Be your own boss and you'll be happier. That's the conclusion of a recent Gallup survey on the impact of occupation on happiness and well-being. Small business owners experience higher levels of job satisfaction -- even amid economic downturn. With the right career training and an entrepreneurial spirit, you can join the ranks of the happily self-employed.
The benefits of being your own boss
The Gallup-Healthways Well-Being Index, the most comprehensive survey to date with 100,826 respondents, found that business owners outranked all other workers in overall happiness and well-being, beating doctors, lawyers and business executives. What's so good about self-employment? Working on your own terms, having control over your fate, doing what you love, and not living in fear of the pink slip rank high on the entrepreneur's list of perks. "Even when things get tough, I'm still in control," says business owner Roger Peugeot. Business owners also enjoy the satisfaction of focusing their energy on something that matters to them and benefits them directly.
In addition to self-determination, small business owners have the advantage of agility to help them negotiate the twists and turns of a volatile economy. According to Forrester Research and U.S. Bureau of Labor Statistics data, "small and medium-size businesses (SMBs) suffer less and recover faster from recessions than their large enterprise counterparts." Many small business owners have already bounced back from the recent downturn.
Five ways to self-employ
Owning your own business is easier than you might think. You don't need a brilliant business idea -- solid career training will help you set up shop.
1. Chef/restaurant owner
A culinary degree is often a prelude to entrepreneurship. Many top chefs capitalize on their culinary training and industry experience to establish their own restaurants. As a chef and restaurant owner, you'll oversee the menu, the décor, the marketing, the staff and the finances of your business. Your creative vision inspires the enterprise, and your business sense brings in a profit.
An associate or bachelor's degree in culinary arts can get you started in restaurant entrepreneurship. Most culinary schools combine culinary and business training, incorporating courses like restaurant management, budgeting, marketing and food safety.
Salary: Chefs reported an average income of $42,410 in 2008, but a successful restaurant can bring in significantly more.
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2. Freelance paralegal
Paralegals don't have to work for a law firm -- they can work for themselves, setting up shop as a freelance contractor. Freelance paralegals set their own hours, working on a project basis and accepting assignments at their discretion. Independent paralegals, also called legal technicians, typically specialize in a particular area of the law and command a higher hourly wage than their firm-bound peers.
An associate degree in paralegal studies or a post-baccalaureate paralegal certificate offers the necessary training for a paralegal career. Since you'll need to do your own marketing and finances as a freelancer, you might consider supplementing your paralegal degree with business courses.
Salary: Paralegals registered a 2008 mean wage of $48,790, or $23.46 per hour. Independent workers generally charge upwards of $50 hour, bringing their gross annual income to the $100,000 range. Angela Schneeman, author of the reference book Paralegal Careers, writes: "An experienced self-employed paralegal has the potential to earn a much higher than average income."
3. Home care nurses
Home health aides rank third in the Department of Labor's list of the fastest-growing occupation in the U.S. With an aging population driving demand for trained in-home health care professionals, the ranks of home health aides are expected to grow by nearly 50 percent between 2006 and 2016. A high proportion of home-care nurses work as independent contractors.
Home care nurses offer patients access to skilled medical care in their homes. Most are licensed practical or vocational nurses (LPNs). Career training in licensed practical nursing can be completed in as little as a year through a specialized vocational nursing program. Alternatively, you can qualify as a registered nurse by completing a two-year associate degree in nursing (ADN).
Salary: Licensed practical nurses reported a 2008 average wage of $40,110, while registered nurses earned $65,130.
4. Financial advisor
Financial advisors generally establish a business managing the finances of individual or corporate clients. They may specialize in investments, estate planning, tax preparation or corporate risk management. Or they may offer general services to help clients set and achieve their financial goals.
A bachelor's degree in finance, economics or business offers the quantitative skills and applied financial training to set you up for success as a financial advisor.
Salary: Personal financial advisors earned an average income of $92,170 in 2008. Your results will vary based on the number of clients you represent and your ability to deliver results.
5. E-commerce entrepreneur
E-commerce offers infinite opportunity for enterprising business owners. The Internet features low overhead costs, allowing you to sell products or services with minimal risk. For a couple hundred dollars or less, you can build a Web storefront and develop an online advertising campaign to attract visitors to it.
Running an Internet business requires many of the same business skills you would use to run a brick-and-mortar shop, plus a dose of Web savvy. Build e-commerce business skills with a bachelor's degree in business, or upgrade your career training with the ultimate business credential: an M.B.A. Some business schools offer a specific concentration in e-commerce entrepreneurship, focusing on the particular marketing, distribution and operational issues internet business owners face.
Salary: Your earnings are a direct reflection of your business' success. Find a dedicated customer base for your product or service, and your low-overhead online venture can quickly turn into a goldmine.
Being your own boss has its benefits: full control over your workday, an income that reflects your hard work and success, and the satisfaction of doing work you believe in. The Internet makes it easier than ever to work independently, whether you ply your trade as a writer, graphic designer or online retailer. More and more workers are finding their fortune in self-employment -- with the right training and an independent spirit, you can too.
