be friendly with, or even taking a walk during your break time, as you may get the opportunity to see other people, even if it’s only a quick hello.
There are more upsides to downsides when going self-employed, so you shouldn’t be swayed from going down this path if you have set your heart and mind on being your own boss. Follow our tips, and you will overcome some of the expected problems. And if you have tips of your own, whether they relate to the issues we mentioned, or to something else, be sure to let us know for the benefit of our readers.