The landscape of work is changing, and we’ve observed a significant trend: a growing number of individuals are stepping into the world of self-employment.
But what’s prompting this shift? Let’s delve into the factors contributing to this movement.
Seeking Flexibility
One of the primary drivers is the desire for flexibility. Traditional employment often fails to offer the adaptability that modern professionals seek. As financial pressures increase, the quest for personal and professional growth leads many to seek alternatives.
Parents Finding Balance
For parents, the challenge has always been to balance professional aspirations with family responsibilities. Now, more parents are discovering that they can channel their skills and interests into businesses that not only provide for their families but also allow them to be present for life’s important moments.
Tradespeople Going Independent
Tradespeople are also embracing self-employment. When traditional job opportunities are scarce, they’re finding that their skills are still in demand. By setting up their own businesses, they’re meeting the needs of their communities while building their own futures.
The Potential for Prosperity
Choosing to go it alone is scary but the rewards are significant. A recent survey found that one out of three people say the best way to achieve wealth is through self-employment.
Launching a new business is exciting, and often marks the start of a new chapter. But in quite gruelling market conditions, we know that 20% of small businesses will fail in the first year, and around 60% won’t make it past year three.
On a much more positive note, we also know (because we see it with our clients all the time) that many, many, small businesses can thrive.
With our support, we can show you how.
Our team doesn’t just help with your bookkeeping and tax returns, we also advise you financially and help you grow your business.
This means working with you on your business plans and helping to set clear goals. We then provide advice on building a budget around achieving those goals.
We also work with our clients to do cash flow forecasting. This means there is always money there when you need it to pay for necessary growth and investments. As part of this forecasting, we also keep your data up to date and accurate so we can use this to refer to when making key decisions.
There is no shying away from it, running a business is hard right now.
But that doesn’t mean it isn’t possible. Our clients are proof that with the right approach, small businesses can flourish and you can too.
If you’re considering self-employment, PPF is ready to support you every step of the way. Complete our Quick Questionnaire and let’s book in a chat.
