Self Employment: The Path to Riches?

- by Elizabeth Redfern

Can you ever “make it” being an employee, or is self employment the way to go?

How many of you have dreamed of being your own boss, of being an entrepreneur? How many of you have made this dream come true? We all like to think that it would be nice to work for ourselves, to earn our own money by running our own business rather than earning enough to survive and making a profit for someone else. We know what it feels like to be struggling each day to follow instructions, being told what to do and what not to do, having to attend unnecessary meetings only to have to work extra to meet deadlines. And then there’s the trying to get a promotion so we can earn more by working harder and longer hours for someone else.

Is employment or self employment to path to riches? Cashfloat

This article will explore both the advantages and disadvantages of working for an employer and working for yourself.

Being Employed: What to Consider

What exactly is it like to work for an employer? Here are some points that you may not have thought of:

Should You Work for Yourself?

Setting up your own business is an exciting and scary idea and causes all sorts of questions and insecurities, so is it better to work for someone else? Sometimes the answer is yes. Working for someone else means you can work for an established company so you will not have to struggle in your chosen field. Sometimes the answer is no. Becoming self employed and working for yourself can release your potential and give you the incentive you desire to succeed. However, does being self employed pay more?

Self Employment: Points to Consider

How do you define riches?

The main reason people work is to earn money. For some, it is so they can enjoy a worry-free life. They can pay the bills, go on holiday, and treat themselves to the new gadget. For others, it is to live a life of luxury. The more they earn, the more they want. Some people are driven by wealth, and they want to be rich.

Now, everyone’s perception of being rich is different. Some might feel that they are rich because they have their own house and a nice car, and they can sleep at night without having to worry about how to pay the next bill or worrying about what happens if something unexpected happens. Others want to see their bank balance increasing steadily, and while they can already enjoy life to the full, they want more, they yearn for more.

Employment vrs self-employed, Cashfloat

How do you define success?

I want to be successful. Define Success! Whether you work for someone else or you work for yourself, with hard work and determination you can achieve whatever goals you have dreamed of. You can become a director of a company through personal sacrifices, long hours and drive and enthusiasm if this is what you desire, but you can also build up a reputable business on your own by applying the same principles.

You have to be clear on what you want and understand the implications associated with the decisions you are looking to make. You can be successful, and you can make it being an employee. However, it may take years, and you may have times where you do not see the potential or realise where your hard work is getting you. You may feel like just another number, but the trick is to shine. Show people that you are willing to work hard to get what you want, show them that you have the potential to realise an opportunity before anyone else.

Shining in employment or self employment - Cashfloat

Learn and develop

Learn everything you can and continue to learn. Apply what you learn and be hungry for knowledge. Whether you’re an employee or self-employed, you can never learn enough. Whatever you learn can only lead to you improving your existing skills and knowledge, and help you achieve your goal. If you are an employee, learn what you can while you are working, take this chance to develop your skills and learn new ones. If you decide to start working for yourself, use what you have gained through employment and take it with you.

Opportunities are around you every day, but you need to be aware of them and be ready to take them when they present themselves. Sometimes they are obvious, and sometimes they are not, but with the right thoughts and initiative, you can become very successful in your career.

Statistics of self employment in the UK

Self employment has become very popular in the last few years. This graph, take from the Office of National Statistics, shows how drastically the number of people in self employment has increased over the last twenty three years.

Growth of self employment - Cashfloat

We also looked at part time workers, a segment that has proven to be dominated by the female population. However, males make up a larger proportion of the part time self employed population in comparison to the part time employed population, both in 2001 and 2015. (Data taken from the ONS)

Self employment statistics from Cashfloat

Can an employee ‘make it’?

People tend to believe that to ‘make it,’ to be rich and successful and enjoy a luxurious and good lifestyle, you need to be your own boss. This belief is not always true. No matter what your job is or who you work for, you will only be as successful and rich as you can be with the amount of time and effort you put in. Self-discipline, hard work, determination, patience and commitment are just a few of the attributes you need to be your own boss, but with these same attributes, you can be a successful employee of a business and live a happy, healthy way of life without the pressures that self employment brings.

Being an employee of a company does not mean that there is no progression or failing to succeed. It just means that a different path suits your lifestyle and will still enable you to achieve your goals. Becoming rich and successful may be quicker if you work for yourself, but it can be done working for someone else too, it may just take longer. Employees are not simply people who do their jobs; they are people with dreams to fulfil and ideas to share. With the right platform and support, and perhaps a little bit of risk, you can make it as an employee.

Click on the following links for more information on employment and self employment:

About The Author
Elizabeth Redfern
Elizabeth Redfern is a born and bred Londoner who loves the city life. She is a proud chocoholic who enjoys reading, jogging and eating - especially chocolate! Elizabeth attained a first class degree in Mathematics but chose to make a career out of her real passion, writing. She has published many poems and short stories, but decided to join the Cashfloat educational channel writing team because she is passionate about helping people take care of their finances leaving them free to enjoy the finer points of life - most notably (in her opinion), chocolate!
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