The Great 'working for yourself... revisited' Hunt

I did this about 18 months ago - gave up a poorly paid part time job and went for poorly paid self employment instead! Can be really hard to get motivated to work on your own, but does mean I get to be a hands on mum more and save money on childcare.

Think most of us underestimate the 'business' side of actually going self employed - so some nasty surprises along the way!

"Can be really hard to get motivated to work on your own"

A few people have said that to me, but I really enjoy what I do so it is not a problem for me. I am lucky in that I really hated office life, so working by myself at home is wonderful.

A lot depends on what sort of business you have, and what sort of personality. People do find that self employment is not for them, for a variety of reasons.

It helps to have contacts who will put work your way.

Saving on travel time and costs is a big factor.

"Think most of us underestimate the 'business' side of actually going self employed - so some nasty surprises along the way!"

It is very important to learn in advance what the requirements and rules are where registration, income tax, payments on account, Class 2 and 4 National Insurance and other kinds of insurance are involved.

Ideally, you start working for yourself part time alongside paid employment and take the plunge if and when you earn enough to be able to give up the PAYE work.

I currently freelance which means I can pick and choose who I work for, how long, and even if I like the tube station I'd need to get of at in the mornings.

It's lovely. I'm currently on a holiday for a month

I'd say you need to quickly grow a back-bone and be prepared to challenge everything and everyone you deal with, not in an aggressive way, but you need to learn to be assertive.

There is far less protection once you're self employed and you can get yourself into a lot of trouble by trusting others or not reading the small print.

Take a lease for business premises - the only "rights" you have are what are explicitly written in your lease - completely unlike a residential lease where there is "fairness" provided by law, i.e. minimum periods, deposit protection, etc. A business lease can well make you liable for repairs and upkeep of the property, which may extend to the likes of new roof etc.

Also, when dealing with professionals, i.e. accountants, solicitors, etc., don't just assume they're right and that they're doing the job properly - plenty aren't & don't. Learn to trust your instincts and walk away if you're not happy. Plenty more fish in the sea and all that.

Don't forget that customer's aren't always right. Don't be afraid to turn away a customer who's too demanding, aggressive, abusive, etc - life's too short to put up with it and it will overshadow the rest of your business.

Negotiate with all suppliers, again, not in an aggressive way, but assert yourself and don't be afraid to ask for discounts, longer payment terms, etc,. in return for larger orders or longer delivery timescales - there's always room for a better deal if you're flexible.

But the most important is you need to take control, whether it's your book-keeping & tax, or your website designer, or your staff, or whatever - yes, you can delegate, but you can't abdicate - you have to keep control and know your stuff, even where you are delegating to others.

Go for it! You only live once & if it doesn't work you can always go back to working for someone else. Yes it's scary and its a big step (you think) but you reap what you sow.
I worked for 20 years in a great trade, I was on a very good wage and I loved my skilled artistic job, but the idiots I had to work with, including the boss.....well they outweighed the job to be fair.
It was as the saying goes, "there's one in every town" seems there's one in every job too, "You can pick your friends, but you cant pick your work colleagues"
Now my husband and I have gone for it and it's been great so far, the tax learning curve is scary, and there's a lot to take in but HMRC are there to help and they really do. If all else fails and it's just too daunting to fathom, you can always get an accountant to do your books (remember that's a business expense too and can be offset)
We have loved being our own boss'.... no one lords it over us! We're in charge of our own destiny and we don't have to cow down to anyone any more, don't have to put up with the weirdo's at work.


Just do it....feel the freedom....it's a natural and wonderful high!
If it fails at least you tried and you'll have no regrets, thinking what if.............