4 Reasons for Self Employment

/ AIMS, Join AIMS Accountants

Self employment can be scary. Buying a business or setting one up can be complicated. Knowing how to bring in new business can be daunting.

However, all of these things can also be more rewarding than any job that you’ve done before.

Your business is your baby. There’s a reason that this analogy is often heard in the professional world. Think of how proud new parents are. In popular culture like films, TV shows and music, new parents are often depicted crying with joy and pride. Starting your own business is similar in that it is something unique and wonderful that you have brought into the world and invested in; this is your baby. Sure, there will be bumps in the road and ups and downs, but you could have some of the most rewarding moments of your career by investing in a franchise and becoming self employed.

What follows are a few reasons that self employment and franchising as a route to this, might be for you.

Challenging Yourself

One of the main reasons that people choose to buy a franchise is that they have become disillusioned by corporate life. A lot of existing AIMS Accountants became financial controllers or finance directors but still always had a boss. This meant that their roles were fairly narrow. Stepping out of the corporate world will introduce you to lots of things that you’ve not done before. One of these things could be networking locally or perhaps sales and marketing. This will mean that your role is now much more varied and stimulating.

Your earnings can also increase. Far from being tied to certain wage brackets, buying a franchise gives you unlimited earning potential. You are the boss, so you decide how much you want to earn. Becoming self employed does not, of course, guarantee you millions, but it does guarantee you the opportunity for uncapped earnings.

People who want to challenge themselves, reignite that drive to work and make more money, should consider, therefore, buying a franchise. You will have to learn how to: 

  • Conduct prospect and client meetings,  
  • market your business (online and offline) 
  • hire and fire staff 
  • formulate business development strategies 
  • decide pricing 

There are too many other things to mention here, but the point is that every day will be different. You know what they say – variety is the spice of life! 

Variety is the spice of life!

No Corporate Targets/Red Tape 

Let’s talk targets, the dreaded corporate targets. A survey of nearly 2,000 workers conducted by Perkbox in 2020 found that the work-performance of junior members of staff and own work performance were 2 of the top 4 reasons that workers feel stressed at work (32% and 33% of respondents named these reasons respectively). A major cause of stress, then, is targets that your team are responsible for and therefore targets that you are responsible for. 

If you decide to work for yourself, no one will be able to create arbitrary and unrealistic targets for you. You’ll stop feeling like your efforts are futile and celebrate everything that you do! This positive energy will be a superb driving factor for your success as a self employed accountant.

To be clear, some franchises do set financial targets for their franchisees, but AIMS does not. We understand that everyone who chooses to buy franchises are at different stages in their careers and lives, so it would be unfair to set blanket targets. You do, of course, have to be running a commercially viable business, but we’d rather that you were happy expanding at your own pace. 

Work-Life Balance

This phrase is certainly in vogue and for good reason. It has become an all-encompassing term for everything from spending more time with the family to choosing your own hours. Self employment through franchising can certainly give you these things.

For example, some AIMS Accountants are new parents who have decided that they want to be able to work around their new family commitments. This doesn’t mean that they don’t want to work, it just means that they want to be more present with their children than they feel that they can be in they’re working for someone else.

On the other end of the spectrum, some AIMS Accountants choose self employment because they’re coming to the end of their career and want to be able to work the hours that they choose. A few extra days on the golf course might just be what the doctor ordered!  

And of course, there is everything in between – we wouldn’t want to give you the impression that AIMS isn’t suited for someone who wants to work a more traditional full time working week, because it is!

Another popular topic of conversation at the moment, professionally and personally, is mental health. Discussions around mental health have become less stigmatised of late, to the benefit of everyone! We do not mean to suggest that self employed people cannot suffer from poor mental health. In fact, many employers have implemented helpful mental health initiatives for employees which undoubtedly will be helping. However, if you’re suffering in the corporate world, self employment could well be a brilliant way to make a positive and lasting change on your mental health because this decision can improve your work-life balance! If you want more comprehensive reading on this topic, a government-backed study by the Royal College of Psychiatrists can be found here.  

Working From Home 

Finally, it is no surprise that more people are currently working from home than were before COVID. In fact, as of June 2022, 36.5% of the population were working from home which was up from 5.7% just 2 years earlier. In April 2020, 43.1% of people were working remotely, but this was to be expected as we were in lockdown. The point is that this has become a much more accepted way of working but it’s still not guaranteed. If you decide to leave the corporate world behind and work for yourself, working from home becomes your choice, not anyone else’s. 

Home Office study on working from home.

Working from home means no commute. Imagine this: no more busy tubes or traffic jams. Not only will this reduce stress but it will leave you with more disposable income at the end of every month. Who doesn’t like a bit of extra cash in the pocket? Hence, joining a franchise will enable you to work from home, to reduce your stress and to save more money.

If you’ve thought about leaving the corporate world please give James a call on 020 7616 6622. You can also visit our franchising page here! Let’s start this journey, together!