Describe the main risks of self-employment
As with any change in life there are risks associated with the decision to become your own boss. You must consider these risks as part of your route; not to put you off, but to ensure you are clear of:
- The opportunities this offers,
- The challenges and
- Actions you can take to minimise risks and maximise your opportunities before you start.
Self-employed is different to being employed
Being 'your own boss' is fundamentally different to being employed.
work life balance
When you become your own boss, you will find that the distinction between work time and personal time becomes blurred.
impact on personal life
Your business decisions will have an impact on your personal life and you will, in effect, be on call 24hrs a day if something occurs that will impact on your business.