During tough economic times many working professionals have unintentionally joined the ranks of the unemployed. Living without a steady paycheck can obviously be devastating both financially and emotionally. However, motivated individuals find that a lay off is the perfect opportunity to jump-start a new career as their own boss.
Fluctuations in the economy are definitely making entrepreneurs out of some people who weren't self-employed just a few months ago. The fact is, job seeker's have to find creative ways to make a living. The most important thing is not to get caught in a pit of despair, but to take stock on what you really want both now and in the future.
Taking swift action is critical. If you can find a way to turn your passion into a money-making venture then you are half-way there to being self-employed. After all, how many of us go to work every day because we have to? How many of us like our jobs? Wouldn't we all rather work in a business climate we love? Perhaps self-employment is an option.
While taking stock of what you want in a career as your own boss it's important to create strategy for both the short and long term. Where will your self-employed career be in 3 months? Where should it be in 6 months? Also, it is important to document some of your long-term goals. These can be broad; however, they need to be attainable - even if only in small increments. For example, a long-term goal could be to turn a profit in a certain time period.
It's also important to face the facts and not take a big detour from your career objectives. At some point you may need to pull the plug on your entrepreneurial venture and you have to know when to anticipate that time.
That being said - don't be afraid of failure. Most new small businesses do fail within five years. According to the Small Business Administration two-thirds of new business ventures survive for two years, but after four years only 44 percent survive. Be aware of the most common hurdles small businesses face and understand why they fail. As your own boss you are taking on responsibility for the entire operation so you have to be proactively aware of potential problems.
It's important to have a clear understanding of the financial and operational functions of your business so you can adapt to change as necessary. Avoid pitfalls that will over-extend your company by taking on too much debt. It's also essential to prepare for unexpected changes in the business climate.
Too many employers were caught off guard by the current economic climate and weren't prepared to weather the storm. While your venture may not be affected by changing financial markets, you could be more directly affected by the change in electrical rates or unforeseen event for example. If you live in an area potentially affected by hurricanes or earthquakes you must be prepared for a disaster situation. Most businesses that survive for more than five years proactively plan for these unforeseen events.
The self-employed individual must also have a firm grasp of any liabilities they have; day-in and day-out. The structure of a business defines the liability assumed by the business owner. If you don't incorporate or structure your business properly, then your venture is assumed to be a sole proprietorship.
This is not a recommended business structure for anyone operating a business with big dollars at stake. In many states where a business is under a sole proprietorship, the owner's assets are tied in with the assets of the business. Potential legal problems can arise in any kind of business; even for the self-employed Internet worker.
This is why it is important to seek legal advice and follow up with your attorney at least twice a year. Try to find a lawyer who will work with you - maybe only 4 hours a year. While legal help is expensive it is well worth it. An attorney can advise you of the proper business structure and even take care of the incorporation process if needed.
For assistance in making the transition to becoming self-employed, please contact us? We are staffed with a team of experienced professionals who can help.
A lot of money can be made on the Internet.Here are the 10 Top Income Opportunities:
1.Affiliate Programs – Affiliate Programs are very commonly used to generate online income. All the website owner needs to do is to sign up as an affiliate with the merchant, and then paste the merchant’s code onto their website. Any sales generated through such links entitle the affiliate to a commission. There are many websites that offer affiliate programs and one such website is WorldAdvertisingPages.com.
2. Auctions – Online auctions are online flea markets in which participants bid for products and services over the Internet.With online auctions, there are sellers, bidders, winners, and losers, just like the local auctions. Sellers can sell items by the piece or in lots. Auctioned items which has been won must be paid by the winners.eBay is the most popular online auction website today.
3. Bloggings – Blogging refers to someone posting material on a blog, which is an online journal. Blogs can be used to make money by directing traffic to a particular product or website. These web logs can help you get more business and earn higher profits. You can also post affiliate links on your blog and earn commissions for promoting other people’s products and services.More information on blogging can be found at WorldBloggingPages.com
4. Foreclosure – A foreclosure is the process by which a mortgage lender takes ownership of a property due to default of payment by the homeowner. Mortgage lenders often sell foreclosed homes at auction. Investors or potential homeowners can purchase these homes at reduced prices.
A foreclosure is a great investment because you can buy the home cheap and then resell it to someone else at fair market value. More information on foreclosure can be found at WorldHousingPages.com
5. Forex – Forex refers to the Foreign Exchange .You can use Forex to trade currencies and make money. The forex market exists wherever one currency is traded for another. The average daily trade in the global forex and related markets currently is over US$3 trillion.Trading in forex do have its risks. You should study the market thoroughly and trade accordingly before you start trading in forex.More information on forex can be found at WorldForexPages.com
6. Freelance – Freelancing is a great alternative to working in the 9-to-5 world. As a freelace, you are your own boss that offers your professional services to your clients. Instead of as an employee, you operate as a business or independent contractor. Freelance careers are available in many different fields, from writing to web design to accounting. To earn a living as a freelancer, you’ll first want to conduct some research on your field and the freelancing world. More information on freelance can be found at SearchAnythingWorldwide.com
7. Jobs & Careers – An online job search is a method used to find employment. Many people are turning to online job searching to find a job rather than using traditional methods such as the newspaper classifieds and the yellow pages. There are several online jobsites such as Monster.com, which enables you to search for jobs in various locations or using different keywords to find potential job matches. You can access both onsite and online jobs through these databases.More information on jobs and careers can be found at WorldCareerPages.com
8. Paid Surveys – Companies conduct surveys or hire survey firms to learn more about their consumers’ spending habits. These companies pay people to conduct such surveys. Payments range from a few cents to a few dollars. There are a lot of companies online that offer paid surveys to online users.If you wish to earn a lot of money ,then take more survey assignments. More information on online surveys can be found at WorldIncomePages.com
9. Wholesale Drop Shipping – Wholesale drop shipping is when the supplier or wholesaler of a product ships a product directly to the customer on behalf of the retailer. The retailer pays wholesale price and shipping to the supplier and charges the customer retail price. Retailers who use wholesale drop shipping can turn over a quick profit without having to mess with inventory or shipping.
You can make money online with wholesale drop shipping by becoming a retailer.All you have to do is create an account with a drop shipper and then create a website advertising the products offered by your vendor. The products can also be advertised on the online auction sites such as eBay or Ubid. More information on wholesale drop shipping can be found at WorldWholesalePages.com
10. Work at Home Opportunities – Working from home, or telecommuting, is becoming increasingly popular these. When you work from home, you don’t have the gas, daycare, eating out, and other expenses associated with working at an outside job.There are several online work-at-home job directories such as Search Anything Worldwide that can aid in your job search.
There are also several online work-at-home job directories and websites such at Early Planet and World Income Pages that can aid in your search. You can use any of the above methods to earn a good living online.