If you’re considering taking the big step towards going self-employed then there are several essential things you’ll need to consider before making the leap. Going self -employed is often the best decision many people make in order to fulfil their career dreams but it can be risky if you decide to do it on a whim. Here are some important things that you should consider before making the change:
The most serious question you have to ask yourself is whether or not you’re in a financial position to go self-employed. The risks that being self-employed have can be huge if you don’t have the financial security of savings to fall back on should anything go wrong. Speak with family, your partner and friends first to establish whether you’re making the right decision. Although you may have read many success stories about people risking it all and making millions from going self-employed there are the thousands of people who don’t make it to consider too.
A great thing to consider is applying for a self-employed mortgage, like the one from Saffron Building Society, for some added financial security. Not only will it ensure that your home is mortgaged fairly, it’s also calculated with the fact that you have a more unpredictable income in mind. Taking this step means that even if your income radically changes you’ve taken adequate steps towards protecting your finances regardless.
Holidays and sick leave
You have to be serious about going self-employed as there are lots of aspects of being your own boss that make it sometimes even more difficult than being employed by someone else. Not only do you no longer have paid holidays and sick leave, you are also responsible for everything from paying the bills to managing security and working out your taxes. This often means working much harder than you perhaps ever have before as there’s so much to do in the initial stages that it’s difficult to juggle all of the different tasks.
Despite having to consider these essentials before deciding to go self-employed, there are so many advantages and lessons to be learned from being self-employed that it’s well worth making the move if you feel really passionate about your venture. Follow these top tips to make sure that you’re in a financial position to make the jump and make your dreams turn into a reality.