self employment
The credit crunch hit hard and a high unemployment figures mean
people today are considering whether to continue looking for paid
employment or to go into self-employment. There are advantages and
disadvantages to both so let´s take a look at the pros and cons of
being employed or self employed.Self EmploymentBeing self-employed gives
you distinct advantages;
more freedom, self-satisfaction, choosing who you work with and a
chance to pursue your interests and make a living from doing something
you really enjoy. You may even have the opportunity to make more money
by being self employed than you ever would in the employment of somebody
else.The hardest aspect of being self-employed is the competition and
the cost of running a small business. The formation of a company is by
no means easy and you have to be fully committed, determined, resilient,
creative and ambitious. Of course sufficient funding is a must.
Although it is feasibly possible to run a successful business as a
self-employed entrepreneur you need a strong mentality and a solid
business plan that sets out the aim of your business and its future
growth. A company formations agency can help with this if you need
guidance.Self-employment also means you will need to know the legal
requirements and figure out how you can register your business quickly
and easily together with tax and how to offset profit against your
expenditure. For more info, Check self employment
Will
you need to hire an accountant or can you manage your own financial
affairs? Making a profit in the first few years is the hardest, but tax
breaks up to a maximum of £7500 for the first three years give you
breathing space.Pro and Cons of being EmployedThe greatest advantage of
being employed by somebody else is the financial security and the
additional benefits such as paid holidays, a guaranteed pension and
possible bonuses. You also have the advantage of knowing how much income
you will take home each month and can manage your finances to live
within your means.When you are in a job with people you enjoy the
company of there is no question that being employed is a safe and secure
option. But people´s jobs are the biggest cause of stress, depression
and bad health. The pressure that is often put on employees to perform
better in order to achieve greater financial rewards irks most employees
at some points of their career, not to mention the absurdities with
office politics and company policy.Getting out of bed to line the
pockets of others becomes a chore in itself and can cause resentment,
self disgust and a lack of motivation. Inevitably you take your woes
home with you and this could have an adverse effect on your private
life, put strains on the family and lead you to drink. Some day you have
to ask yourself is it worth it.
Being employed or self employed is a real-life issue for many people in
today´s world and has to be approached with a realistic outlook. Make
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