Fire Your Boss And Work For Yourself

Contributed by Rob Siders

If the seeming job insecurity of today's economy has left you feeling a little scared, it might be time to take matters into your own hands: fire your boss and work for yourself.

You might be thinking, "What? How is quitting my job - you know, the one that pays my bills and feeds my family - going to lend stability to my life? Won't it make for more instability?"

These are good questions and ones you should be asking. It is entirely possible that making this leap could lead to more uncertainty. It most likely will create leaner times in the short run.

But when you get down to it, owning your own business could be your ticket to financial freedom.

Just search the Web for the term "be your own boss" and scores of results appear, geared toward helping you start your own business—from individual state resources that steer you toward services essential for new businesses to investing seminars to franchising opportunities.

What Business Can I Start?
Perhaps the biggest question you're asking is, "What business can I start that isn't being done already?" Really, the primary goal here isn't necessarily to be first to the market with something that isn't being done... although having that kind of freshness couldn't hurt.

What's more important is choosing a business that you can operate profitably and in a field you enjoy. If you're striking out on your own, why not do something you love?

The first place to start is looking at your hobbies.

Do others compliment you on your writing? How about your baked goods? Is the canoe you built in your workshop attracting attention in the neighborhood? Are you an expert on how to use Excel®?

Any of these things can be the basis of your business. For example:

• If you're good at turning a phrase, local small businesses and non-profit groups are always in need of people who can write their brochures and other marketing material.

• One woman began her multimillion-dollar cookie operation from her own kitchen. Why not you?

• Woodworkers can earn big money making custom cabinetry and furniture. Your weekend hobby is now a top-paying side business.

• If software and computers are your thing, fixing or teaching others how to use a computer can lead to a lucrative business with relatively low start-up costs.

What Other Avenues Exist?
Some will argue that starting your business based on a hobby is unwise. It makes sense–your hobby is your oasis, a place to escape the real world. Why make it your job?

If this is the case, a good place to look is franchising. There are a good number of viable, low-cost franchise opportunities. Use your favorite search engine and look up "franchise."

Burgers, sandwiches, vitamins, health and beauty, software training centers, bridal services, computers, custodial, jewelry, and travel businesses can all be started through a franchise agreement.

Like with any business start-up, however, these opportunities come with risk. Many of them require you to invest some of your own money to get in and all of them require hard work to succeed.

Some things to think about when looking at franchise opportunities:

• Make sure the franchisor is established and reputable. Talk to current operators–both new and veteran–for their perspectives. They will have a different take than what you'll read in the marketing and sales material from the home office.

• Make sure you can afford it. In many cases, the start-up fees can be high. Two major franchisors–ironically, one is a health club and the other is a donut shop–require franchisees to have liquid funds of more than $1 million. Other opportunities require as little as $10,000 to get rolling. In any case, ongoing funds are also required to keep your new business afloat. Make sure you and your family can handle it.

• Take some time to find the right opportunity. Have your attorney evaluate franchise agreements. Seek the advice of your financial planner. This can be a big risk and not all franchisors are worth it.

Too Rich for My Blood
If the sticker shock of franchising has you, well, shocked, there is another way you can begin in business with a major brand, leaving time and money left over: network marketing.

What's network marketing? In some circles, these opportunities are called multilevel marketing, or MLM, businesses. Among the most well-known, and most successful, are Amway, Mary Kay and Avon.

These opportunities often require little start-up capital–as little as $50 to $100 in many cases–and offer great support for the budding new business owner, from marketing materials to new product development.

The real potential, however, exists in building your network.

This means you are not only responsible for selling the product line to your own customers–generally consisting of friends and family at the start–but also for recruiting new people to the network of distributors, called a "downline."

This can be quite profitable, because, in addition to the commissions you earn on your own sales, you also rake in a residual commission on the sales of your immediate downline.

In most cases, as the members of your downline add their own recruits, you'll earn a residual commission off their sales as well.

Making the Jump
Remember, any new venture has risks. Weighing them against the rewards is task number one.

Perhaps the best way to start is deciding whether taking control of your employment is, not only, viable, but also something you value. If so, then firing your boss could be the best and easiest decision you ever make.

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About the Author:
Rob Siders is a freelance writer living in Denver, Colorado.