What to Consider When Becoming a Self-Employed Tradesperson

Many people look to the trades as a career path when they want to be their own boss and become self-employed. The trades can be a lucrative career for many who want it, but what are the things to consider? In this article, we will discuss the main pros of a self-employed trade career, as well as the things to consider.

Pros to Becoming Self-Employed:

One of the main pros of being self-employed is that you get to be your own boss! This would mean that you get to call the shots, deciding what projects you take on, your work schedule and your rates. Throughout building your own business, you can take on more clients, and even hire employees as you grow.

If you have childcare needs or any other family/life commitments, you can organise your work schedule around all of these factors.

Your income is directly tied to your efforts. There's a higher earning potential than working for someone else, as you can schedule in as many hours of work as you like.

You also get the direct satisfaction of building something yourself and seeing a project through to completion. It's always rewarding to be able to see your projects come to life!

Things to Consider:

There is always the chance that work could be inconsistent, especially starting out. There's no guaranteed paycheck, and economic downturns can affect your business.

Additionally, you'll be responsible for everything from doing the actual trade work to marketing, accounting, and customer service. Obviously, you could always hire someone to take on your marketing or accounting, but remember this will be at an additional cost.

Especially when starting out, you may need to work long hours to find clients and complete projects. There's often no overtime pay, however in the end your hard work and effort will pay off.

You'll be responsible for your own health insurance, retirement savings, and paid time off - there won't be any of the benefits that you'd receive from your employer. You're also solely responsible for the success (or failure) of your business. This includes liability for any mistakes made on the job.

You Get Out What You Put In

Just like most things in life, the success of your self-employed venture will depend on the time, effort and resources you choose to put in. It's also important to acknowledge that external factors like market conditions can play a role. However, by being prepared and adaptable, you'll increase your chances of building a sustainable and rewarding career path.

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