If you have recently taken the decision to go it alone as a freelancer, congratulations! You are about to enjoy the UK’s most fulfilled independent workforce that is growing bigger by the day.
Signature Works in Liverpool is a dedicated flexible office space provider located and we provide a wealth of support for freelancers to boost their success. Taking the plunge to become a freelancer doesn’t mean that you have to be on your own. There are close to 2 million self-employed people in Britain and that number is rising and so you’re actually part of a rapidly growing trend.
We endeavour to support our members as much as possible and providing useful information is just one of the ways we can help.
Here we take a closer look at the benefits of working and how they can benefit your lifestyle:
Working freelance is now the choice of millions of people around the world and with most of the trends we’re seeing now, millennials are at the forefront. Young people are much more likely to freelance than any other generation before and many have started their career path with a contract position.
Freelancers are also known as co-workers these days as the trend spreads and flexible offices become more commonplace as a place for them to work from. At Signature Works in Liverpool, we have seen some changes in the freelance movement as more people find themselves drawn into the idea of being their own boss.
So what are the benefits of being freelance exactly?
Flexible schedule: There’s something inherently stressful about having to be at an office by a certain time, stay for a required duration and leave when you’re told you can go. Working as a freelancer allows you the flexibility to choose your working hours.
Workplace Zen: You can work wherever you want to and more freelancers are choosing to work from co-working spaces like ours at Signature Works in Liverpool. Almost 75% of freelancers say one of the top reasons for them choosing to go it alone was the flexibility of choosing their own working hours.
Tax deductions: Self-employed workers are able to claim more tax deductions than employed people. Everything they spend on business-related purchases such as fuel to get to meetings, parking fees and office space rental. This is to balance out the fact that freelancers have to pay for more things as independent workers than traditional employees.
You can also deduct the cost of extra team members you hire to help you, interest on business loans, up to a certain amount in mortgage tax relief. You can also include depreciation and homeowner’s costs like tax and insurance in your list of tax deductibles.
Are there any Drawbacks?
Freelancing is a great fit for a growing number of people but it is not always plain sailing. You have to wear several hats as an independent worker and you also have to ensure you have a regular flow of work to put food on the table. Although there are more challenges in this respect, it is probably why freelancing is more fulfilling.
Job security and income aren’t guaranteed: Although you can enjoy more freedom as a freelancer you are responsible for ensuring you have plenty of work to do. You may find it hard to maintain a regular flow and this can stretch you financially, which can be stressful. You will have to adjust to living on a more unstable wage and this is one of the biggest concerns for freelancers today.
Not every hour is billable: Whereas full-time employees get paid for the hours they are at the office, freelancers don’t have the same luxury. You have to be competitive when you quote on jobs and often there are elements such as research that you may want to exclude from the quote because of the extra expense to your client. Although there are definitely times when a freelancer has to swallow a loss on something, you should only do so if there is a very real prospect of getting more work or at least a referral from the client.
No employer benefits: You are less taken care of as a freelancer which means you have to make provisions for the times when you may be unwell and you are unable to work. You will not be entitled to sick pay like a full-time employee and so the responsibility for finding and paying your own health insurance is with you. It’s worth seeing what kind of health insurance you can find that will pay you some kind of sickness benefit if you are too sick to work.
Increased financial due diligence: The buck stops with you when you’re a freelancer, especially when it comes to expenses and finance. As we already mentioned, you have to put different hats on as a freelancer and that includes an accountancy one. It’s worth learning how to grasp the basics of accounting, even if you ultimately hire a professional.
FREELANCE SUCCESS: GET THE SIGNATURE ADVANTAGE
Signature Works is dedicated to providing full support to its growing membership based in Liverpool. Working from the city centre’s stunning Bling Bling Building, Signature Works co-working members have the advantage of some pretty significant membership benefits including:
Access to an incubation panel that is backed by hard cash to fund new ideas
Working for yourself can be extremely rewarding but also very lonely. Come and join our collaborative community in the heart of Liverpool and you will be on a fast track to success in your chosen field. Signature Works is more than somewhere to rent a desk or hire a private office in Liverpool; we have a commitment to our members that is catapulting them to success.
FIND OUT HOW SIGNATURE WORKS IN LIVERPOOL CAN JETTISON YOUR BUSINESS AND CONNECT YOU WITH OTHER SMALL BUSINESSES YOU CAN GROW WITH BY CALLING OUR MEMBERSHIP TEAM ON 0151 558 1566 TODAY!