The pros and cons of becoming your own boss

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We deal with entrepreneurial people every day – those who have taken the plunge and set up their own limited companies as contractors. So we were interested to see the findings of a new survey by Space Station – a UK provider of self storage solutions.

Giving up the nine to five

The Space Station survey discovered that just under two thirds (62%) of UK workers would love to work for themselves at some point in the future, and to give up the ‘hard grind’ of the nine to five once and for all. Whether that ends up being as a limited company contractor or a freelancer, it seems that being your own boss certainly has an attraction for many.

Interestingly, this way of life actually appeals more to women than to men – though with only a slight variation. When asking the question about how many people had dreamed of working for themselves, the survey found that 65% of women loved this idea, while only 59% of men felt the same!

What are some of the main reasons for becoming your own boss?

Being able to choose who they do and don’t work with was one of the key reasons for liking the idea of becoming your own boss – with 35% of all responders citing this as a main reason. Conversely, fear of failing was one of the main reasons for people not choosing to become their own boss, at 40% across the board.

Of the women who were interviewed, 58% cited more flexibility over their working hours as a key reason, while 27% liked the idea of being able to work from anywhere. But when it came to the men, the reasons were quite different – 28% liked the idea of being able to choose their own charging rates, and 38% found the idea of being financially independent the most appealing.

This latter figure was compared to just 22% of women who felt the same about financial independence. Women were also more nervous of how to go about setting up on their own, with a third (33%) citing this as a main fear, vs only 28% of men.

James Leckie, director of LimitedCompanyHelp said: “Fear of failure is often cited as a key reason why people are reluctant to go it alone. However, this has only to be expected. Many contractors have worked in traditional employment for a decade or more, so setting up on their own is a big step. From my experience of meeting hundreds of contractors over the years, I’ve yet to meet one who regrets taking the leap. Of course there are certain risks you take when starting on your own, but the financial freedom and independence contracting can offer easily outweighs the pitfalls.”

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