New year, new start … Is 2025 the right time to become your own boss?
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Going freelance is not without risk but if you want to shed the shackles of the 9-5 here’s how to plan it properly. Has the new year spawned thoughts of a new career? Or have you long been considering striking out on your own and being your own boss?. Whether you are considering going freelance because of a desire to shake off the shackles of a nine-to-five job, or as a temporary move as a result of a sudden redundancy, it’s a growing club to join.
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There were 2 million freelancers in the UK in 2023, according to an analysis of official figures by the Association of Independent Professionals and the Self-Employed (IPSE), a not-for-profit lobby group – that’s up 11% on 2022. It’s not an easy life: research by IPSE found that in the third quarter of last year, freelancers’ confidence in their own businesses had fallen to its lowest level in over a year, while six in 10 were expecting their costs to increase over the next 12 months.
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But it can be rewarding. Better pay for each day you work (although recent figures from IPSE indicate that the average freelance day rates fell by 16% in the last quarter); setting your own hours; no micromanaging boss, or office politics to contend with – they all sound appealing.
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If 2025 is to be the time you go it alone, there are some things you should do to prepare yourself for the shift in your work status. While freelancing certainly does have its appeal, the reality for you might be very different. Freelancing involves chasing invoices, joining (and contending with) various companies’ payment systems, not knowing when the next pay cheque might come in, and certainly no employer contributing to your pension or covering sick pay. Consider whether you have a personality that can deal with the highs and the lows, including the lack of routine.
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