So you want to work for yourself

Posted on May 9, 2011

Quest Resettlement Magazine (June 2011)

There are around 3.7 million workers registered as self employed in the UK today. This number continues to rise although slowly. The diversity of backgrounds and end products served is vast and a great testament to the skill and inventiveness of our working population. While some will make millions most utilise self employment for the lifestyle choices it facilitates. I would recommend approaching self employment for the lifestyle choice it allows over any expectation of uniform to riches.

So do you think you have what it takes to be self employed? Is there a typical check list to measure oneself against for suitability?

Well perhaps there is but it’s very much what you already know. To be successful and get reward need not be rocket science but simply the right attitude, approach and of course, a little luck.

Self motivated and self confident; but keep both in control.

Hard working and organised; but again remember to plan and prepare or you are likely to be readying for a fall.

Strategic and a risk taker; analyse the ground in front and structure your approach while some would add risk taking may also need that element of luck my father used to tell me that we make our own luck (although he never showed me how).

Good communicator and approachable; to be self employed you are the MD, the Sales Manager, the promotion and financial arm all rolled into one. While this is not all things to all men (for that would just be impossible – remember motivated and confident but in control) you do have to own flexibility, listening, dexterity and enthusiasm.

So what will I get from self employment?

Pros; The freedom to style your own day, the flexibility to follow your own set of procedures and manuals, control over all decision making together with less corporate hassle through regulations and of course rewards. You get what you make not a share of what you bring in.

Cons; You will have to consider insurance plans for sickness or cover for holidays when there no income. Irregular income streams especially early on when the client base is growing. Then there is the lack of security when you work for yourself however with SDSR or Public Sector spending reviews does anyone have security? Lastly, there’s the administration and paperwork, sorting out NI and Tax status but what I found was that this was a lot less painful that I had anticipated.

And in case you need help… you can find straight forward step by step guidance on the HM Revenue and Customs web site with sections on how to register, taxation for self employed and even hints on how to make it work for you. I have found, however, that through working as an Associate of CTP, the self employment awareness workshop is proving both popular and very useful for that will I? won’t I? decision making process. If at all possible, get involved with this course first off before you go far down the road and decide it is not for you.

Self employment can be very rewarding and a lot of fun if you make it work for you, but remember you have to make it work for you. You have worked hard your entire career to date learning new skills and focusing mind and matter on the difficult tasks at hand. For the service leaver, self employment should be seen as the next challenge to be planned for and taken on with the same professionalism that got you where you are in the military.

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