Self-employment figures have been rising steadily since the early 2000s, reaching record highs in early 2020. Although numbers have fallen slightly since the Covid-19 pandemic, there are still around 4.29 million people registered as self-employed in the UK and many people are beginning to recognise the many benefits of going self-employed.
Why Go Self-Employed?
There are many good reasons to become self-employed, here are just some of the potential benefits.
Freedom
Being self-employed gives you the freedom to choose when and how you work. It allows you to make decisions that are right for you and your family and circumstances without needing to consider your employer, such as moving to a new area, or reducing or increasing your hours.
Independence
When self-employed, you work for a client rather than an employer. Obviously, you want your clients to be happy with your work but at the end of the day, they aren’t your boss, which means you’re an independent agent.
Control
Going self-employed gives you back full control over the days and hours you work, your rates and the type of work or clients you take on.
Higher earning potential
As an employee, your salary or hourly pay is dictated by your employer but when you’re self-employed, you set your rates and decide how much you want to earn, giving you a far greater earning potential.
Creative freedom
Being self-employed gives you total creative freedom so you don’t have to align your work to someone else’s brand, goals, guidelines or policies
Greater job satisfaction
When you’re self-employed you set your own goals and you alone are responsible for ensuring you reach them, which can lead to increased job satisfaction compared to working towards goals that have been dictated by someone else.
Opportunities
Becoming self-employed means learning how to run a business as well as your day-to-day work, which means you’ll need to learn new skills such as marketing, accounting and networking.
Job security
As a self-employed person, you don’t need to worry about business restructuring, potential redundancies or being moved to a new role or department within a company. Providing you can find regular, paying clients your job is as secure as it can be.
Networking
Being self-employed can be lonely at times without the support of a team of colleagues but networking offers you the opportunity to connect with other self-employed people who you can turn to for advice and support.
Best Industries For Going Self-Employed
There are some industries in which it’s easier to go self-employed because they require a low initial investment and have a lot of potential for future growth and expansion.
Web design
If you have experience in web designing, knowledge of SEO and excellent IT skills, you could become a freelance web designer. UK web designers earn an average of £30,278 per year and beyond tech and software, your set-up costs will be relatively low. Your clients will be anyone needing an eye-catching, attractive website that performs well and ranks in search engine results.
Hairdressing
As a self-employed hairdresser, you could rent a salon space or you might choose to be a mobile hairdresser who visits clients in their homes. Freelance hairdressers can charge between £15 and £50 per hour on average dependent on experience. To start out as a self-employed hairdresser, you’ll need to ensure you have all the basic haircutting and styling equipment your clients will expect, such as good-quality hairdressing scissors along with essentials such as hairdryers and towels.
Online tutoring
If you have an academic background in any subject, you could become a self-employed online tutor. Private tutors typically charge anywhere between £25 and £50 per hour and can choose the hours they work. To succeed as an online tutor, you’ll need to be IT-savvy, patient and passionate about your subject. If your clients are pleased with the results, they’re likely to recommend you to others, making it easier to maintain a steady supply of new clients.
Writing
Many writers become freelance, including copywriters, content writers and journalists. As a freelance writer, you can set your own rates but the average salary for a freelance writer in the UK is £30,252. How much you earn will depend on who your clients are and the type of writing you do. Some copywriters are paid by the word or article. To be successful as a freelance writer, you’ll need to build a portfolio that showcases your writing talents and be prepared to network to attract new clients.
Personal training
If you’re fit and healthy and love exercise, you could turn your passion into a career and become a personal trainer. Some personal trainers have a special area of expertise, for example, strength training or yoga, whereas others offer a full package to their clients including nutritional advice and emotional support. Personal trainers earn an average of £28,384 per year but if you’re prepared to work hard and find the right clients, your earning potential can be considerably more than this. To succeed, you’ll need to gain recognised qualifications and you’ll need to know how to promote yourself and your services to attract clients.
Photography
Many professional photographers work for themselves. The initial set-up costs can be expensive if you don’t already own a camera and equipment but once you’re established as a photographer, your earning potential is high. Photography allows you to meet new people and if you’re prepared to travel, see new places too. You can also specialise, for example becoming a wedding photographer, portrait photographer or nature photographer.
