Top 10 Benefits of being Self-Employed… and a Veteran!

Have you just come out of the Armed Forces or Emergency Services? Are you thinking about going Self-Employed?Here are our top 10 benefits of being Self-Employed. With the skills and trades you have learnt from your time in the forces, choose a career path that includes your passions and makes working enjoyable.

1. Flexibility

Being self-employed is significantly flexible. It allows you to balance your work with your family and social life. You get to set your own schedule and decide when you want to work. As you are a Veteran, this gives you the chance to spend as much time as you want to with your family and friends after working so hard whilst being in the Armed Forces or the Emergency Services and potentially having to spend a lot of time away from home.

2. Creating a job including your passions

As you are a Veteran, you will have learned a lot of skills and trades whilst being in the services. This allows you to pick your strongest and most enjoyable skills and trades and put them to good use in starting a business. If you enjoy your job, you will never have to work a day in your life.

3. Opportunities to meet new people everyday

Self-employment allows you to work on a range of projects and meet a lot of different people everyday. As you are in control of the projects that you decide to do, this will give you the opportunity to gain more experience in the business elements as you could give yourself a range of projects and choose what you want to do and when.

4. Potential to make more money

Within many careers, the hourly rate is a lot higher than a full-time job. Therefore, by being a good value to a client, they pay you for the time that you work. It is said that the self-employed tend to earn 45% more than the traditionally employed. Therefore, if you book yourself up for a range of different projects, you could be making a lot more money.

5. Potential to save money

As you are self-employed you could potentially be saving money depending on the line of work you decide to go into. For example, if you went into a working from home job, you could potentially save money on commuting and the travel costs as well as the utility bills. It also saves you on the costs of renting a place out to hold your business.

6. Sense of fulfillment

Achieving your ambitions within your job can give you a sense of fulfillment and having goals and achieving them can encourage you to carry on, work harder and potentially grow your business. Generally, if you are determined and you have been working towards a project for a long time, if that ends up being successful, that will automatically make you feel good about yourself because it was you who made it happen.

7. Opportunities for insurance to cover personal assets

“Unlimited liability” provide you with cover that could bring a risk status. Some companies that specialise in business risks are the Professional Indemnity Insurance and the Director’s Insurance. If you are taken by a long-term illness companies like this will be willing to help you decide what will happen to your business interests and be able to provide the insurance cover that can be put in place to protect your business.

8. Tax reductions

Some tax benefits including in being self-employed are that you don’t have to pay income tax until the following January at the end of your first year of trading. When becoming Self-Employed, your national insurance will cost you less. You can also claim tax relief on things like transport, office decoration, equipment, advertising and books.

9. Open end-career progression

Your income potential is limited by YOUR will-power and proficiency. Therefore, you make the decision in what you want to achieve and whether it is possible. Training courses are an option you may want to consider to up your knowledge in different aspects of your career.

10. Freedom

Making your own decisions and being your own boss all connects to becoming Self-Employed. Most importantly, you don’t have to worry about anyone higher than you and their views. You get to take control of your business and direct it the way you want it to go. Websites like Veterans Next Step, can put you in directly in touch with the public, making things even easier for you.

If you are wanting to become Self-Employed, take a look at our Members Area which provides you with charities like Building Heroes who are offering a Foundation Property Maintenance Course helping you pursue in the construction industry or property maintenance.