Career Exploration: Becoming A Self Employment

Having a business of your own may sound like fun - but it can take lots of hard work. You might think it means being able to set your own hours or not having a "boss" - but this isn't always the case. Many small business owners find that they work long hours and their customers/clients are very demanding "bosses!" You should also consider that you won't receive a company provided health care and other important benefits that you might have if you took a job with a corporation that offers these benefits.

Still, having your own business can be very rewarding. Just make sure that you know what you are getting yourself into and be sure to look for help with complicated matters like contracts, insurance, filing taxes, paying wages, etc.

Here are some resources to help you understand self-employment:

A guide to becoming self-employed.

13 Signs You are Meant to Be Self-Employed.

Imagine that you would like to become self-employed. Be sure to number your answers to the following questions:

1) What type of business would you like to own? IT WILL BE OWNING A RESTAURANT.

2) How would you create this business (create the business yourself, purchase an existing business, or become a franchise)?

3) Depending upon your answer to question 2 - how would you get started? List 3 or more steps that you would need to take.

4) How much time would you expect that you would need to devote to your business each week (in the first year or two)?

5) What specific business skills will you need in order to succeed?

6) What KSA's and personal traits will it take to succeed?

7) How much money do you expect it will take to start the business (a rough estimate is fine - but consider the costs of rent, products/materials, employees, insurance, utilities, and the amount you expect to draw in salary so that you can continue to pay your expenses while starting your business).

8) Do you feel that owning your own business is a good fit for you? Why or why not?