THE KOBOLD Magazine

5 myths about being self-employed: From mortgages to job security

Worried about going self-employed? Here are five of the most common myths
Living

Thinking about going self-employed but are too worried about the potential risks? Perhaps you already have a business idea in mind, or maybe you’re considering a job which allows you to dictate your own working hours but are scared to take the plunge?  If it all seems a little scary and intimidating then read on…

To banish your worries, here are five of the most common myths about being self-employed.

1. You have to do everything yourself

Many people fear working self-employed because they think they will have to do everything on their own. This is not the case! Learn to delegate and outsource your work to take away the burden and decrease the pressure on yourself. Just because you’re the boss, it doesn’t mean you should be afraid of asking for help.

2. Going self-employed is risky

Everything contains a risk when you think about it – driving a car puts you at risk of being in a crash, and not exercising and eating healthily puts your health at risk. It all depends on what level of risk you are willing to take. Working for another person is also risky as they have control of your job security and income. We take risks every day so why not do something which might change your life for the better?

3. You will work really long hours

The hours you put into your job when you’re self-employed is completely up to you. If the type of work you do allows you to dictate the hours, then putting in a few extra hours a day can be a great option if you’re looking to earn a little more money.

4. There's no job stability

Your job is more stable when you work for yourself than when you’re employed by another person. No one can end your employment contract or control your wage when you’re the boss! Plus, the company you’re working for could sell, restructure or go into administration.  Ask yourself – do you believe in yourself, your skills and the market place in which you work? If so, you shouldn’t have anything to worry about.

5. It's harder to get a loan or mortgage

There are specialist lenders out there who deal with loans for contractors, freelancers and self-employed people. Make sure to keep your credit score high and your records thorough and you should be able to come away successfully with a mortgage or loan agreement.

Have you considered being your own boss with the backing of a large company? Visit https://kobold.vorwerk.co.uk/career/ for more information.