Being your own boss also has its downsides. You will be obliged to be all in one, involving yourself 100%, you will have to do tasks in which you are not an expert, so you must continually train, stand up in adverse situations and show that you can handle everything .
Time management can work against you. Your working hours will be longer, since, although it is true that you will be able to manage your time in the way that you think is appropriate according to your responsibilities and needs, dedicating yourself to your business means that the more you work you will have more profits . The first few months you should use more hours than you would like until your business starts working and generating profits. Due to this, you may have less free time and that means that it is more difficult for you to reconcile your work and private life.
You can work on what you like and with whoever you want, but that does not mean that clients will appear out of nowhere to hire you. You must find your own work and clients and, later, secure them . In addition, sometimes the battles with clients will be constant, you will have numerous meetings and you will have to travel, with the loss of time that this entails.
The tax burden is sometimes higher than in companies. The personal income tax and VAT are two taxes which must take into account. All your income will be affected by the payment of these two taxes, which reduces your benefits. While the Corporation tax remains at a constant 25% (the first two years from the incorporation of the company are 15%), the personal income tax is variable, since it goes by sections.
Engineer Your Own Success