4 Ways Self Employment Could Transform Your Life

4 Ways Self Employment Could Transform Your Life

Disclosure – this is a collaborative post.

With much of the world still under lockdown, it can feel as though life as we know it has been put on pause. The economy has ground to a halt. Our employers have closed their doors. And while some of us are able to work from home until the lockdown has officially ended, there are also many of us who have not been so lucky. Many of us have been placed on furlough with our wages cut by at least 20%. And then there are some of us whose employers have unceremoniously left us without support and told us to get jobs at Tesco instead. However, as much as we may yearn for things to get back to normal as soon as possible, we should use this time to reassess. To rethink our jobs and our careers. To ditch the rat race for something more fulfilling and rewarding. 

Maybe now is the time to go into business for yourself. 

Let’s take a look at some of the many benefits of self employment…

Stop being a worker drone and start doing what you love

Are you doing what you love right now? Was your job prior to lockdown giving you the sense of fulfilment and satisfaction that you deserve? If not, you have two choices. Keep going back to work that’s slowly eroding your sense of self or making a living from what you know, love and enjoy. Whether you’re thinking of turning your passion for fitness into a career or planning on joining the legions of car enthusiasts who become driving instructors, there’s a career to suit every talent and passion. If not you, then who? If not now, then when?

Never miss an important occasion again

The great thing about self employment is that you get to manage your days however you see fit. You van decide your own working hours and take days off and holidays without having to as your boss’ permission. You need never miss your son’s school play or your daughter’s football game because of work. You need never have to turn up late for your anniversary dinner because you had to stay behind at work.  

Tax deductibles… ‘nuff said!

Self employment means that all the expenses you incur throughout your working year are tax deductible. This means that they are deducted from your gross income and can offset your taxable earnings. When you are self employed you are only taxed on your profits. So, if you use things for work that you would normally buy anyway, these can drive down your tax liability. Just remember to keep hold of your receipts. 

You can start right now, even if you’re working from home

 The great thing about self employment is that you can start any time. Even if you’re still doing your old job from home. In fact, now that you save time from your daily commute, it’s the perfect opportunity to start building your brand, networking online and searching for prospective clients. Just remember that any income you receive in your side hustle is still taxable!  

You may never get an opportunity this good again. With so much of the world on pause, now’s the perfect time to rethink your job, your career and your life.

Disclosure – this is a collaborative post.