Turn Your Job into a Business

from Alice Seba 

Whether you??re simply tired of your 9 to 5 job, are a new mother who can??t bear the thought of leaving your children in the care of someone else or if you??re just received notice that you??ll be losing your job take heart. There are many opportunities to turn your job into your own business.

Here are some tips for turning a service you provide for your current employer into your own service-based business.

Take the Time to Research Your Options

Don??t just automatically quit your day job and assume the money will come pouring in. You??ll need to do research to determine if the service you currently offer is one that would make a good business venture. Some examples of jobs that have successfully been converted to businesses include bookkeeping, tax preparation, administrative assistant, web designers, graphic designers, sales jobs, and many others. Take a look and see what other independent service-providers are out there working in a similar field to yours.

Realize the Work Involved

By starting your own service-based business, keep in mind that not only will you be doing the actual work, but you??ll also be responsible for running a business. This will require more time on your part that are necessary to running a business. For instance, business owners don??t get paid each month for keeping track of, reporting and analyzing accounting for their business, but you still need to find time to do it. You will also likely incur additional costs in setting up your home office, creating a website (click here for a free 10-day trial) and finding new clients.

Beware of the Trading Hours for Dollars Trap

It??s easy to get into a routine of spending countless hours working on your business. It??s not uncommon for service based business owners to find at the end of the month, they??ve made very little money in comparison to the time they spent to earn that money.

One way business owners can combat this problem is to charge what their time is worth in the first place. Just because a business is new does not mean the owner should charge rock bottom prices in order to get work. Be honest with yourself and if you deserve more money, don??t be afraid to give yourself a raise!

You can and should also hire subcontractors to get some of the client work and tasks complete. No, I don??t mean anything complicated like hiring employees, but instead find independent contractors that can help complete various tasks in your business.

This might mean finding someone who can assist in areas such as customer service, bookkeeping, or even being a backup for the actual services you provide your clients. Independent contractors work for themselves and take care of their own costs and taxes, therefore leaving you to pay only for the work they actually do for your business. No need to worry about taxes, unproductive time, lunch breaks, equipment costs, etc.

If you enjoy what you do for your current employer but have found yourself in a position that leaves the need or just plain want to work for yourself instead, turning a current job into your own business is not impossible and definitely worth a second look. Just be sure to research and plan ahead to ensure the best possible outcome.

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