Get a Job Series Part III

Being Your Own Boss
Janet Farley, Ed. M, Career Consultant & Writer
Army Spouse
www.JanetFarley.com

Welcome to this third installment of a three-part series, written especially for the NMSN with content adapted from my book, The Military Spouse's Complete Guide to Career Success: Finding Meaningful Employment in Today's Global Workplace (Impact Publications, 2008).

In part one, we examined federal employment opportunities and in part two we looked at how to land a job outside the main gate. Now, in part three, we will discuss self-employment as a path to career success.

Part III: Being Your Own Boss

It sounds almost too good to be true. You are your own boss, calling all the shots. Self-employment, however, has both its good points and not so good ones.

Pros:

You can set your own working hours.
Day-to-day, minute-by-minute you get to decide the priorities.
Depending upon the nature of your business, it may be able to PCS when you do with little or no disruption.
If you work out of your home or quarters, you can potentially save big bucks on the traditional costs associated with working such as transportation, childcare and clothing and dry cleaning.
You could also realize a tax advantage as a result. Consult with your tax advisor and ask about writing off your business expenses and the portion of your home you deem your "office" on your federal and/or state income taxes. Access IRS: Self Employed Individuals Tax Center for more information.
You have more of an increased flexibility to think outside the box. And we all know that thinking outside the box is a talent in and of itself. You never know where it will lead you.

Cons:

Speaking of taxes….you'll be the one paying them from now on. You won't have a payroll department (unless you hire one) to process the federal and state taxes that you will be required to pay on a quarterly basis to Uncle Sam.
You're it. When something goes wrong, you only have yourself to blame. And at some point, others will blame you, too.
You will work far more hours than you think you will, particularly in the beginning. (Take comfort in the fuzziness of your bunny slippers).
Background noise. Whether it is coming from your 4th grader, your spouse or the family pet there will be interruptions when you least want them.
Cash flow. Depending on your business, you may not see a steady paycheck for a long time if ever.
The competition is tough, regardless of your business. With unemployment being at nearly 10% and predicted to rise in the next year, you won't be the only one hanging out the "Open for Business" sign.

How to Get Started

Visit your on-installation employment readiness office for more information. Your family center may offer free of charge classes on the subject.
Visit Small Business Administration: Small Business Planner to learn how to plan and launch your own business.
Consult with the SCORE nearest you where you can attend online or in-person workshops for free.
Become a member of the local chamber of commerce and volunteer if possible with them. It is an open door to an instant network of potential customers.
Update your online social and professional networking links announcing your new business when the time is right.

Tips for Success

Think it out completely before you do it. Have a clear vision of what you want to do and how you are going to do it.
Be qualified to do the job you want to do.
Continue to foster your own professional development.
Make sure your spouse and family members understand that this isn't just a hobby for you but a job.
If you are a two-paycheck family, don't quit your day job to start a new business. Instead, slowly start and grow it on the side until it can take the financial wings you need it to have.
If you live on a military installation, make sure you are allowed to operate a business out of your quarters. If you live on or off post, obtain a business license.
If you are stationed overseas, don't use the APO/FPO postal system for your business, particularly if boxes of products are involved.

For individualized assistance, again, visit the family service center's employment readiness manager on the installation nearest you. And while you're at it, take advantage of Military OneSource counselors 24/7/265 who can direct you to more resources.

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