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Scary Business

What’s so scary about self-employment?

If creating your own job through self-employment was challenge-free, everyone would be doing it. There are a total of 120,000 people in Northern Ireland who are self-employed (Statista, 2022), which equates to 6% of the population.

Of course, there are some obstacles to overcome in one’s journey to self-sufficiency, but the most common hurdle for an individual to overcome is often the fears they instill in themselves. As we start to see buckets of pumpkins in supermarkets and scary decorations appearing on people’s front windows, we thought we’d explore some of the common myths and fears that people have about self-employment.

  • You don’t have a regular income

One myth is that self-employed individuals have unstable incomes. While there may be highs and lows in income, having control over your schedule and projects can provide greater flexibility and opportunities for growth. Successful business owners often have more control over their earnings than those with traditional jobs and with good planning and financial practices, self-employed individuals can create their own safety net over time.

  • You need savings or a loan to get started

It’s a common misconception that self-employment requires huge amounts of start-up capital; in fact, many successful businesses have been started with just a few hundred pounds or less. Quite often you will already have most of the equipment available to you in order to make your first few sales. If not, your local enterprise agency will be able to inform you of the support available to help you overcome such barriers.

  • You never get a break from work

Another myth is that self-employment means constantly being busy, but in fact, time management is key to running any successful business. Self-employment can be intimidating, but with the right resources and support network, you can share the load. Because you don’t have a boss, you can choose to work in the evenings or finish early in the afternoon, you have much greater flexibility than you would in a traditional job.

  • You’re on your own

It may also be feared that self-employed individuals are isolated or lack a support system, while some individuals do choose to work alone, others choose to hire employees or collaborate with other small businesses. There are numerous resources and communities for entrepreneurs to connect with other like-minded professionals. At NCBC we host several workshops and networking events throughout the year.

It’s important not to let these myths and fears prevent you from pursuing self-employment. Seeking advice from entrepreneurs who have been there and done what you wish to achieve and creating a solid business plan can help ease worries and set you up for success. Ultimately, with dedication and hard work, self-employment can offer freedom, fulfillment, and opportunities for professional growth.

If you’re thinking about creating your own job through self-employment, at North City Business Centre, we offer a variety of services from helping you write a business plan to providing you with an official business address.

If you’re ready to take steps towards self-employment and would like to know what support is available to you, give us a call on: 028 9074 7470

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