Wolverhampton has over 14,000 self employed residents, which is over 8% of the population. This is great and shows Wolverhampton’s entrepreneurial spirit. From small sole traders right up to international companies.
While there are a lot of positives to being self employed there are also a few drawbacks that should be considered if you are looking to go into the world of self employment.
No rest for the wicked is very true for any fledgling businesses. Many dream of setting up a business for the freedom to choose when you work and how you work. This isn’t true at the start of a business where you may need to work very hard and very long hours to get your business of the ground.
You may struggle to get on the property ladder, we spoke with an adviser from Get Me My Mortgage that specializes in self employed mortgages who told us that many self employed people will struggle to get mortgages through high street lenders due to their self employed status. Even with the increasing amount of self employed individuals mortgage lenders rigid criteria can sometimes get in the way. This is an important consideration if you are thinking about going self employed but also thinking about buying your first home.We are going to go through some of the benefits of being self employed
The positives can far outway the negatives if you want to follow your dreams and be your own boss. In wolverhampton there are plenty of support and business networks that you can join. check out a few of the links below if you are a startup looking for help.