Some people may choose to start up their own business and become self-employed or others may find themselves unemployed because of redundancy and so become self-employed out of necessity but whatever the reason it may actually be one of the best decisions of your life.
The reason for this is that as a self-employed trader you have the potential to vastly increase your earnings in line with how much hard work you put into your business rather than profits going to an employer. You also have the freedom that working for yourself provides, an issue that is especially a concern if you have family commitments as if your business is one that can be carried out during evenings and weekends this may fit in better with family life.
The financial rewards of starting up your own business are often felt after the first couple of years as there are usually setting up costs to deal with but if your business is successful then profits may be seen straightaway. It is a good idea to employ the services of an accountant when it gets to the point of having to submit a tax return as they can advise on the expenses that can be offset against any profit.