Self employment is a very attractive term; and, high numbers of jobless people turn to this option because of having some good perceptions. Self-employment was accounted for 15% of the UK labour market in 2018. Since 2001, the self-employed professionals aged 16 to 24 years have increased by 74%. Being your own boss is a good feel but it poses some odds also. Self employment may be appealing career opportunity for the few enterprising individuals but it may not be good choice for everyone. Before venturing in to self employment, you must evaluate all its favors and odds; here are few to assess:
Benefits of Self Employment:
- Creative freedom – You are in charge of decision-making with freedom to explore creative solutions of problems and challenges.
- Satisfaction – You feel more satisfied and confident when you see your ideas working to manage the challenges. You have autonomy to do that you love the most.
- Independence – In addition to having freedom for applying your creative business concepts, you are free to set your working hours and schedule. You can maintain better balance in personal life and professional life that leads you spend quality time with family.
- Location – Self employment allows working from home, if applicable to your business plan. You don’t need to bother about company hierarchies, office politics, expensive daily commuting, late working hours etc.
- Salary – The earning potential as self employed is much higher than being in service. Everything is in your hands; you can work more to earn more. Financially, sky is the limit.
- Variety – You have freedom to try your skills for different business ideas. Working on 2-3 business ideas in parallel give you a cushion to absorb the ups and downs of a trade.
Disadvantages of Self Employment:
- You miss employee benefits – You wouldn’t get sick leave, paid holidays and other employment benefit.
- Long hours – As a self employed, your working hours are often more and irregular than when you are in a regular job. Business commitments at advance stage leave less time spared to spend with friends and family.
- Responsibility – You have more responsibilities for multiple concerns like pension on retirement, National Insurance, self-assessment of tax return, licenses etc.
- Social isolation – As being self employed working from home, you miss out workplace environment. You feel lonely. You need more efforts to keep yourself motivated.
- Starting without base – Venturing in to self employment is just like marching on a dark road with many potholes because you have no base, brand image, social recognition, data base, idea about possible challenges etc.
- Unpredictable finance requirement – Your income may be irregular especially in early days. You may even go for several months without any profit but you will have to pay the running cost. Therefore, you need adequate amount in bank account to support you financially for initial period.
9 Best Self-employment Ideas in UK:
- Freelancing: Here, you have unlimited scope to choose the job type. You can choose any freelancing job like website building, website audit, SEO (search engine optimization), recruiter, resume writing, data feeding, online surveying, project consultancy etc according to your qualification, experience and interest.
- Toy Making: Toy making is small investment business idea for the people interested to work as self employed. It has high growth and expansion potential as the demand of soft toys, wooden toys, plastic toys etc always remains same throughout the year.
- Interior Designer/Home Decorator: Even a small, home owner wishes to have well decorated walls, corners and spaces. The demand of local interior designer/home decorator is increasing fast. People with low budget prefer hiring the individual professionals to decorate their in-house or outdoor spaces because of expecting low price.
- Event Planning: You yourself might have experienced the growing trend of hiring an event planner for wedding, party, function, promotional concerts and corporate retreats etc. If you love to manage the unseen problems immediately with presence of mind and management skills, it is a business idea you would love. Plan the best for the first event and be ready to get reference for the next.
- Personal Trainer: High numbers of people are highly eager for shedding some weight, melting belly fat loss, personality development, increasing flexibility etc. As a personal trainer, you help the heath and personality conscious people to achieve their target by suggesting the best course for the particular objective. However, you need to have knowledge, experience and perfection of particular task.
- Tutoring: Just plan for providing tutorial services from your own home or by going to home of student. The demand of online tutors for every class and course is very high. Many students need external help to complete their project assignments and home work. Some students need help for exam preparation. Just assess your qualification and ability to teach online or offline; and, start this no cost self employing business.
- Online Marketing: Telemarketing has become outdated marketing tactic; it has been replaced by online marketing. The numbers of small businesses not having enough funds to approach call centers usually hire individuals to market their products online. You get the fix salary or commission on sales. It is self employment idea with unlimited growth and earning potential.
- Virtual Assistant: The numbers of business owners and professionals don’t have time to manage the appointments, social media profiles, and day to day tasks. As a virtual assistant, you share their responsibilities by planning and assisting. You can settle the scope of duties according to your perfection.
- Catering: This self employment idea needs little investment but it has unlimited growth potential for entire life. Catering business can be started by supplying the food to houses at short notice; and, at later stage, you can start catering for parties and events.
There are many such self-employed jobs ideas that need no or very low investment but your commitment, hard work, perfect planning, risk assessment, management and patience. The succeed as self employed you need to have certain qualities like creativity, leadership, self-belief, time management skill, zeal to keep yourself updated etc. As a self employed, you are responsible for the outcomes of your decisions, plans and efforts etc. If you don’t feel satisfied, review your strategy with patience, you will certainly get many ways to taste the success.