Occupation: Self-Employed
Do you dream of being your own boss? People
consider self-employment for many different reasons. Some enjoy
a challenge. Others want the ability to set their own hours. Some
are entrepreneurs who are sure that their new idea (or product or
service) will be successful - with just a little help. |
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 Tinkering
with the Idea
If you're not sure how to start planning, the
Bureau of Labor Statistics of the
U.S. Department of Labor has published a helpful article. Considering
Self-Employment describes some of the most common occupations
of self-employed workers and gives growth projections by occupation.
It also asks questions intended to help you honestly evaluate whether
you're up to the challenge. How are your planning and organization
skills? Are you willing to work long hours? Will your family be
supportive? |
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 Taking
the Plunge
You have the drive and ambition. You have the
support of family and friends. You now need to develop an initial
business plan and find financial resources. Before you go any further,
check out the
Small Business Administration's (SBA) wealth of resources, described in
SBA's Programs
and Services guide. Among the services available are low-cost
loans, counseling and technical assistance sources, assistance for
veterans and women, and more. The SBA's
Small Business Development Centers can help with your loan application.
Its Service Corps of Retired Executives provides free advice on
virtually every aspect of business, and can help you review and
revise your initial business plan. |
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For more information on
other popular consumer issues check out FCIC's Consumer Focus
Archive. |
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Taking Care of
Business
An essential part of your plan involves
the various taxes that you will need to pay. As a matter of fact, one of the
first decisions you'll be making is determining the type of business you will
operate. Will you be a sole proprietor? Involved in a partnership?
Incorporated? Each type has its own advantages, complexities, and tax
implications. For help, visit the Simplified
Tax and Wage Reporting System, a joint effort among the SBA, Department
of Labor, Department of the Treasury, Internal Revenue Service, and Social
Security Administration. This site is a convenient one-stop source for tax
information and assistance, gives access to many of the forms you'll need to
file, and can help you make sure you've covered all the bases regarding your
potential federal tax liability. |
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Other Resources
This is just a brief overview of some
points to consider if self-employment is of interest to you. For more
information on self-employment check out these resources on the World Wide
Web: Publications
Available for Ordering from FCIC:
Web Sites*:
*If
you click on these links, you are leaving FCIC's web site. Please bookmark us
before you leave so you can return easily. FCIC is not responsible for the
content of these web sites. |
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