Is Time Right To Become Own Boss?

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July 30, 2008 by Rich Whittle | 2 Comments

St. Petersburg Times:

Maybe you’ve thought about starting a business for years. Or maybe you’re considering this route because of an impending job loss as the economy continues to falter.

1. Devise a plan of attack. Before venturing too far, make sure a market exists for your product or service.

2. Could you fly solo? If companies in your career field frequently rely on independent contractors, perhaps you could become one of those independent contractors and work out of your home.

3. Would you need employees? If your business idea would require you to hire employees, life will become more complicated.

4. Pay estimated taxes quarterly. To avoid an unexpected doozy of a tax bill after you strike out on your own, file estimated tax payments by the deadlines established by the IRS.

5. Save for retirement. Set aside at least some money for retirement each month.

For five more tips, go here.

Photo by trohaa.