Self employment vs. employment
Are you considering setting up your own business? Have a look over the benefits of self employment vs. employment below to help you decide if it’s a road worth taking.
Our Enterprise programme, which helps 18 to 30-year-olds transform their big ideas into a business reality, is made up of key stages to help you explore if self-employment is right for you.
Kicking off with a free information session, where you'll meet our experienced team and other like-minded people, you'll walk away with a clearer idea of how our training, mentoring and financial support can help you.
If you can't wait until the information session, check out our list of benefits to help you decide your next step.
- Independence: Being your own boss means you have the independence to choose what work you want to take on, and how you deliver it, and who you want to work with. Your flexibility and approach is completely down to you.
- Choose your destiny: As cheesy as it sounds, being self employed means the hard work you put in, and the success you generate, is entirely down to you. The idea of being ‘self made’ is definitely appealing to most budding entrepreneurs.
- Office politics: As nice as it is to work with lots of other people, working alone eliminates ‘office dramas’, making your work space less stressful.
- Financial success: Although there is financial risk involved in setting up your own business, being your own boss increases your financial potential as you’re not restricted by a salary. What you earn is yours.
- Safety net: One of the main benefits of being employed by someone else is greater job security. When starting a new job, you should always sign a contract with your employer which outlines the conditions of your employment as well as your rights, responsibilities and duties.
- Benefits: Working for someone else means you have access to certain benefits such as a pension scheme, paid annual leave and paid sick leave. This provides an added level of protection that most people find invaluable.
- Regular income: Working for someone else also usually means you get a consistent wage and that you are given a period of notice if for whatever reason you are asked to leave the job. This makes financial planning much easier.
- Taxes: Being paid by your employer also means that you don’t have to worry about how much tax you need to pay as this is already sorted for you. Taxes can be incredibly complicated so not having to worry about them can be a significant benefit.
- Switching off: When you own your own business, it can be really hard to switch off. Although work-life balance varies from industry to industry, being employed by someone else generally means that you can go home at night and relax.
- Sociable: Whether the company is big or small, you’re likely to be working with others which is a great opportunity to make new friends and network.