Going Out On Your Own??

Contrary to popular belief, this is the perfect time to start your own business or do contract work. Rents are low and businesses are more prone to use contract staff because they don't have to pay them health insurance or invest in workman's comp/social security benefits...they are just cheaper in the long run. This is the time to start something new. For information on how to start your own LLC, read Josh's blog (JoshBruce). He has first-hand experience starting his own LLC and was nice enough to document the process. I know nothing about LLC's or doing contract work, but I suggest starting an LLC to keep all money separate from your personal money - keep it legal.

And this is just my personal thought...but after all the dust settles and the economy begins to heal, I am pretty sure contract workers are going to be a huge part of the workforce. Employers are going to be hesitant to hire FT workers, provide them with health care, and pay into their unemployment because for awhile, no one will really trust that the economy is truly healing itself. This "recession" (or whatever you chose to call it) has really taken a toll on the business owner and their trust in the "system". Hiring contract workers allows you to get the services you need without making a commitment to keeping that person employed. This will work for many industries.

From all the reports I have been hearing, this is a good time to start a "relevant" business...meaning something businesses may need on a contract basis. Josh's LLC is a publishing company, but a lot more than that. Companies will likely be subbing out work for services that Josh can provide, so this is a great time for him to go out on his own. Some other services include AutoCAD, IT services, Marketing, etc. If you have a large enough network to draw from and they can provide you with a large network of people...go out on your own!

Remember the basics of networking, this will be the key to your success. A great book for how to network to support your business is The 29% Solution. This book provides a 52-week plan on how to network to get your business going and keep it going. I haven't completed it, but so far I am impressed.

Good luck!!