Next video:
Loading the player...

Working in your pajamas, setting your own hours, enjoying the comforts of home. If you’re serious about being your own boss and setting up shop in your living room, you can do it. These steps can help get you there.

Step 1, know your financial situation. Learn, to the dollar, how much your business must generate to keep itself, and you, afloat. Don’t forget projected expenses.

Step 2, critique your stability and personal discipline. How do you respond to pressure? Do you have a personal support system? How well do you manage your time?

Step 3, figure out your line of work. If you’ve found something you love to do, you do it well and you can make money at it, you’ve found the sweet spot.

Step 4, start part-time. Building a big enough client base won’t happen overnight. Unless you have no other choice, hang on to your steady income and squeeze your extra work in on nights and weekends.

Step 5, define the transition from your office job to your be-your-own-boss job. The call of the home office will grow stronger as your business begins to build. If possible, go part-time at your current job and save extra income to ease the financial burden.

Step 6, set up shop. Become a legal business entity. Organize your tax and financial documents, as well as a proper workspace.

Step 7, don’t burn your bridges. Be courteous when you leave your old job. Keep in touch with those who were important, and don’t slam the door on the way out.

And step 8, keep the work coming. The secret to success is to maintain a flow of new customers. Everyday, take time to cultivate new business, even when you’re swamped.

  1. No results found.
Related Articles
  1. Small Business

    8 Steps To Becoming Your Own Boss

    Your step-by-step guide to leaving the nine-to-five world and striking out on your own ... successfully.
  2. Managing Wealth

    3 Simple Steps to Building Wealth

    Getting richer is easier if you take it one step at a time. Here are 3 simple steps to building wealth.
  3. Small Business

    Start Your Own Small Business

    Quit your job, be your own boss and earn a paycheck. Find out what to do to make it happen.
  4. Financial Advisor

    7 Easy Steps to Negotiating a Raise

    Salary negotiations aren't easy, but even if your company is on a tight budget, you can still ask for more.
  5. Personal Finance

    Lost Your Job? 6 Things to Do Immediately

    If you’ve lost your job, shoring up your finances as best you can will make it easier to get back on your feet again when that next position rolls around.
  6. Small Business

    5 Signs You're About To Be Fired

    These red flags might mean it's time to start looking for a new job.
  7. Retirement

    4 Steps to Successful Retirement Savings

    These four steps can get you on the right path to meet your retirement goals.
  8. Personal Finance

    Calculate Your Self-Employed Salary

    Deciding on a salary is tough when you're self employed. There are several factors to consider before setting a price on your services.
  9. Financial Advisor

    Losing Your Job: From A To Z

    Job loss can be devastating. Learn how to anticipate it and quickly get back on your feet.
Hot Definitions
  1. Earnings Per Share - EPS

    Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock.
  2. Trustee

    A person or firm that holds or administers property or assets for the benefit of a third party. A trustee may be appointed ...
  3. Gross Domestic Product - GDP

    GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period, ...
  4. Debt/Equity Ratio

    The D/E ratio indicates how much debt a company is using to finance its assets relative to the value of shareholders’ equity.
  5. Exchange-Traded Fund (ETF)

    A security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.
  6. Net Present Value - NPV

    Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows ...
Trading Center