The perks of being your own boss

Being a freelancer doesn’t come without its challenges, however, there are a number of rewarding factors which is why it’s becoming increasingly popular.

According to the BBC, the number of self-employed people in the UK account for around 15% of the workforce. There are over 4.8 million self-employed workers in the UK today. These figures clearly suggestthere are some obvious benefits that attract workers when they choose to be self-employed rather than an employee.

There are a great number of perks of being your boss, and in this article we highlight why so many people choose to become their own boss.

Flexibility

One of the main reasons people tend to go freelance and leave the confines of being an employee is because they seek flexibility. When you decide to go freelance and become your own boss, you can set your own working hours and take holidays when you want. There will be no one watching over your shoulder to see if you are working 9 to 5 at a desk. Whether you are a night owl or like early mornings, your working hours can be dictated by you. Obviously, you will have to take your client’s needs in mind.

Decision making

When it comes to your business, whether you are running it as a sole trader, a limited company or working under an Umbrella Company, your business is yours. The greatest perk of this is that you can make the decisions. It might be overwhelming to some to make all the decision about every aspect of the business, however, for those with an entrepreneurial flair it can be the perfect situation. Having your own business allows you to have control. You can decide on what social media platforms you will be promoting on to what freelancer accountant you want to work with.

Ability to take risks

Having control means that you can take risks. When running any business you will have to take risks in order to succeed. Starting a business itself is a risk, therefore, it's vital you take the sensible risks that feel right to you. You won’t have the pressure of making mistakes that can affect other people, for example, you might be hesitant to take risks if you have a partner. Being your boss, and working for yourself allows you the freedom to take risks and reap the rewards if you succeed and learn if you fail.

Reap all the benefits/profits

If you are putting in all the work, you will get to reap all the rewards. Working for yourself means that all the hard work you put in will pay off as you can keep all the profits. When you have partners, you would have to share the profits. However, as freelancing is a one-person venture you can take in all the profit made.

Control your future

When your business grows, you will need to make decisions about the future of your business and decide on which way its heading. This again can be problematic when there are other people involved in the business. Partners can sometimes part ways because of their conflicting opinions and views.So, if you go solo, then you don’t have to worry about that. You can control the future and the direction of your business.

Pick your team

The people you surround yourself with and the people you work with have a huge impact on your work and social life. One of the best perks of being a freelancer is the complete control you have when it comes to the people you work with. Whether this is other freelancers or businesses you collaborate with or the clients you choose to work for, it’s in your control. You can also make the decision of not working with certain clients in the future if you had a negative experience.

More on becoming a freelancer and the skills you need to become a freelancer.