Joanne Clifford, Head of Recruitment at Daisy Group, helps you decide whether you're cut out to go self-employed.
The UK has recently been confirmed as the self-employment capital of Western Europe, according to research by the Institute of Public Policy Research (IPPR).
The news comes as a result of an 8% increase in the number of people working for themselves in the past year, and supporters of the movement argue that self-employment should be regarded as an option for job-seekers and those looking for a change in career.
But self-employment isn’t for everyone, so how do you know whether it’s right for you?
You have a strong business proposal
First and foremost, it is vital that you work hard to create a flawless business proposal. Research indicates that 80% of businesses will fail within the first 18 months. Why? In the most part it is due to the absence of a thorough business proposal. Put time into researching your market and identify all revenue streams in full. If it’s not financially viable, find a way to make it so.
You have a clear set of goals you wish to achieve
Self-employment is best suited to those who feel their current job is lacking in something, or preventing them from achieving their full potential. If you have a specific set of business goals in mind which you wish to achieve in life but feel restricted by the boundaries of your 9-5 job, then dream big and go for it.
You are self-motivated
Lone workers need to be highly driven in order to motivate themselves to get out of bed in the morning and spend the day productively. If you are unable to self-discipline, the chances are you may not be cut out for the reality of being self-employed. After all, nobody will call you up for being late for work or having an extended lunch.
You want flexibility
Having drawn on the disadvantages of working for yourself, that’s not to say that being self-employed can’t enable a flexible work/life balance. It is a particularly good option for parents who cannot afford child care or need to be able to work hours to suit around school or nursery drop offs.
You want a better quality of life
Being your own boss can be a liberating feeling and can relieve the stresses some employees face in a normal work environment. Not only do you have the freedom to plan your work around your social life, but you can also reap the rewards in full for every bit of hard work put into the business, rather than have your efforts go unnoticed or under appreciated.
You have access to the necessary business products and applications
Finally, before going solo, ensure that you have all the necessary business utilities at your disposal. Most entrepreneurs forget that starting a business requires the support of industry standard technology. The truth is that not all residential areas are automatically geared up for the connectivity requirements of a growing business. Check this out before you consider working from home.