The Good, the Bad and the Ugly cover the advantages and disadvantages that you need to be aware of if you are thinking of becoming self-employed.
There are several advantages to being self-employed:
- Job satisfaction.
- You are your own boss.
- You are more in control of your future.
- You may have a higher earning potential.
- The excitement of taking responsibility for the success of your business.
- Working from home means no long commuting or office politics to worry about.
There are several disadvantages to being self-employed:
- Lack of job security.
- Unpredictable income.
- Very long hours when you are starting up.
- Lost earnings if you are sick or take a holiday.
- If you work alone, you can feel lonely and isolated.
- If you work from home, your work can encroach on your home life.
A common concern from teachers who are thinking of leaving teachers is the potential drop in income. I often hear, “I can’t afford to leave teaching”. The first thing you need to do is write down exactly how much you need to pay mortgage/rent and all bills. The reality is that there are many things that people spend their money on that are non-essential. For example, I know people who buy a £3 coffee every morning before work. That’s £15 per week, £60 per month, and over £650 per year… just on a morning coffee! There are plenty of ways that people can save money.