The Truth About Being Self-Employed: Freedom, Fear & Finding Balance

Introduction

It’s Monday morning, if you have woken up today without an alarm clock, knowing your day is yours to design, then well done, you are either rich or you are working under the umbrella “self-employed” and striving to be richer. If that hasn’t been your experience this morning, then imagine, no more office politics, no rigid schedules, just you, your ideas and the freedom to build something on your own terms. THAT IS THE DREAM of self-employment. But what does it really take to make that dream a reality? Let’s investigate that mindset more.

One in seven workers across OECD countries is self-employed. That’s millions of people who’ve chosen to step away from the traditional 9–5 in search of flexibility, independence, or the chance to build something of their own. But there’s a hidden truth: many of these workers lack social protection, security, and stability. In some countries, the self-employed are even excluded from unemployment, sickness, or occupational injury benefits — the very protections salaried employees rely on most.

Without a safety net, self-employed workers are, on average, three times more likely to slip into financial hardship than their employed peers. So, the question becomes: is self-employment really freedom, or just risk in disguise?

As someone who has lived through both the highs and the harsh realities of working for myself, I’ve come to see that the truth lies somewhere in between — in finding balance.

The Rise of Self-Employment

The last two decades have seen a surge in self-employment, fuelled by technology, remote work opportunities, and the rise of the gig economy. People are increasingly dissatisfied with rigid corporate structures and crave the chance to:

• Work when and where they choose.

• Pursue passion projects.

• Earn without salary caps.

• Escape the monotony of commuting and office politics.

  
  

But while the dream of self-employment is enticing, the reality can be sobering. Roughly 50% of business start-ups fail within three years, and fewer than 2% survive beyond a decade. Those numbers cut across industries, locations, and business models. The odds aren’t stacked in favour of long-term success — but failure doesn’t have to be your story.

Freedom, Fear, and Finding Balance

Freedom

At its best, self-employment is about independence and flexibility. You get to choose your projects, your clients, and your working hours. You can pursue work that genuinely excites you, rather than what a job description dictates. Your earning potential is theoretically unlimited — no annual review or promotion ceiling holds you back.

For many, this freedom is life-changing. It allows parents to balance family commitments, creatives to monetise their passions, and professionals to escape the “hamster wheel” of the corporate grind.

Fear

But freedom has its price. Self-employed workers often face:

• Inconsistent income — some months are flush, others frighteningly lean.

• Wearing every hat — suddenly you’re not just doing the work, you’re also sales, marketing, finance, and HR.

• Loneliness and lack of structure — without colleagues or a boss, motivation can dip and isolation can creep in.

• Admin overload — from managing expenses to filing taxes, the back-office grind can feel endless.

Finding Balance

True success lies not in denying the fears but in finding balance between freedom and responsibility. For me, that balance comes from consciously choosing how, where, and when I work. It comes from defining my own success — not by comparison to peers or former colleagues, but by whether my business supports my lifestyle, my family, and my wellbeing. I have dealt with many blows in both waged employment and self-employment, more on this later.

Self-Employed Well-Being: Beyond Money

When people think about careers, they often focus on income. But research — and experience — shows that money isn’t the only measure of success.

Entrepreneurs often thrive when they achieve what’s called eudaimonic well-being: a deep sense of purpose, authenticity, and personal growth. Unlike hedonic well-being, which is about pleasure and comfort, eudaimonic well-being is about flourishing — striving towards excellence based on your unique talents and potential.

This idea, rooted in Aristotle’s philosophy, describes the noblest goal in life: living meaningfully. For me, self-employment has been as much about self-realisation and determination as about income. My objectives have been twofold:

1. To prove I can do this — and visualise the thriving, fulfilling life I deserve.

2. To protect my family’s lifestyle and ensure no one else controls my financial destiny.

My Story: Lessons from the Corporate World

My career path hasn’t been smooth. I’ve been made redundant multiple times: once due to a company relocation, another after whistleblowing, and again when I was pregnant. Yes, those last two were illegal. Yes, I accepted settlements. But the impact went deeper than money.

On paper, those redundancies weren’t personal. The role was redundant, not me. But it felt deeply personal. Each time, my sense of stability was rocked, my confidence chipped away, and my ability to secure a mortgage was affected. I began to internalise the idea that I was “at risk,” even when the circumstances weren’t about me at all.

Later, as a freelancer, I found myself dismissed overnight. One day I had consistent work with a client, the next day it was gone — with no security, no notice, and no safety net.

These experiences, while painful, were pivotal. They taught me that while we can’t control every external decision, we can control our reactions. They fuelled my desire to reclaim control, build resilience, and carve a path where my success was mine alone — not at the mercy of an employer.

Self-Employment vs 9–5: A Comparison

Factor	Self-Employment	Traditional 9–5 Job
Income	Unlimited potential, but irregular and risky	Fixed salary, predictable and stable
Job Security	Dependent on the market, clients, and personal effort	Generally, more secure, steady employment
Benefits	Arrange your own health insurance, pension, etc.	Often includes healthcare, pension, and paid leave
Flexibility	High — choose schedule and location	Low — fixed hours and policies
Workload	Wear every hat (sales, admin, taxes, marketing)	Narrower scope — defined role
Career Growth	Self-driven, no ceiling	Structured promotions, capped by hierarchy
Risk	High financial and business risks	Lower — absorbed by the employer
Freedom	High — choose clients and direction	Limited — employer sets direction
Social Life	It can be isolating unless you network	Built-in team and office culture
Work-Life Balance	Flexible, but risks overwork/blurred lines	Clearer separation of work and home life

The truth? Neither option is “better.” It depends on your circumstances, your appetite for risk, and your definition of success.

The Path Forward: Skills & Support

Self-employment demands more than talent. It requires skills you may never have considered before: marketing yourself, managing money, setting boundaries, and building resilience. Being your own boss also means the buck stops with you — and what you gain in freedom, you may lose in security.

But self-employment doesn’t have to mean going it alone. Support systems matter: networks, mentors, peers, and outsourcing. Many successful entrepreneurs learn quickly that outsourcing admin and back-office work frees up their energy for the tasks that grow their business.

That’s exactly why I founded Niche VA Services in 2018. With nearly 30 years of corporate experience and my own hard-earned lessons in freelancing and redundancy, I knew there was a better way. My mission is simple: to help self-employed people reclaim their time, protect their energy, and focus on what they do best.

There is very little, if any, support for self-employed people compared with those in waged professions. Being self-employed means we have to find our own protection.

There are these services;

1)    Federation of Small Businesses

2)    Income Protection

3)    Business Insurances

4)    ACAS

But there isn’t a specific service that covers all aspects of this line of work. At Niche VA Services, I intend to offer that comprehensive service, and I would love for you to share your experiences, from the challenges you experienced, the solutions, the impact on your family and livelihood.

Let’s be stronger together,

1)    Protective Contracts

2)    Forums and Groups for Support

3)    Legal and Financial Support

4)    HR and Business Management

5)    Business Growth

6)    Processes and Procedures

Conclusion: Freedom on Your Terms

Self-employment is not the easy path — but it can be the most rewarding. It offers freedom, but also fear. The trick is finding balance: building support systems, defining success on your own terms, and protecting your wellbeing as much as your income.

If you’re considering self-employment — or you’re already in it but struggling with the admin and overwhelm — remember: you don’t have to do it all yourself.

At Niche VA Services, we help you take back control of your time so you can focus on building the business — and life — you deserve.

Ready to find your balance? Let’s talk.