Research shows that self-employed people work the longest hours for the worst pay.
So you’re not going to get rich quick and forget work-life balance!
The self-employed work longer hours with a third putting in more than 45 hours a week and 1/8 working 60 hours or more.
They are also among the countries poorest paid earning just half of what people earning regular employment. Median earnings for the average self-employed person are £207 a week.
Self-employment is at an all-time high with the Office of National Statistics (ONS) recording 4.6 million self-employed people which is 15% of the nation’s workforce (compared to only 9% in 1975).
The government’s take on this is that it shows we are a nation of entrepreneurs. The more cynical observer might point to people going into self-employment because they can’t get a regular job.
Over a million people who were self-employed in 2004 were working for someone else by 2009 suggesting that many people would prefer a steady job with a steady income – if they could get one. The self-employed tend to be older on average, about 47 years of age, than employees and it’s harder to get jobs the older you are.
The numbers are also distorted by the number of over-65s, half a million, who have eschewed retirement to become self-employed (a sad reflection on the level of our pensions in this country compared to the rest of Europe).
The TUC has picked up on this noting that almost half of the UK’s self-employed are over 50 and not quite the bright young entrepreneurs the government would like us to believe.
What do the self-employed actually do? Top jobs are builders, taxi drivers, and carpenters with a fast-growing group of managers. The latter group presumably reflecting company downsizing or stressed managers wanting to became consultants?
As I’ve posted before working for yourself is not easy and working from home especially has its own problems.