Prepare Yourself for Success

In the decades since the 1960s, self-employment in the United States grew faster than the overall work force. This was especially true in the late '80s and early '90s, when white-collar layoffs caused many workers to set up their own businesses. This increase was viewed as the beginning of an "Age of Entrepreneurship." The years 1994 to 1999 were trumpeted as a "Golden Age" for entrepreneurs, a time in which their average incomes rose one-third.

Thirty million 'e-lancers'

At present, thirty million Americans are considered "e-lancers," self-employed Internet commuters. Researchers are confident that self-employment will continue to grow as the Internet decentralizes the workplace. Technological changes and availability of venture capital tend to mean the best opportunities wait for those who are the best educated and the most highly skilled. The New York Times reported that in spite of this growth, the period 1994 to1999 was also the first five-year period since the 1960s in which the actual number of self-employed workers declined from 10.9% to 9.9% of the non-agricultural work force. Many self-employed individuals returned to work for big companies.

Take a look at why they left home. By under-standing the reasons behind this migration, you can be equipped to overcome naturally occurring obstacles that could prevent you from reaping all of the tremendous benefits of being self-employed.

Challenges of self-employment

Large companies were able to lure the self-employed for two main reasons: by filling voids in their lives and by offering some of the traditional benefits of self-employment. When you work at home, you are usually by yourself. You have no one to talk with and you make all the decisions. Some people, in order not to feel isolated, need a community of fellow workers with whom to interact. They feel a need to participate collectively in decision-making, especially when time to spend with neighbors or in recreational groups or civic activities is at a premium.

The traditional office setting has been one of the few places where many people must find community, because other responsibilities take up all non-work time. Lately, companies in the forefront have given employees more freedom to choose when to work in the office and when to send their bosses e-mail containing the simple subject WAH (working at home). Finally, large companies usually provide group benefits, such as medical insurance, a major benefit.

The benefits of self-employment

In this issue, you can read about the tremendous tax advantages and opportunities for increasing your income and becoming financially independent through self-employment. Your strategy is also to be aware of and not lose sight of the personal factors so that you can really take control of your life.

How to make it work

Don't be afraid to learn from others. Find an experienced person who can be your mentor. Go to; http:///www.TheMoneyExpert.com. They have an outstanding professional mentoring program available for those wanting to be self-employed. Connect with your local Small Business Development Center and overcome your weak areas by taking community college courses or seminars. Ensure that you get the psychological (as well as financial) rewards that make us interesting people to be around. Along with your work, make time to take breaks with your special person, play with your children (if you have them) and/or let them participate in your business, play ball with your dog, jog or bicycle or otherwise workout.

Build in time for a significant socializing activity, such as a club where members share your interests and where you can interact and share ideas. Make presentations of your product or service. Volunteer some time to help others. Take a break at the caf of your local bookstore, where you can also expand your mind.

In short, think about what your needs are as a person and build these into your work-at-home schedule. It will help you be more complete and as a result, more vigorous and productive in your work. Isn't that what you're after?

-Warren A. Carlson is a Financial Hotline Educator for http://www.TheMoneyExpert.com. He is also Associate Editor of Success InSight Magazine and has a broad-based business background.

For more information and additional self-employment strategy visit: http://www.TheMoneyExpert.com and pick up a FREE subscription to FREE MONEY TIPS, The Worlds Leading Money Strategy Newsletter

2006 International Administrative Services, Inc.