They’re Feeling the Pinch: Self‑Employed Struggle in 2024
It’s no secret that the cost‑of‑living climb has put a squeeze on everyone’s wallets. But what about the folks who run their own show— freelancers, consultants, small‑biz owners? A fresh look from Markel Direct has laid out the top hurdles they’re facing this year.
Key Problems on the Bingo List
- Irregular income – the number one headline. Income gaps are popping up like potholes on a bad road.
- Limited client base – more than a third (34%) can’t find new gigs as often as they’d like.
- Seasonal ups & downs – about a third (33%) feel the business ebb and flow depending on the time of year.
What’s Really Eating Their Earnings?
About 41% of self‑employed folks have seen a drop in revenue over the last year. The killer cause? Less new business – 62% said they’re getting fewer fresh clients or customers.
And that’s not all. The cost‑of‑living hike has forced 56% of them to raise prices. It sounds smart, but it can also turn away thirsty customers. A classic “price wars” scenario but in the gig economy.
How to Dodge the Financial Crash
Rob Rees, the Divisional Director at Markel Direct, shared some practical fixes:
- Fast invoicing – simpler and quicker bills help get payments on time.
- Incentives & penalties – reward early payers, and nudge those who delay.
- Diversify your clientele – spread across industries so one bad season doesn’t derail your whole year.
In short, while the big economy is beyond influencer, small‑biz owners can still steer their ships with smart tactics and a bit of hustle.
The benefits of “being your own boss” outweigh struggles
Why the Self‑Employment Trend Is Gaining Ground
The latest Office for National Statistics report reveals a 2 % rise in the number of people heading their own ship in the UK. Not a thundering leap, but it shows the tide is turning.
The Buzz Among Self‑Employed Workers
A whopping 92 % of those surveyed agreed they’ll keep steering their own course in the future.
When asked what’s most appealing about running your own show, the top pick turned out to be “being your own boss”. Two‑thirds said this was the reason they dove into the world of self‑employment. Other popular perks include:
- Flexibility – 55 % love the freedom to set their own hours.
- Escaping traditional employment systems – 34 % feel the corporate grind doesn’t fit their style.
- Pursuing a passion – 34 % turn their love for a craft into a career.
Why Do People Keep Going the Self‑Employment Way?
It’s not just about the paycheck. It’s about crafting a life that feels right for you—whether that means a serious business or a side hustle that turns your hobbies into income.
So if you’ve ever thought “Let’s be my own boss”, that 2 % growth data says you’re onto something. Keep the momentum alive—consider taking the leap, or at least give yourself the power to choose when you’re on the clock.
