Friday, July 30, 2010

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:

*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.

*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 ( 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

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