What to consider before taking the leap

FINANCES

It sounds obvious but do take a hard look at how switching to self-employment will impact your bank account. As Nicola O’Byrne points out, it’s often more feasible if you have a partner with a stable income. You may earn less but also spend less — for example, many self-employed parents work around their children’s school hours, avoiding childcare costs.

EMPLOYEE BENEFITS

If you have a pension, phone, or health insurance through your employer, bear in mind those disappear along with your salary when you become self-employed. On the other hand, there are expenses that can be written off against your new business — an accountant will give you advice on this.

SCHOOL HOLIDAYS

If you work while your children are in school, remember that schools close for about 15 weeks a year, so you’ll need to take time off or book them into camps.

LONG HOURS

Many self-employed parents work long into the evening after their kids go to bed, and it can be exhausting at times. But if you’re doing something you love, it’s easier than it sounds.

LONELINESS

Working alone at home means there’s nobody there for coffee breaks, brainstorming, or venting, and on a cold, grey morning, self-employment can feel lonely. But the internet provides many ready-made networks and there’s always someone online day or night to chat to. Just don’t get sucked down a Facebook rabbit hole.