As well as being viable from a business perspective, its also crucial that setting up a company is appropriate for your personal needs. Its a huge commitment that will require a lot of hard work, so you need to be sure that youre up to it and that your lifestyle can support it. You also need to examine your skills, experience and attitudes, for example, can you lead a team or manage accounts, do you know the industry, and how do you feel about taking risks?
To help you explore whether its the right thing for you, its important to understand your objectives thoroughly both personal and company goals. Are they achievable and are they compatible with each other? Consider these objectives in terms of working hours, career aspirations, personal progression, risk, money and flexibility.
Below are some of the pros and cons of being self-employed:
Pros
Independence your work can be much more flexible so you can achieve a balance between your job and your home life much more easily. Of course the business needs will always be a priority, but if these are met then you can take time off whenever you want.
Control youre the boss so youre the decision...
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