The pros and cons of launching your own business According to a recent Gallup poll, 57 percent of Americans would rather work for themselves than someone else. And why not? You can make your own schedule, work on projects you choose, and keep all the profits for yourself. “I think people today are much more entrepreneurial in spirit than in previous years. You see shows like The Apprentice or The Cut and decide you want to be the next Donald Trump and Tommy Hilfiger,” says Kim Diaz, career services advisor. However, she cautions, “realistically speaking, not everyone is going to have a successful business . . . some work, some don’t.” If you decide to forge ahead and go it alone, one of the most important steps you can take is to develop a solid business plan says Mary Kate Robinson, director of career services of The Art Institute of Houston. “Often you might be so excited and eager about launching your own business that you don’t take the time to be thorough, and that means market research and analysis,” she says. Robinson says good information can be found through a local chamber of commerce or the Small Business Administration. In addition to the responsibilities of developing and maintaining customers, newly self-employed business owners must pay for their own health care. Contact your health insurer and find out what your costs will be. From there, do research online as well. Self-employed health insurance costs can be very high. Sometimes the price tag alone can have you re-thinking your decision to go solo. Another important consideration, says Kim Diaz, is having some work experience under your belt before going out on your own. “Having worked in different environments gives you an inside view of how businesses are run, the good and the bad aspects,” she says. When you work for yourself, it’s not just about being creative, or being good at your job, “You have to deal with the business side of your business all the time which means, if you don’t work, you don’t get paid,” Diaz says. Carl Dene, a graphic design graduate of The Art Institute of California - Los Angeles and owner of Vision Design Studios says the decision to start his business was a natural outgrowth of his experience during design school. “I worked as much as I could while I was in school, taking on many pro bono projects for no or very little money,” says Dene. Gradually those same businesses began asking him to take on larger projects for pay. Although Dene now has three employees and his business is well established, he can still remember the scariest part of being on his own. “When you’re a new business, it’s hard to buy on credit to pay for start-up costs. You have to be prepared to spend cash, and lots of it,” he says. Dene’s words of advice for anyone launching their own business are “take on only what you can accomplish well, build slowly, and be willing to learn along the way.”