Employ Yourself
Create Multiple Streams of Income
Planning for the Future
Due to increasing competition from cheaper labor sources outside our borders, US corporations have drastically altered the way they treat their employees.
Very few people have any job security. Corporations have taken to offering voluntary early retirement packages to older employees, so that they can be replaced with younger and less expensive labor.
Over the last 10 years or so, there has been a rash of downsizings, layoffs, outsourcing and corporate bankruptcies.
This scenario is playing itself out at a time of every increasing debt on the part of American households. It seems everybody needs more money. The baby boom generation is nearing retirement age, but the cupboard is bare. There appears to be an epidemic of overspending and under savings that threatens to make everyone's life miserable.
Now is the time to consider you future. Do you have sufficient savings to live comfortably in retirement? Or do you still have children to put through college? Are you saving for a down payment on your first house? Wherever you are in life, now is as good a time as any to start planning.
Instead of relying on others, rely on yourself. Employ yourself. Provide your own means of making an income, so that if you are eventually laid off or downsized, you really won't care.
Employ Yourself
Start a business. "Impossible" you think. But it's not as difficult as you think.
You need imagination, research and hard work, but not necessarily a lot of capital.
Unless your area of expertise is in high demand and other opportunities abound, you should consider your own business - perhaps even one you could operate from your home.
There are many advantages to operating a home business: tax deductions on something you're paying for anyway - your residence; savings in commuting and business clothing; flexibility; being your own boss; but perhaps most important - the freedom to choose something that really brings you pleasure as well as income.
The best time to start is while you still have a job. The start up of any new business requires a lot of soul searching and research. It doesn't happen overnight.
If you're able to keep your day job at least until you're ready to launch your new home business, great. But it's even better if you can hang on until you're reasonably certain that you're onto a good thing.
What Turns You On
Your first challenge is to identify how you want to employ yourself - what it is you want to do, what turns you on. You are more likely to be successful if you pursue something you really enjoy and are knowledgeable about.
Try this simple exercise. Quickly jot down a list of 10 things you enjoy doing. Be quite specific. For example, don't list something as general as "exercising"; instead write "coaching weightlifting" or "taking aerobics classes".
Put that list aside and make a second list of 10 things you would like to have more time or money for. Now go back and rank order each list.
The first list identifies income-generating opportunities that really engage you and bring you personal satisfaction. The second reveals two things:
First, some of the things you wish you had more time or money for may match up with the top items of what you enjoy doing, confirming what course you should pursue.
Second, the cost of items on your wish list will help you determine your income goal and the feasibility of starting a business that will meet it.
With the results of your lists, start to brainstorm how you can connect the dots between what you enjoy doing and what you wish you could do more of. They will pin point ways to employ yourself profitably.
Analyze the market for your area of interest. How much demand is there? Where is it? Is this demand already well met?
You're most likely to succeed if you identify a need that is not well met in the marketplace.
Identify Business Opportunities
Affiliating with Established Companies
If you decide you prefer to employ yourself by affiliating with an established company, beware of get rich quick programs. Many work at home schemes are nothing more than scams.
Some require you to invest a large amount of money to get started. You may be quite shocked when the chintzy merchandise or materials you are required to buy arrive.
Check out any "work from home opportunity" as thoroughly as you can before sending any money. Use the Internet and the Better Business Bureau: ask the company for referrals, but don't be fooled by shills - people the company refers you to who are paid to help close the deal.
Multi-Level Marketing
New multi-level marketing (MLM) opportunities are popping up daily. The recruiting pitch makes it sound so easy to employ yourself and begin raking in millions. I'm not a fan of MLM and I think for most people the dreams far exceed the reality.
In most MLM systems only the people at the top of the pyramid make much money. The rest end up acquiring products for their personal use or resale at "wholesale" prices, while slaving to build a "downstream", in my opinion, not the best way to employ yourself.
I've looked into a lot of these companies trying to build "multiple streams of income". Everyone that I have run across requires an "investment" that runs from several hundred to several thousand dollars, plus monthly fees or minimum purchases that also add up to quite a bit, quite rapidly.
With most MLM companies, you cannot "recruit" a downstream unless your join at some higher level, which, of course, requires an even higher investment. Usually the products are either overpriced or really irrelevant to the whole purpose of the company, which is really to run a pyramid scheme.
I think the reason most MLM companies require potential salesmen to buy their products is because it is the only way they sell them. I always wonder why I would have to pay someone to work my butt off selling their products. It seems it should be the other way around.
Worse yet, you may need to purchase a large "inventory" of products, whether you want them or not and even if you are going to be selling over the Internet and never actually take possession of them.
I have read over and over again that the people who succeed at MLM marketing are the friendly garrulous types, who can easily start conversations with complete strangers and who can work their MLM pitch quickly into the conversation. Clearly, not everyone can do this. If you can't, look to employ yourself elsewhere.
I don't think the internet makes MLM recruitment any easier. You have to spend a lot of time working with prospects to build up their trust, which I believe will quickly evaporate once the real purpose of your efforts is revealed.
MLM is not for me, but if you're interested in MLM be sure you employ yourself with a reputable company and resist being pressured into stocking lots of inventory.
Research the company thoroughly. The more transparent the company the better. Tom Mower encourages distributors to maintain blogs.There are lots of horror stories on the Net about people who were royally shafted by MLM companies.
Providing a Service
If you have a skill you enjoy using that is in demand, it could be your ticket to financial independence.
For example, if you like working with numbers and don't mind filling out income tax forms (especially when they aren't your own), check with your area's leading tax preparation firms to see if they hire extra preparers during the tax season. You'll get training and you can work nights (keeping your day job) while you learn.
If your skill requires certification and the field you would like to move into is somehow related to your current job, you might be able to get your current employer to subsidize your training. Look into adult education and community college courses.
Don't be limited by your day job. If you like animals consider pet sitting. If you like to cook, try catering. Many times you will find that a talent you take for granted is worth something in the marketplace. Home based business opportunities surround you.
Produce Something Yourself
If the list of things you like to do includes making a product or providing a service, you may be in a good position to start employ yourself in a grass roots work at home business completely on your own and see how it grows.
Perhaps you can bake gourmet cookies (or dog biscuits), make personalized greeting cards, build wonderful dollhouses or sew beautiful quilts.
You may already have some inventory and may even have sold a few of your products to friends. You can grow this "hobby" into a serious home business with some careful planning and market research.
If you want to investigate self employment further, I would suggest you visit the For Profit section of our sister website The Artful Crafter.
While the articles are oriented to crafters trying to start up a home based business to make and sell their creations, most of the advice applies to any small start up work from home business.
You will find articles on marketing, pricing and selling, as well as on budgeting, insurance and financing.
Some Ideas on How to Employ Yourself
Start A Drop Shipping Business
