Pros & Cons of Working for Yourself

#2 Success Secret: Weigh the pros and cons of working for yourself.

Being self-employed is not for everyone. Seriously consider the pros and cons before you launch a venture. Here are some of the major ones:

Pros:
*You have more control over your time and how to manage it.
*You can be home more with your children, though most home-business owners have some type of child-care arrangement—a life partner, grandparent, local baby-sitter; bartering babysitting hours with other entrepreneurs, and others—so they can set some regular hours to work on their business.
*You have the flexibility to arrange your work hours around your children’s activities; or care for family members who are ill; or are elderly.
*You are your own boss and “CEO.”
*You can volunteer for community activities.
*You can start your venture on a part-time basis, as most home businesses are, giving you time to test your products and services while still making money at your regular job.
*You have the potential to earn more income than at a salaried job.
*Commuting is optional, depending where your business and customers are located.
*Overhead is lower if your business is home-based.
*You can buy or lease equipment as your business grows.
*A college degree is not a requirement, unless your profession requires it.
*It is fun, exciting, and more rewarding because you are working for yourself.

Cons:
*Finding adequate financing will require you to be creative and resourceful.
*Obtaining adequate health insurance for you, your family, and any employees may prove difficult.
*Working extra hours to get your business up and running is certain.
*Feeling overwhelmed is common when you are responsible for doing the work as well as the tasks involved with operating a business, including the accounting, billing, marketing, advertising, and more.
*Staying motivated and energized will be challenging through the ups and downs of running a business.
*Being an entrepreneur, you must have the determination, drive, discipline, and persistent to succeed. There is no easy way, but ‘what an adventure!’ if you do decide to work for yourself.

Take the advice of entrepreneurs and husband and wife, Mark and Leisa Bates (Bellasvago.com)who are featured in my article, “Ten Home-Based Millionaires Share Their Stories & Advice for Tough Economic Times,” (appearing in current issue of Home Business Magazine, July-August, 2010, [on newsstands now].

“Most people don’t aspire to what they can really be; they find excuses not to go forward,” says Leisa. Our ears perk up when someone says it can’t be done,” she says. “If you believe in what you want to do, you…will…always find a way!

Next Topic: Avoiding Common Home-Small Business Mistakes

Success Secret #1: Understand the Impact of Small Business

From 101 Best Home-Based Secrets for Women (revised, updated)
1. Understand the impact of home-based, small businesses on the U. S. and our global economy.
*Women were the fastest-growing business owners from 1997 and 2004 and continue to be so to date (www.SBA.gov/ADVO - 4-’08)

*Small businesses represent over 99 percent of the U. S. businesses that employ over 58 million Americans. (www.SBA.gov/ADVO - 9-’06)

*52% of the 30 million U. S. small businesses are home-based. (www.SBA.gov/ADVO)

The growth of home-based, small businesses is vital to the recovery of the U. S.’s and the other countries’ economies from the current recession and creation of new technologies and jobs.
You can become part of this entrepreneurial movement, no matter what your age. Working for yourself is no guarantee that you will have success; but remember, the potential is there!

My goal is to help you succeed by providing you with information, but you have to be willing to work hard and persevere. The only “instant” millionaires are those who inherit money or win big lotto jackpots.

For Additional Information:
*Center for Women’s Business Research: www.womensbusinessresearch.org/index.asp
*U. S. Business Data & Statistics: www.business.gov/manage/business-data/

Next Success Secret: Pros & Cons of Business Ownership

Why, "No Thanks! I'll Work for Myself."

Why my blog, “No Thanks! I’ll Work for Myself.”? One of the primary reasons I started this blog was to provide an alternative for those who want a better quality of work-life than their present circumstances can provide. For example, a relative of mine was downsized out of her job last year and cannot find a job paying the same rate that will enable her to meet her basic bills and support her family. She was employed by the company for over fifteen years and worked up to her present pay rate; but with the present recession, and only a high school education, no other company will hire her at the rate she had when she was let go. She has started a senior (non-medical) services business, making an hourly rate higher than her former job.

Another example: A young woman, with a degree in market research discovered her boss was taking credit for her work; so she left and started her own business. It took her five years to build her client list, often working two part-time jobs to pay her bills; but now she is able to work full-time doing work she loves.

There are many other reasons entrepreneurs start their ventures, and with my blog, I plan to feature self-employed women and men and their success stories. Working for yourself has its own challenges and I do NOT promise that you will be “making millions.” I will strive to be as realistic and honest as possible. Being self-employed is not for everyone or even possible for many.

Other features I will be adding in this blog:

*Chapters of my previously-published books (updated, of course) to which I have the rights:
*101 Best Home-Business Success Secrets for Women
*101 Best Small Businesses for Women
*More 101 Best Home-Based Businesses for Women

*Resources for entrepreneurs and self-employed individuals and professionals.
*Guest blogs.
*Current news for home-based business owners; small business owners; self-employed women and men.
*Entrepreneurial trends.
*Business ideas.
*Avoiding business scams.
*Q & A from my blog followers (anonymous, if preferred)

Thank you for visiting.

Priscilla