Many who are unemployed or just want to supplement their income turn to self-employment. The first and most important step is to treat the activity like a business.
Plan and research the proposed activity. When you start, keep record of your time and expenses. Open a business checking account. Self-employment is hard work, and to be a success is even harder work. But the rewards can be substantial.
Here are a few recent examples of individuals that achieved different levels of success.
Jack wanted to supplement his income. His career was progressing but he couldn’t seem to find the money to fund his retirement plan. He learned of a manufacturer’s rep opportunity. He is paid a commission and he could work as much or as little a he wanted. He carved out a small customer niche, worked about 10 hours a week and currently earns over $450 a month. More than adequate to fund his Roth IRA. In addition he’s actively looking at other opportunities to sell other items to sell to his customer base.
In another example, Julie is a stay at home mom. When shopping at a local Tuesday weekly farmers market she saw an opportunity. Using her grandmother’s recipe she baked 10 loaves of German rye bread. They sold in less than an hour. Now six months later she starts mixing the dough on Sunday, bakes over 120 loaves of bread on Monday night to be sold on Tuesday. With her custom orders she plans on earning over $15,000 this year.
Still working out of her home, with her families help, but she has her eye on a store front location. The move may be a year or two in the future but the option is something to consider.
Finally, Margaret started making and selling jewelry items at local craft fairs. From this modest beginning she now has over 50 wholesale accounts and over 10 full time employees. She still enjoys designing new jewelry items. This year her business will gross over $1.5 million.
So it may be selling someone’s product, making the item yourself or providing a service but self-employment opportunities are everywhere. Do your homework, follow your passion, be flexible and success can be just around the corner.
This entry was posted on Thursday, February 25th, 2010 at 7:00 pm and is filed under Career Advancement, Career Planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.