Benefits Of Working Self-Employed
Work/Life Balance
As a Ltd Company owner, you can be much more flexible in when you want to work. This type of work is serviced based as your providing this to a client or a company. Most work is based on specific projects or contracts which has a period of working time. You can work around the hours that works around you and your business. This gives you a much better way of living.
Freedom of Work
As a Ltd Company owner, you have total freedom in how you run your business. You can work on projects that suits your business, so it's entirely optional. By planning your savings this can help in starting your business.
Work Satisfaction
You can set your targets and goals by running your own business, whatever output that you contribute, you will get all that input towards your business. So that can give you great satisfaction.
Earnings
As a Ltd Company owner, you are effectively providing a service to your client which means you can dictate to a certain degree what the professional pay is for the work. Again you can either proceed or discount the work, entirely up to the owner. Most owners specify an hourly or daily rate depending of the work required. Because your working on a specific service, the rates tend to be higher than an employee. However you don't receive no company benefits such as holidays or sick pay.
Where To Work
Because of the nature of working as a contractor, you tend to work in various clients and therefore locations. So that can be a good thing or a bad thing. For example if travelling you will have to pay expenses, not the client (Unless agreed with client). The good side is that you can work on the move so that can be very attractive.
Working With People
As a Ltd company owner you can recruit the right people for your business. This will give a much better understanding of managing certain elements of the business and that can provide a positive impact in your business.
Financial Benefits
As a Ltd Company owner, there is company benefits such as a grant to start a business, if your working from home you can claim back a dividend after the financial year is completed.
The downside that if your looking to have a mortgage or a loan, that can impact your business financially. The best way is to plan your savings, pension and your holidays because companies provide these benefits as an employee.