How to become your own boss

Is it time to break free?

The idea of being your own boss is seductive.

No more working for somebody else, no more orders, no prospect of being sacked or made redundant and time off whenever you feel like it.

Working for yourself means being in charge of your own destiny. Whether your ideas are a success will be largely down to your research and hard work.

If you do succeed then the sky's the limit for your company and ambitions.

The origins of just about every major international business can be traced back to an entrepreneur who wanted to tread his or her own path and started putting ideas down onto paper.

However, self-employment comes with a large number of potential disadvantages.

The life of the sole trader is certainly not as easy or rose-tinted as the glossy brochures at the bank may have you believe.

Financial risks

It can be excruciatingly hard work and comes without the certainty of a regular income or benefits such as sick pay and pension arrangements.

The hours are usually far longer - especially with the mountain of red tape and bookwork to wade through - and at times it can be a lonely, thankless task.

Downsides of being your own boss Financial insecurity Long hours Tax returns and paperwork Working alone

Time off, at least in the early stages when you are unlikely to have many staff, will be impossible without losing money.

There are also the financial risks. Thousands of young firms which started off with such promise go to the wall every year - having swallowed up their owner's life savings and plunging them into years of debt.

Those who enjoy the security of knowing the exact contents of their monthly pay packets, therefore, or who are going self-employed as they see it as a route to an easier life, should think again.

Don't let this put you off, however, some people are not built for the office life.

If the thought of working for somebody else tears at your insides, then self-employment may just be the answer.