Providing For Your Family

Many people have started working for themselves over the last couple of years. A huge change in the way that we work has shifted the jobs that people want to do. An interest in working for yourself, working from home and starting your own business has grown in many of us. It’s exciting. Seeing a business idea grow from a spark in your brain to a fully fledged and operating venture is incredible. However, that excitement can turn sour if things go wrong and you find yourself unable to actually work. Who will then pay the bills? Who will put food on your table? Let’s have a look at how you can protect yourself and continue providing for your family?

Why So Many New Self Employed?

There are so many new self employed business simply because we want to freedom in our work. Working for other people is bringing home the same pay cheque every month, whilst putting more cash into the pockets of the shareholders and business owners. That is completely fine for some people. However recently people have seen the shortness of life and the opportunities to create new niche businesses. When working from home, they’ve used their spare time to create side hustles and ventures which they’ve been able to get off the ground. Some of them are part time, others have grown so much that people have been able to quit their day jobs and jump into self employment completely. It’s an exciting time to be in business and see new ideas flourish.

A Different Way Of Working

It’s a completely different way of working when you are self employed. No longer are you commuting to an office somewhere and working a shift. The 9-5 lifestyle is dead and gone and you will find yourself working long days and nights, with lots of hard graft to be put in. With the self employed, there is no marketing department or finance department, it is all on you. That can be amazing because you can put your mind into many different parts of the business, however it can take a long time and sacrifices often have to be made. Every penny counts and every new client or customer can be celebrated. It’s a different way of working but one which is life changing.

What Happens If The Worst Happens?

Your life matters and finding a work life balance when you are self employed can be difficult. It is so important to do that though and even dedicating one day a week to downtime and family time will benefit you. Time away from your business helps you relax, recover and come back from fresh eyes. No one can work every hour that God sends! When it is all on your though, it can be stressful. It can be a stress to begin with when you fully embrace self employment and your family life changes. This is because you no longer have that monthly cash coming into your bank account every month. Sometimes it can be hand to mouth whilst you wait for invoices to be paid. Those payments can be incredible however you need to be prepared for the worst to happen too.

What happens if you can’t actually work? If you have an accident and you can’t physically do your job? You don’t get sick pay like you perhaps would if you were employed. This is why so many people are looking at income protection. This policy will help you put food on the table if you are unable to work by providing you with a percentage of your usually pay.If you need time toff, you need time to rest and recover, not stress about where your cash is coming from. These policies often pay out between 50-70%, with some of them paying you a full 100%! For the less than the price of a takeaway, you can cover yourself month after month.

There are many ways that we can provide for our families. Some choose traditional day jobs, others love the challenge of setting up their own businesses and developing ideas. Providing for your family goes beyond this though and also includes when you are dead and gone. How will you provide for your family in the hardest of times? It is worth thinking about and putting into place, especially when you are changing your career and going down the route of self employment. Wishing you the very best of luck with your venture!