How to deal with the risks of self-employment

Risks are all around us, dealing with the risks of self-employment is no different. Are you working for yourself, are you thinking about becoming self-employed, and want to know how?

As with any change in life there are risks associated with moving into self-employment. Firstly, consider these risks as part of your self-employment life.  Don't be put off, make sure

  • you are clear of the opportunities this offers
  • the challenges and actions you can take to minimise risks and maximise your opportunities

Being self-employed is fundamentally different from working for someone else so it is important that we look at what those differences might be.

This vlog-blog will help guide through some of the main issues that people face when they decide on a new career path or move into entrepreneurship. I will discuss how best to prepare for knowing and dealing with the risks of self-employment.   It is time now for us all to think about our future and make sure we are ready for it!

Read more here!

What is the difference between self-employment and employment?

You are probably wondering what the difference is between being self-employed and being employed. When you become your own boss, you will find that the distinction between work time and personal time becomes blurred. Your business decisions will have an impact on your personal life, and you will, in effect, be on call 24 hours a day if something occurs that will impact on your business.

However, there are of course many benefits to going it alone!  Being more in control, having an impact on your clients , no daily commute, taking credit for your successes, reaping the financial rewards of success, and taxes!

Understanding that transition to working for yourself is part of dealing with the risks of self-employment.  If this sounds like something for you then read on.

There are several risks you need to be aware of and consider as you set out on this journey which are summarised here:

Self-employment is a great way to be your own boss and have the flexibility of working when you want. However, being self-employed means more than just having control over your schedule. You will need to take on many different responsibilities for your business to succeed.  Here are some things you should consider before becoming self-employed.

Watch my video if you're interested in reading more about How to Deal With The Risks Of Self Employment!

Conclusion

Get in touch with us to see how we can help you with understanding and dealing with the risks of self-employment.  Need help figuring out your tax matters, your tax and other accounting and business matters.  For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.

 

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