Following is a revised version of a previously published column that elicited positive response from readers. Happy Independence Day!
Fireworks, parades, hot dogs on the grill ... it must be Independence Day! While you prepare to celebrate our nation’s rally for freedom from the self-serving policies of an overlord nation, perhaps it’s time to review your own situation. Are you enjoying your work life, or does it feel like servitude to an overlord as well? If so, you might want to declare an independence day of your own.
Before you make any big changes, it will help to define “independence.” If you are currently employed, ask yourself: Do you want freedom from your work schedule, from the work itself, or from something more specific, such as an annoying co-worker? Start by making adjustments to ease your situation, which will at least buy you time to plot your eventual escape.
Perhaps your need for independence is more systemic. Do you struggle with making ends meet? You might long for freedom from debt and financial insecurity. There are no absolute solutions I could offer in a single column, but I can say this: Debt and financial insecurity are not the same thing, and may not even be related by cause and effect. I have known many people with substantial assets who feel insecure, and individuals with almost nothing who are at peace.
With that in mind, start your bid for financial independence by re-examining your own situation through a different lens. Ask yourself: What part of my finances is the most troubling? Then focus on solving that issue, or adjusting your attitude if it can’t be solved.
Perhaps your sense of freedom is curtailed by being in a prolonged job search. If you have been searching for several months, one question to consider is this: Can I stop the search and get by on part-time jobs, a lesser full-time job, or some other arrangement? This is risky advice to give, but if the answer is yes, it might be worth the mental freedom of living the life you have now rather than being in constant search for the better situation.
What if your drive for independence pushes you to work for yourself? Perhaps you’ve been striking out at job search, or maybe you’re currently working but gritting your teeth. If so, you may decide that the solution is self-employment.
And you may be right, depending again on your definition of independence. As a long-term and serial entrepreneur, I’ve grown addicted to my independence of schedule, decision-making and creativity. I can do what I want, when I want -- as long as I don’t want too much.
Unfortunately, many entrepreneurs have also liberated themselves from going home at a decent hour, taking vacations and having such extras as health insurance and a sufficient salary. This independence is a two-edged sword.
Still, there are ways to mitigate the downsides but still enjoy the advantages. One option is to start a side business while continuing to work for a paycheck. In this way, you balance the financial downsides of those risky startup years while reaping the emotional rewards of being in charge. You may also gain a foothold on resolving other issues, such as financial insecurity or bad cash flow.
There are scads of books available to advise you on business startup. Before you pick one up, consider this basic question: What kind of business would you like to run? I may be oversimplifying, but I think small, independent businesses fall into three main categories: selling stuff, making stuff, or doing stuff.
If you’re selling stuff, you are probably distributing or redistributing things made or formerly owned by others. Think eBay, flea markets or network marketing. Unless you rent a storefront, which ties you down more, selling stuff can be a very flexible model for part-time entrepreneurship.
Making stuff, such as jewelry, birdhouses, or holiday pies, uses your creativity fully. While it also involves selling, as all businesses do, the emphasis is on mastering your craft. Even though you probably won’t be paid for the hours you invest, the satisfaction of creating the product can make up for that loss.
Doing stuff, such as cleaning houses or fixing engines, is an entrepreneurial staple. It’s more difficult to schedule around other commitments, but more likely to return an hourly wage that matches the investment you make.
Whether you try a small business, or a cash flow solution, or just an attitude adjustment, anytime is a good time to live more independently and free yourself from unnecessary burdens. This year, when you light a sparkler or grill a hamburger, spare a thought for the courage of our ancestors and challenge yourself to live up to the standard they set. Happy Fourth of July.
Amy Lindgren owns Prototype Career Service, a career consulting firm in St. Paul. She can be reached at alindgren@prototypecareerservice.com or at 626 Armstrong Ave., St. Paul, MN 55102.
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