Do You Really Want to Work for Yourself?

By Janet W. Butler

Self-employed. Has a nice ring to it, doesn’t it?
Of course it does. And it’s a siren song lots of us hear. You can’t pick up the employment section of a newspaper without seeing a whole column of Work from Home, Small Business Opportunity, or similar ads. Many, many of us bite on more than one of these…only to find out that "working for ourselves" isn’t quite the "life of leisure" these ads lead us to believe it is. Some of us end up broke, or bitter, or both, with nowhere to go but back to a daily "grind" we hate even more.

But it doesn’t have to be that way. So…what’s being "self-employed" really all about?

1. It’s about serious work.
You may have heard the old joke: "When you own your own business, you only have to work half the time. And you get to decide which twelve hours that is."

The reason that line is so popular in self-employed circles is that it’s true. You’re responsible, from day one, for what happens or doesn’t happen in your own business. Nine times out of ten—maybe eleven times out of ten!—that means you’ll work way harder in your own business than you ever did for anyone else.

Eventually, of course, you may be in a position to "work when you feel like it," "take life easy," and all those other things the ads so glowingly promise. But don’t think that point is coming anytime soon. It’s not. So double up on your vitamins, and get ready to put in some long hours for a very long time, until you’re established in the business enough that you can actually let it run by itself part of the time.

2. It’s about sacrifice.
The good news about working for yourself is, you’re free of all the restraints that "cramp your style" about "working for the man." The bad news is…you’re also free of any safety nets involved. Which means no more group health insurance coverage. No more dental plans or eye care plans that you pay a nominal amount for, with someone else covering the rest. And no more steady paycheck.

You may think this is obvious, but you’d be surprised how many people don’t think this far ahead before taking the plunge and deciding to "go it alone"—only to discover that being self-employed is terribly, terribly expensive. To replace what you’re making in an average full-time job, even with modest benefits, you’ll have to make anywhere from 1-1/2 times to 3 times the money you make now…just to stay even. That’s not even talking about adjustments for inflation or the like.

So for at least a few months, if not several years, you’re going to have to start trimming many of your "wants" and even some things you call "needs" from your budget, and do without them for an indefinite amount of time. This is hard enough if you’re single, with no one depending on you; it’s murder if you’re the sole breadwinner of your family. Don’t go down that murderous path lightly; get a realistic picture of what you’ll need to replace what you already have, and plan accordingly.

3. It’s about support.
No entrepreneur worth his or her salt is worth much "salt" for long without the wholehearted support of lots of other people. As previously mentioned, if you’re single and trying to make it on your own, you might get a little tired of eating ramen every night—but you can pump yourself up to pretend it’s caviar, with a little shot of remembering your dream and why you’re doing this weird thing to yourself in the first place. With a family, however, that dream wears mighty thin mighty fast. And kids need things like milk, and school supplies, and new shoes…

So even if it’s "just you," but especially if it’s you and a family whose livelihoods are at stake, don’t try to literally "go it alone." Get as much professional support as you can get around you before you take the plunge. Network with local business people, especially those in your field and who may be your best competition. Pick the brains of retired executives. Go to the Small Business Administration website and take advantage of the information there. Attend business expos, workshops, continuing-education offerings…anything that can give you a better handle on this self-employment thing.

But most important, you need to get your family invested in the dream, if you can. If you can get your spouse/partner excited about this vision you have as well, he or she may be willing and able to bring in a normal paycheck while you go all-out for this grand venture. If you’re truly lucky, that partner will also be a cheerleader for your great experiment, helping you weather the inevitable things that will go wrong in even the best plans. This, when you’re starting to literally work your dream, is worth a figurative million bucks.

If the opposite happens, however—and your plans fall on deaf, indifferent, or even hostile ears—resist the temptation to push harder, sell more insistently, or try to make them "see your side." You may just need to give your loved ones time to grasp what it seems like you’ve been dreaming of all your life.

Remember, however, they’re looking at this from the outside. They’re seeing a change they’re not sure about. And they’re not in your head or heart. They don’t see this dream, these possibilities, the way you do. Given enough time, and enough wise answers to their real concerns, the people who love you will more than likely love seeing you take off with this dream and run with it.

Just remember not to run too fast out of the starting gate. Working for yourself isn’t a sprint; it’s a marathon. You want to go at a pace that’s quick enough to make good things happen, but not so fast that you can’t see the road ahead of you!