Thinking about working for yourself recently? You’re not alone.
According to a recent report conducted by the Chartered Institute of Personnel and Development (CIPD), there has been a significant rise in the number of self-employed workers since 2001. 15% of the UK labour force is now self-employed.
The demographic of self-employed workers is also changing. Traditionally it was associated with men over the age of 50. Today, however, more women and part-time workers are the main cause for the recent rise.
Earnings versus job satisfaction
Something to consider before deciding to work for yourself is the potential fall in earnings. On average, individuals who work for themselves can expect to earn around 40% less than equivalent employees. Equally there’s no cap on your earnings and if your business is a success, the sky’s the limit. You need to be aware that you may need to rely on savings in the first few months just while you’re getting yourself established.
However, you can expect to notice a difference in your sense of purpose and job satisfaction. Those who work for themselves are generally happier and feel more able to achieve balance between home and work life, which can only be a good thing, right?
Why the rise in self-employment?
The CIPD found that the recent surge in self-employment has been largely due to changes in regulation, designed to encourage individuals to set up their own businesses and advances in technology. To find out what help and support you can receive click here: https://www.gov.uk/business-support-helpline
Technology has reduced set-up costs and allowed people to be able to work from home, making market entry far more accessible. So long as you have a laptop and a decent Wifi connection, you can set up a business. Simple.
The reality is, that working for yourself is hard work. It requires time, patience, drive and resilience. If you have the entrepreneurial mindset, then why not give it a go. Better to have tried and failed than never to have tried at all, and who knows, it might even be a huge success.