Although the figures pertaining to the rise in self employment focus largely on entrepreneurs and the reasons that people decide to give up permanent roles in order to enjoy the flexibility and freedom of being their own bosses. However, there are plenty of people who are not in a position to jack in their day job and go it alone with no guaranteed income which is why many freelancers begin their self employment career as a second job alongside their more traditional role.
A survey conducted amongst 500 start-ups that were launched in the last year has revealed that 21 per cent of the founders were in full-time employment when they first decided to work for themselves. The category of entrepreneurs most likely to choose self employment alongside their existing job were males between the ages of 25 and 34, many of whom are setting themselves up in businesses relating to digital services.
The study was conducted by office service providers, alldayPA, who found that those who wanted to go it alone wanted to minimise the risks of self employment and ensure that they had a source of income until they had established their own business. Their findings demonstrate that the growing trend for second jobs is showing no signs of slowing, with HMRC reporting that 1.2 million individuals in the UK have decided that additional employment is the best way for them to boost their earnings.
The second most popular field for those who are choosing to go it alone is that of marketing and PR, although web designers and SEO specialists seem to be providing more freelancing services both to large and small businesses all around the UK. One of the suggested reasons for the proliferation of self employed individuals could be the increased availability of technology such as smart phones and cloud hosting which allows people to work on their ideas from wherever they happen to be. The morning commute can be turned from dead time to a productive period where an entrepreneur can work on their website, contact potential clients or just do a little online research into how their skills could provide them with a second income.
The chief executive of alldayPA believes that this ongoing trend demonstrates a need for the government to minimise the red tape faced by those who wish to launch a start-up as a second job. This includes making the tax structure easier to navigate for those who will need to deal with PAYE, income tax, dividends and other complex areas of the system.
If you are contemplating the benefits of self employment, but are concerned about how you would cope with your finances, then using a specialist freelancer accountant is an ideal way to get the support and advice you need. Our team have plenty of experience helping people get their business ideas off the ground, so call us today on 01253 362062 or email us at email@example.com for more information.