The pros and cons of self-employment

The pros and cons of self-employment

December 06, 2010 by www.inafishbowl.com

This week has been very ‘up and down’ for me and my jewellery business, Mama Jewels, but it ended positively, which has made me better appreciate the flexibility self-employment offers.

At its low point this week, my young son was admitted to hospital with an infection in his foot after treading on a metal pin. Fortunately, my husband is on holiday so that made life a whole lot easier. Being self-employed also meant I was able drop everything and look after our baby and be at the hospital.

The upside of being self-employed is that you can just take that time off whenever you need to without anyone questioning what or how much time off you take. This is a huge plus for any parent with two small children.

The down side is nobody is paying you while you do this; nobody is standing in for the appointments missed and orders still need to be processed. I had quite a busy schedule set up for the past two days and I had to cancel or postpone most appointments, which only adds to my workload in the weeks to come.

This is something you need to be prepared for when you start your own business. It can be a world away from receiving a regular monthly income, paid holidays and sick pay, as well as having other people to step in and pick up your work in times of crisis.

Before I became self-employed I attended a six-week course run by Business Link. During the first session I realised the course was not going to tell me how to become self-employed or what I needed to do, instead it explored whether I was in the right situation or state of mind – was I really ready for such unpredictability. It was incredibly helpful and confirmed my readiness to start my business.

I was semi-prepared for the rollercoaster world of self-employment, because my parents ran their own business. As a child, I remember the early days when money was very tight, but later I also remember the fabulous foreign holidays and nice family cars.

I remember our financial advisor warning my husband and I, when I told him of my plans to start a business that we needed to be prepared to live on one salary, which is what we’re now doing. Don’t let this put you off, necessarily: I’m just sharing my thoughts, but it’s just worth thinking and planning for this when considering starting your own business.

Our online sales are up slightly on last week and I’ve secured another online stockist, who also has a retail shop, so it isn’t all bad news this week.

Amanda Waring, Mama Jewels

You can find out more about Amanda on the interactive business website www.inafishbowl.com

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