Is Self–Employment right for you?
Setting up your own business takes tenacity, courage and a lot of hard work but the benefits can make it very worthwhile.
Self-employment can be appealing to some individuals but it may not be the right career path for everyone.
You will need to weigh up all options so here are some points to consider.
Advantages of Self Employment
- Independence that can lead to a better quality of life – you will be able to arrange your working hours and schedule around your other commitments.
- Increased Job Satisfaction – you will personally reap the rewards from your own hard work.
- Financially Responsible – the sky is the limit. You are a deciding factor in your earning potential.
- Variety – you decide your projects and carve your own plans. There’s possibilities to learn new skills as you gain experience in setting up a new business.
Disadvantages of Self Employment
- Long Hours – Business Commitments can mean longer hours and more irregular working days.
- Responsibility – you lose “employee” benefits, that means no sick pay or holiday pay. You are financially responsible and in charge of paying your own taxes.
- Stress – Success or failure is down to you and this can increase your stress levels as your income will be unpredictable.
- Progress can be slow – you will need determination and perseverance to succeed.
So, do you feel you’re ready to take on self-employment?
It’s worth speaking to our Enterprise Officers, particularly if you’re on Social Welfare and may be entitled to qualify for supports under BTWEA. Their details are there within the section “Who do I contact in SKDP to talk about these Schemes?“
Take a look at some case studies to get inspiration and to see the range of possibilities open to you.