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Going Self-Employed: How Can Parents Mitigate the Risks?

23 April 2019 No Comment

When you’re a working parent, the one thing you don’t have is a lot of time. Suddenly, days that might have spanned leisurely in front of you can feel as though every second is regimented and a slight delay early on could lead to a backlog with little recovery. It can feel as though you are stretched too thin between the office and needing to be at home. That’s why 2019 will see a rise in people opting to work from home and becoming self-employed.

The interconnected nature of communications has led to an increase in working from home – or working for yourself, which is expected to cover around 50% of the UK workforce by 2020. There are considerable benefits to working for yourself – but how can you start out with a new business as self-employed?

Image source: Pixabay

Work from Home

Depending on your new business venture, you could end up working from home. Working at home is said to improve motivation levels by 58% in some cases. In order to work from home to a high degree, you’ll need the space to do so, which could increase productivity, as according to Cardiff University, 39% of those who work from home put in extra hours to finish tasks, compared to 24% of those in offices. However, 44% of people who work from home struggle to find ways to relax after work – some spending downtime in the same space as their working hours. Indeed, working from home would definitely help when launching a business to save on outgoings such as premises and travel and would allow more time with your family, but this might not be practical for every business.

Source: PixabayRemortgage Your House

One of the major concerns for those starting a new business or working self-employed is the lack of a guarantee when it comes to a monthly paycheck. But there is an option available for the newly self-employed – remortgaging your house to release some equity and add some extra capital towards your business at its start. A simple remortgage calculator from online comparison platforms such as Trussle can ascertain whether you would benefit from a different mortgage rate and whether you would be eligible. You’ll save on monthly fees with less going towards the mortgage, so you’ll have fewer outgoings to worry about when your salary might not be as dependable. Being able to make ends meet is a huge concern of those branching out in business, especially with a family to take care of. So, mitigating against this potential issue by trying to cut down some of the other expenses could be a way to gain peace of mind.

Working parents could find that being self-employed helps you feel more balanced in terms of juggling what’s important to you, while for others, they could feel distracted and even be more stressed at the growing workload in new surroundings. As 50% of the workforce could be self-employed by 2020, moving towards self-employment or launching a business could be the next career move you hadn’t even considered yet.

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