T2K_08-17_OnlinEdition

The
Bottom Line
By Shasta D. May
GOING OUT ON YOUR OWN?
WHAT TO KNOW
PART I
Are you thinking of going out on your
own and entering the world of the selfemployed?
If so, there are many things
to take into consideration before making
your decision. Part of
the decision-making
process is to make
sure you learn as
much as possible and
to eliminate as many
unknown factors as you
can.
One of the first
steps is to do an honest
assessment of your
personality to make sure
that being self-employed
will be something you will be comfortable
with and will find gratifying. Things to ask
yourself about your personality are: Do
you see yourself as disciplined? Are you
self-motivated? Are you driven to achieve
success? Do you handle stress well? Are
you a risk taker? Are you willing to take a
financial risk?
Another step is giving serious thought
to your financial situation and obligations.
Are you able to handle the financial burden
of being self-employed? The financial
questions to ask yourself: Are you in a
position where you can give up the benefits
of working as an employee, such as medical
insurance, retirement plan, vacation and
paid sick days? Other important benefits
that will be lost are workers compensation
if you should be injured on the job and
unemployment benefits should you
find yourself out of
work (there are no
unemployment benefits
to the self-employed).
Are you responsible for
the financial support
of dependents? Do
you have at least 3
to 6 months income
saved? Will you be able
to maintain enough
cash flow to meet your
personal obligations, as
well as for day-to-day business operations
and emergencies during startup and up to 6
months or more?
The financial aspect of being selfemployed
and starting your own business
is a big one but there is still much more
to learn and research before an educated
decision can be made.
Most of you considering going out on
your own have driven as company drivers
which is great. Since you will already know
the work actually involved in the day-today
routine from the driver’s perspective.
What you’ll need to learn is everything
involved from a business aspect. The
practical approach would be to start out as
52 www.TruckDriverMagazines.com TRUCKING 2017