Be Your Own Boss: Advice For Becoming Self-Employed

Are you tired of commuting to and from your office every day? Your current boss may be light years better than your previous one, but do you often feel like you are putting in more hours and more work than what you are being paid for? Do you often find yourself wishing you could work your own hours and spend more time with your children? You may be ready to enter the world of self-employment.

Not everyone has what it takes to become self-employed, but for those who have gone this route, they are now enjoying the many perks that come with being their own boss. They set their own work hours; they have more time to spend with the family; they don't have to miss family dinners or miss their kids' soccer games and ballet recitals anymore; they can work during those hours when their children are in school. Those who decide to become self-employed after their children have grown and left the nest are finding themselves with more free time to spend on leisurely pursuits while being able to still make a living to support themselves.

Self-employment is indeed very appealing, and you should consider becoming self-employed if you feel that you are ready for a change and quit the hectic and competitive rat race. If you have long-term goals, you may still be able to achieve them outside the cubicle. However, before you turn in that resignation, do a reality check. You know you want to become your own boss, but you also want to be sure that being your own boss would be a worthwhile -- and profitable -- thing to pursue.

When you jump into the world of the self-employed, keep in mind that no one is going to hand you a regular paycheck except yourself. So you need to assess your current financial situation as well as your new business' viability and profitability. You need to determine if being self-employed can still support your current lifestyle as well as your family's needs. How much credit card debt do you owe? How much is it costing you to send your children to private school? How much are you paying for mortgage and cars? Before you leave a steady job in favor of becoming self-employed, the money you have in your savings account must be able to cover your and your family's needs for at least 12 months. This will give you plenty of time to build your own business without going into deeper depth or worrying about how you are going to pay your bills and other obligations.

When you become self-employed, you are establishing yourself as your own business. You won't simply be providing a service or be selling products. You will be taking on the roles of leader, spokesperson, marketer and a host of other things. You are responsible for creating a good image for your business and maintaining that good image.

And since you are the owner and boss of your business, any liability will fall onto your shoulders. If a client needs help, you have to be there. If something bad happens to a client as a result of using your service or product, you are the one he or she will turn to for compensation. Liability is particularly an issue if you decide to start your own business selling supplements. Supplements are actually safe when they are used by themselves, but when used with other products, they can cause some problems. If you decide to go into the supplement home business, you need to find out your liability and take steps to protect yourself and your business.

One way you can protect your business from legal threats is through incorporation. However, keep in mind that medical claims from customers can financially sink your business. So when you do decide to become self-employed, hiring a small business lawyer for legal advice can be a wise investment. Consider it a business expense that you simply cannot afford to do without if you want to be a successful self-employed person.

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