Is 2010 the Year to Start Your Own Business?
Some people who lost their jobs during the recession used the opportunity to strike out on their own. If you’ve been toying with this idea, we have advice to help you decide whether to start your own business and tips to help you become your own boss.
Start by taking our ten-question quiz to see if you’re ready. Then develop a plan and get your finances in order. How to Be Your Own Boss will help you lay the groundwork for your business. For tips on getting a loan and other resources available to start-ups, see Laid Off? Start a Business and How to Get a Loan to Start a Business.
If opening your own business sounds too risky, a franchise might be right up your alley. See The Prefab Alternative to learn more. Or you might consider consulting. You'll need motivation, contacts and six months’ to a year's worth of expenses in cash reserves to pursue this route. See Set Out on Your Own as a Consultant to find out if you have what it takes.
Once you become self-employed, it will be up to you to figure out how much you owe in taxes and make payments each quarter. Learn more about tax rules for the self-employed.