Self-Employment

The one thing that sucks when you work for a company is that, it’s your only source of income. Yeah, you may have health insurance, profit sharing and know that while employed your income is guaranteed. But when that one source dries up because the company folds or you are laid off, that’s it, no more money until the next job. With this economy, who knows when that will be?

Now let’s say, you have multiple sources of income. One of the sources can’t pay as scheduled, don’t worry. You have several more sources to pay the bills. Well unless that was your biggest account or they all decide not to pay, but let’s stay optimistic (that’s what real entrepreneurs do).
Hey, this is what being self-employed is all about – it’s risky, but it could lead to a big pay off.

If you think about it, the Wal-Marts, the Targets and the Sears don’t just rely on one source of income to support their business. Why should you? You’re a business, you have expenses (mortgage, car and education), you have employees that look for salaries (any dependent you care for) and you need to turn a profit (high wages) to take care of all the needs and reinvest it back into the company (you and your family).

Now nothing good is perfect. There are some drawbacks to being self-employed. You have to wear all the hats. You are the boss you can’t slack. You don’t accumulate paid time off. If you don’t work, no money will be made. You provide all of your benefits like health, dental and retirement plans. If it all falls apart, you have no one to blame, but you!

Even though there are drawbacks, if you are mentally ready for the challenge, the benefits could win you over. You can be as flexible with your time as you want. You can choose how often and when you want to work. You are the boss, which means you make the decisions. You’re in control of your financial future.

Depending on where you are in your career transition, the very beginning (meaning you are in need of obtaining the education for the career) or you are seasoned and ready for a new challenge, below are some career fields that will easily lend itself to self-employment:

Professional Careers - These usually require four plus year degrees. Normally, in self-employed professions people will start a practice alone or in partnership, contract service with a company, or consult. For self-employed professional, your area of specialty is key.
• Doctor (family practice, alternative medicine, mental health practice)
• Lawyer (entertainment, tax, personal injury)
• Accountant (tax, financial advisor, general)
• Veterinarian (dogs, horses, livestock)
• Information Technology (fix computers, programming, instruction)

Vocation or Trade Careers - These may only require a minimum of obtaining a license/certification or training at a community college or technical college, which may be two-years or less. However, apprenticeship programs tend to last longer. Since trades skills are very specific, determining how you want to employee yourself is key.
• Beautician/Barber (own a salon, work from home, independent contractor in a salon)
• Plumber (contract service through plumbing service companies, home builders or multi-unit building complexes)
• Automotive Technician (open a shop, work from your garage or contract your services)
• Real Estate Agent (always commission based regardless if you work for yourself or in conjunction with a real estate agency)
• Bookkeeper (contract with businesses and individuals working from home, your own office or on the clients site)

No matter your profession or trade, any career can transition to self-employment, if you have the interest. Some just have an easier transition than others do. Regardless, if you want multiple streams of income to lead you to financial freedom, then being self-employed is the way to go.