Self-employment has always existed as an alternative possibility that comes with its own set of risks and opportunities. There are a variety of factors that can determine how self-employment will play out in different trades, and it’s worth giving it some thought before you decide to become your own boss.
Compared to other job fields, the skilled trades have their advantages when it comes to being self-employed. For one, startup costs are low -- having a vehicle, tools, and a home workspace are the main investments and definitely posit an advantage overall. Additionally, self-employment presents many opportunities to distinguish yourself from competitors. Attaining mastery of your trade, and if applicable, finding a niche in your methods, can really set you apart from others. And keeping in mind that the demand for many trades is expected to grow over the upcoming years, these factors should all be pretty encouraging.
Having the financial means to cover unexpected setbacks is a given, but the current climate in wake of the pandemic has created some murky waters for starting off a business. That doesn’t mean it isn’t possible, especially keeping in mind the growth and demand for trade jobs is only expected to increase. According to The Balance Small Business, some skilled trades with the best opportunities in self-employment include electricians, HVAC technicians, masons, plumbers, and welders. Being aware of the risks associated with self-employment is critical, but many find self-employment to be a worthwhile endeavor when the payoffs mean being able to manage your rates, time, and more.