Self-employment is often something of a double-edged sword. It can be an incredibly flexible and rewarding career path that allows you to be your own boss, but it’s also a notoriously risky choice, particularly for parents who need to ensure that their children are taken care of.
But as long as you’re clever and pitch your jump to self-employment right then it can actually be a wonderful way to be a more present parent that also provides for their family.
The drawbacks
The most major drawback for any self-employed parent is the uncertainty of it all and that’s something you’ll need to examine head-on if you’re going to take it seriously by making sure you never rely on just one client and that you build up a decent portfolio before taking the plunge. The lack of holiday pay is also a significant blow for many, but if you’re sensible with your time, you can still make time for time off.
The benefits
For working parents, one of the most vital factors when choosing any job is how it will affect childcare. That means focusing on opportunities that provide a more forgiving commute or that have childcare options on the premises. These are few and far between, of course, and with self-employment those worries are taken care of as you will most likely be working from home and you can choose the hours that you work, enabling you to be flexible around childcare. There’s also a definite pride you’ll get from working for yourself and taking control of your own destiny that will almost certainly have a positive impact on your home life.
Making it work
Getting your self-employed business off the ground can seem daunting, but there are plenty of routes to take when it comes to finding seed capital. If your business isn’t yet at the point of having assets, unsecured business loans are always an option. As it’s not secured against any of your assets, you don’t have to worry about essentially gambling your children’s home on a loan.
Once you’ve got going, here are a few top tips that will help keep the business and your kids happy and fulfilled:-
- Don’t start big - start small. Turn your hobby into a business that you dip into every once in a while and only go ‘full-time’ when you think you can afford it.
- Be flexible with your clients and your working patterns as what works one month may not work another.
- Value tour time and make every second count.
- Don’t rely on other people. You are your own boss and are ultimately accountable only to your children.
- Always take out a contract before accepting work, as otherwise, you can end up out of pocket when clients don’t pay.
- Be honest with your children and your clients at all times.
- Give yourself breathing room and time off or it can become a very stressful and demanding job that you might end up resenting.
- Finally, always put your kids first!
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