Self-Employment: Is it Right for You?

By Guest Blogger Colleen Moynihan, MEd, CLU

Self-employment is not something many people think of when they consider earning a living. This is understandable, as the American educational system typically teaches students to be reliable, productive employees. Their teachers are also employees who may have little, if any, exposure to self-employment. Most of their parents are employed by other people. And most of us pay little attention to what goes on in the back rooms of the many places that sell services and products.

What Does an Entrepreneur Look Like?  

Entrepreneurs are people who plan, start and run their own businesses. They come in every size, shape and age, and from every cultural and racial background. They are people with and without disabilities. They are everywhere.

For example, a veteran with a disability returning from the Middle East discovers the employment landscape has changed since he left for military duty. He has changed as well. His skills and expectations are now different.  But he is still seeking to build a future. And self-employment has the flexibility of time and place that can lead to his personal and financial success.

Starting Your Small Business

Self-employment is a learned skill anyone can develop. With the right support, the door to self-sufficiency is open to anyone. Every new business owner can benefit from a support group to provide information and encouragement. Support groups may be made up of family, friends, other business owners or organizations like SCORE.

Launching a business idea means contacting resources like the U.S. Small Business Administration (SBA), SCORE, the SBA Small Business Development Center or NEBA’s Business Development Center to get information to start the process. As the saying goes, "There is something for everyone." You have to find where you fit.

The first step is writing a comprehensive business plan. The business plan is the foundation for starting a business. It lays out what the proposed business looks like, how it will run, and how much money it might make over a three- to five-year period. The plan highlights the prospective business owner’s skills and special talents that will make the business a possibility.

Self-employment offers financial independence and employment opportunities. Check it out!