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The perks of being your own boss

Setting up your own business is exciting. And if you have the resourcefulness and drive to succeed, starting out on your own can bring many rewards.

Freedom to set your own hours

One of the best things about running your own business is that you can decide when and where you want to work; you can stick to a schedule that fits your lifestyle or work flexibly.  

Of course, if it is your own business you are more likely to invest a great deal of time and effort into making it work. A OnePoll survey  reported that 76% of small business owners don’t take holidays at all. This ‘always on’ approach can be beneficial, allowing you to make effective use of your time, but there comes a time when everyone needs to stop and recharge.

The choice to pursue whatever interests you

Once you’ve established your business, it’s up to you develop and expand it. Rather than being tied down to your employer’s aims, you choose and pursue your own business goals. What is it you’ve always wanted to achieve? Which markets do you want explore? Having this responsibility for your own incomings can be a rewarding experience. 80% of self-employed people say they are happy with their job, compared to 74% of employed people on a similar income, according to research from Bright Blue.

Every day is different

There’s a lot to learn when starting out on your own. Writing a business plan is step one. Networking, account management, tax rules and budgeting also need to be considered. As the owner, you’re free to bring in who you want to manage whatever aspects of the business you choose. But if you’re new to the processes, it can be a lot to take in so choose wisely. Going it alone isn’t always the quickest and easiest way to learn and succeed.

Higher earning potential

One obvious perk of starting your own business is that you’re your own boss. Gone are the days of nervously asking your manager for a pay rise or a promotion. Instead, the onus is on you to find a way to increase your earnings. You can take risks, work long hours or cut back on inessential items – anything that will help you scale your business quickly and efficiently. Yes it’s a challenge, but you’re free to set your own pace. It’s interesting to note that, according to a study by Boox, the average self-employed worker earns more than double the national average salary.

Retirement

Choosing when to down tools is another decision which, as an employed worker, is often taken out of your hands. As a business owner however, you control the timing and the manner of your retirement. You might want to retire early or continue working. Either option is open to you as an owner of your business.


YOUR NEXT STEPS

Ready to reap the benefits of being your own boss? Here are a few things to get you started:

  • Write a business plan. Before you start, you’ll need a plan. This guide sets out how to do it.
  • Set up a bank account. You’ll need a business account to pay suppliers and receive payments.
  • Find a business mentor. When you’re starting out on your own, it pays to talk to someone with experience. Mentorsme.co.uk can put you in touch with business professionals.

Further advice and support

There are a number of things to think about when setting up a new business: here are 10 things you need to know.

The Citizens Advice Bureau also offers a ‘checklist’ of topics to think about when going self-employed.

The Association of Independent Professionals and the Self Employed (IPSE) is a not-for-profit organisation that offers free tax and legal helplines for members, as well as other benefits such as life assurance.

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances.  Specific advice should always be sought in each instance.