If you want to go out on your own, realize that you may take a significant pay cut in the short term.
As a matter of fact, most studies show it takes about five years for a successful new business to enjoy sustained profits. But if you develop a solid business plan, have plenty of savings to keep yourself afloat, and plan so that you can swim through the inevitable choppy waters, you may end up making significantly more money later on.
And some people will argue it's worth almost any pay cut to be your own boss.
Dawn Dugan specializes in writing books, articles, white papers, reports and special communications for the human resources industry. She is the co-author of Effective Executive Compensation, which was published by AMACOM in 2008. Read more...