Instead, he pursued a new gig as an affiliate marketer working from home. At 22, he decided that being his own boss might be more promising than trying to compete with many others who were similarly unemployed. In recent months, the national unemployment rate has reached a 26-year high.

“I knew that the Internet offered a lot of promise,” he says. A year later, Mater has settled into a niche of promoting what he describes as legitimate work-from-home opportunities. He’s complementing his income by offering proofreading services. Although his income isn’t what it was when he worked at the lens manufacturer, it’s growing each month.

For those who are ready to treat work-from-home jobs like real businesses, there are legitimate ways to supplement an income and possibly even earn a living. The trick is not landing in a scam, of which there are many.

Mater, who, as an affiliate marketer, promotes a dozen other businesses through his Web site, blog and articles, says he has used common sense to weed out illegitimate offers.

He suggests being wary of promises that seem too good to be true or of organizations that want to charge fees. Also, he says, check for negative reviews and complaints submitted to the Better Business Bureau.

“You have to do research before getting involved with any organization because you’re making a commitment to spend a lot of time on promoting them,” he says.

Tory Johnson, co-author of “Will Work from Home: Earn the Cash Without the Commute,” says the key to successful employment from home is to treat any venture like a real job. But it’s also important to find something that you like. “There is so much out there, you have to feel passionate about what you’re doing,” she says.
Direct Sales

Direct sales, like Avon, Herbalife and Pampered Chef, are tried-and-true opportunities that existed long before the Internet. And right now, they’re experiencing a resurgence in interest from the public. Pampered Chef, a company in Addison, Ill. that sells kitchen tools, has seen an 8 percent increase in the first half of 2009, says Andrea Rossell, a public relations manager.

“We do know that in recessionary moments people are looking for opportunities to supplement their income and they take an interest in direct sales,” she says.

Kits to get started selling Pampered Chef merchandise cost between $65 and $155. The company says that income potential averages about $850 a month for independent contractors who schedule two shows per week to sell the merchandise, Rossell says.

The problem with direct selling is that beginners often have high hopes, unrealistic expectations and few selling skills. Finding new customers to buy products takes constant, energetic networking and prospecting. A common mistake is that these sell-from-home reps don’t market themselves in order to attract potential customers, Johnson says. The result: they use the discount they receive from the company to buy products for themselves, instead of for resale.

Contract Work

Online, project-based contract job boards, like Elance and O-Desk, offer individuals the chance to do work in their field of specialty. Building a business requires building a portfolio.

Ed Gandia, an Atlanta-based coach who helps freelancers develop their business, suggests that before bidding on any work, you ask yourself: Why you? What unique value do you bring to the table? Use this as the basis for explaining in your bid why you’re different and why that should matter to the client.

“Clients aren’t looking for just another freelancer. They’re looking for someone who understands their world and their challenges and how to solve them creatively,” Gandia adds.

Focus only on the work that has the highest probability of success based on your background and experience.

“You’ll spend less time bidding and your success ratio will be much higher,” he adds.

Virtual Customer Service

Alpine Access, a Denver-based provider of home-based call center outsourcing, consulting and training, receives about 100,000 applications nationwide each month and hires only about 2 percent, says Remi Killeen-Weber, a recruitment manager.

“We can hire the cream of the crop,” she says. Reps receive between $9 and $10 an hour and work as employees rather than contractors.

“We look for [people] with demonstrated success at working from home. You have to self-motivated and ready to go each day,” Killeen-Weber says.

- Courtesy CTW Features

Have you ever dreamed of getting paid for something you love to do?

Each year, thousands of Americans take the leap and start a business, leveraging their expertise and passion for a particular interest or hobby. In fact, more than 600,000 new businesses are launched every year in the United States, according to the U.S. Small Business Administration.

If you’re ready to turn your hobby into a business, it’s essential, according to FindLaw.com, the world’s leading online source for legal information, to do your research, build a business plan, tap the expertise of outside professionals such as an accountant and attorney, and keep good records to avoid the ire of the Internal Revenue Service. Through careful research and planning, you’ll discover what the potential is for your business idea, and what pitfalls to avoid that may otherwise derail you from realizing your dream.

Here are some tips for turning your hobby into a business from FindLaw.com:

Research your idea. The very first step in turning your hobby into a business is to find out who will buy your product or service, how much they’re willing to pay for it, how many of these people there are, and where they’re located. It’s critical to understand your “topline” – the sales potential for your product or service.

Get free help. Trial and error is an essential part of the entrepreneurial experience. But making big, costly mistakes that have the potential of killing your business is something to be avoided. Tapping the experience of seasoned business professionals can help you avoid such mistakes, and provide you perspective in times of great stress. One piece of advice: find a mentor. If you’re not comfortable finding one yourself, check out the Small Business Administration’s SCORE program, a 12,000-strong, nationwide group of retired executives who volunteer their expertise to help small business owners grow and succeed.

Write a business plan. Put your ideas on paper to test their viability and improve your chances for success. A business plan is a very useful tool – it gives you and others, such as your accountant, banker or attorney, a clear idea of your goals, the processes you’ll implement to achieve those goals and how you’ll measure your success.

Have a clear plan for funding. Whether you’re financing your efforts out of your own pocket, or require capital from others to expand, you need to know where your start-up capital will come from (if you need it), whether you will be servicing a debt and what resources you can call upon in the future. Many entrepreneurs start with friends, family and people in their community to fund their initial efforts.

Know how you’re going to bring in revenue. What you make, after all of your expenses and taxes have been paid, is your profit. It’s the ultimate measure of your business’ success. Before you decide to start a business, you need to project whether the revenues (sales of your product or services) will exceed your expenses. This will give you a clear idea of whether you should consider turning your hobby into a business.

Set up your business structure. Contact an attorney who specializes in working with small businesses to get advice on the proper legal structure under which you should incorporate your business, or first visit FindLaw.com’s Do-It-Yourself Legal Forms to learn more about how to incorporate your business. Incorporating your business can help protect your personal assets from liabilities like creditors or lawsuits.

Make it real. One of the advantages of starting a small business is that you can deduct losses such as your expenses and depreciation on assets you purchase – to offset taxable income. It’s best to consult an accountant who specializes in small business to obtain advice on preventative measures you can take to avoid being audited. Some basic steps to take to clearly demonstrate you’re in business, versus treating your efforts as a hobby, are to obtain federal and state tax identification numbers, print up business cards and letterhead, maintain a set of books to record sales and expenses, set up a separate bank account for your business and keep a logbook in your vehicle to record mileage.

Get the proper licenses and permits. Depending upon the type of business you start, you may need to get a permit(s) or occupational license from your city or state. Many cities and counties require every business – even single-owner, home-based operations – to get a business license (tax registration certificate). You also may have to get a sales tax permit from your state.

Protect your idea. In the course of pursuing your hobby, you may create a new process for doing something, a product or a creative brand name. If you think it has any potential, run – don’t walk – to an attorney who specializes in intellectual property to seek a trademark or patent on your idea. Be very cautious about sharing your idea with anyone, who, in the future, could claim that he or she helped you with developing that idea and therefore deserves a cut of your revenues.

Invest in a website. If you want people to know about your new business, you must have a website. Most people now immediately turn to the Internet to find products and services to meet their needs, as well as to find information such as directions and contact information. Nearly equally as important, invest time to set up a Facebook and LinkedIn page for your business, advertise your services online through Google, and consider banner ads on other websites.

Create a workspace. What are the space needs for your new business? Do you require storage space? Industrial strength refrigeration? Extra power? Two sewing machines? A quiet place to make uninterrupted phone calls? According to the Small Business Administration, more than half of America’s small businesses are operated from a home, which offers important tax advantages. However, it’s important to carefully follow IRS rules and clearly designate space for your business from personal space.

To learn more about how to start a new business, visit http://FindLaw.com.

- courtesy ARA

When it comes to the economy, those who are self-employed contribute a mighty portion.

It’s estimated that there are about 23 million such businesses that may have a storefront or operate from a home office. Their small size makes them acutely aware of economic conditions and policy changes.

Though vulnerable to tough economic times, self-employed businesses have grown faster than all other business types in recent years and are historically a key driver of economic recovery after a recession. In fact, business startups reached their highest levels in 14 years during 2009, suggesting that laid-off workers are choosing to join the ranks of the self-employed rather than take their chances in a job market that remains unstable.

That’s just one of the key messages from an initiative designed to encourage legislators to support self-employment, since that demographic makes up 78 percent of all small-businesses.

She added that with a growing number of Americans embracing entrepreneurialism, Washington should be finding ways to support self-employment and help them continue to drive the country’s economic recovery.

According to Arslan, policy issues that have negative impacts on the self-employed include:

Continued lack of an optional standard home office tax deduction that would allow millions of self-employed individuals access to tax relief to which they are entitled;

Exclusion from the small-business health care tax credit in the health reform law if you are self-employed or hire family members in your business.

NASE is the nation’s leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

To learn more, visit the association’s website at http://www.NASE.org.

Janelle Johnson refuses to get dressed for work.

“I take a shower the night before and then get up and work in sweatpants and socks. It’s more comfortable and besides, I don’t have to worry about impressing anyone,” she says.

Johnson, a legal customer service representative from Perry, Ia., is one of an increasing number of workers who spend at least part of their workweek from the comfort of their own home. In fact, one-in-five workers spend at least part of workweek working from home according to the U.S. Census Bureau’s 2003 “American Time Use Survey.” Johnson takes calls from a spare bedroom turned office two days each week, and the personal benefits are endless.

As fuel costs continue to punish daily commuters and more home buyers move to suburban areas to capitalize on low interest rates and affordable housing, telecommuting has emerged as an attractive alternative to the nine-to-five office grind. And as technology continues to flourish, what once was limited to the artistic and sales communities is quickly becoming an integral part of any workplace.

Johnson, who works for Des Monies, Ia.-based Arag North America, was able to download her company’s software to her home computer, which shows incoming calls on her screen.

“My phone doesn’t ring when a call comes in, it just pops up on my screen. So I have to watch my computer all day long,” she says.

Employment experts agree that at-home work has infiltrated nearly every industry and has created new opportunities – and challenges – for the modern employee. Getting your company keen on the idea might be the only obstacle, says Bill Redford, general manager of the Niagra Falls, N.Y.-based Independent Homeworkers’ Alliance.

“Some companies seem to be fighting it, but the truth is that employees are more satisfied,” says Redford, whose company helps at-home workers find jobs and learn how to run a successful business from home. Finding a manager who embraces the idea is an important first step, he says. “Make a written proposal outlining the times you’ll be working, what you’ll be doing, where and how you can be reached and your flexibility to come in for meetings,” he says.

Flexibility is what many telecommuters cherish about their jobs, but that doesn’t give you absolute freedom. Paul Edwards, co-author of “Working From Home” (Tarcher, 1999), says that creating your own hours is a benefit, but you need to create a functioning work environment that includes consistent hours and a dedicated space to work – or you’ll soon find your work life taking over your home life.

“When I came downstairs this morning, I left the newspaper and my breakfast upstairs,” he says. “If you have kids, I suggest making a rule: unless there’s blood it has to wait until you come out of your office.” Edwards stresses that not all people are comfortable being segregators of their work and home lives. In fact, a study he did for his book found that 55 percent of telecommuters were integrators and preferred blending the two.

“Whatever way is right for you is fine, but it’s still important to keep an organized office, have specific parts of the home that are your work area and try to keep some regular hours,” says Edwards.

Redford says that what time you work isn’t the major factor. “I’ve met people who work best between 9pm and 3am in their pajamas, and if that works for you, that’s what it’s all about,” he says. Redford says that to be an effective worker you must have an office where you can close the door and eschew personal obligations. “If the phone rings and it’s a personal call, call them back or let the answering machine pick it up.”

Before her legal call commence, Janelle Johnson takes the kids to daycare, turns off the television and puts all of her personal distractions away in order to create a respectable work environment for the customer on the other end of the phone. Paul Edwards says that eliminating these distractions is an important way to make working at home work for both you and the company.

Another important aspect in Edwards’s eyes is to understand why working at home is good for your company. Studies show telecommuting is cheaper for businesses and creates happier employees, but you’ve got to find out what your company needs.

“When people work two days at home, that frees their work computer and desk to share with another employee, which reduces general administration costs,” he says. Edwards also says that many people are more comfortable when they don’t have to deal with office politics, a major nuisance for most workers.

Many telecommuters treat their at-home workdays like any other, including getting showered and dressed.

Communication is key for telecommuters because there will be no hourly updates around the water cooler. Redford suggests remaining in constant contact via e-mail and Instant Messaging.

Both Edwards and Redford agree that many employees suffer from feelings of isolation when cut-off from the office scene. Janelle Johnson is not immune. “Sometimes I feel lonely, but you also have the perks of recent technology, e-mail and Instant Messenger, that can keep you in the office loop,” she says.

“Find a way to break up the solitude and have human contact. Talk on the phone, or if you’re close, scoot in for lunch to keep in touch and get the daily scoop,” says Redford.

About the Author:
Matthew M. F. Miller, author of “Maybe Baby: An Infertile Love Story” (HCI, 2008), is a syndicated fatherhood blogger.

- Courtesy CTW Features

As 50-plus job seekers struggle to find employment and their need for income continues, many are interested in starting their own business.

Their challenge is where to look for information to help them determine the right business for their interests, needs and investment capital. Starting your own business can be a challenging but rewarding endeavor. Planning for success is one of the best ways to ensure your efforts will be profitable. Make sure you do the research at the beginning.

Boomers, seniors and retirees struggling to find employment are fast considering entrepreneurship as a way to develop a critical and satisfying income source. But they’re also struggling with something else – how to determine the right business for their interests, needs and the capital they have to invest.

“There are all kinds of ways to start a business, but some are more appropriate than others, especially if you are 50-plus,” said Art Koff, founder of www.RetiredBrains.com. “Whether you choose to buy an existing business, start one from scratch, freelance or do direct selling with a company like Avon, Mary Kay, Silpada or The Papered Chef, all require a different approach and should be researched carefully. Success tomorrow means starting right today.”

“Starting your own business can be a challenging but rewarding endeavor. Planning for success is one of the best ways to ensure your efforts will be profitable. Make sure you do the research at the beginning,” he continued.

That’s why resources like Koff’s web site – a job and information source for boomers, retirees and people planning their retirement – can be invaluable.

“We have researched a great deal of information devoted to making the selection process easier, while at the same time including a list of do’s and don’ts to help people avoid the pitfalls and scams often associated with investing in a new business,” Koff said. “This is particularly important for those who have never worked in their own business.”

With their inherent guidance and support, franchise opportunities are often a popular option for many seniors, retirees and boomers looking to start their own business. But not all franchises are a good fit for retired seniors and boomers, Koff said.
RetiredBrains.com offers a “Start Your Own Business” section that lists franchises appropriate for retirees, boomers and seniors, along with important advice, like the reminder that while it’s great to be your own boss, it’s a risky endeavor that often requires long hours.

According to Tom Sagehorn, president of a franchise brokerage and consulting service, “it is necessary that people interested in franchises find the right match for their talents, abilities, interests and resources.”

Enter the phrase “franchise opportunity” into Google, and you’ll get more than a million results, making it extremely difficult for anyone to find the “right” franchise without help from experts like Sagehorn. And, there is no charge for their services because they’re paid by the franchisors, consultants can prove to be an effective and affordable resource for seniors, boomers and retirees trying to decide which franchises is best for them.

RetiredBrains.com is a valuable source of information and help for older Americans looking to start their own business as it addresses topics as diverse as:

• Research guidance
• Direct sales information
• Advice about opening an office in your home, condo or apartment
• Choosing the “right” franchise

For more information, visit http://www.retiredbrains.com.

There’s good news for small construction or supply companies that require a completion bond-also known as a surety bond-to bid on a project.

As part of the American Recovery and Reinvestment Act, the Small Business Administration (SBA) can temporarily guarantee bonds on contracts of up to $5 million for small businesses that might not otherwise be able to obtain such bonds.

A surety bond guarantees a company will fulfill an obligation to another party-such as work to be done or goods to be delivered under a contract. In the event the company does not fulfill the contract, the bond is supposed to cover the other party’s losses.

For more than 30 years, the SBA’s Surety Bond Guarantee program has helped small and emerging contractors who have the knowledge and skills necessary for success but lack the combination of experience and financial strength to obtain bonds through regular commercial channels.

The SBA guarantees bid, performance, ancillary and payment bonds issued by surety companies to small and emerging contractors and reimburses the surety a percentage of loss if the contractor defaults.

The agency does not directly bond a contractor. Instead, the contractor chooses a bonding agent, and the SBA reimburses the bond writer between 70 percent and 90 percent of the costs incurred if a contractor defaults.

This government guarantee allows sureties to write bonds for contractors who would not otherwise meet their minimum standards-thus providing small and underserved contractors with contracting opportunities for which they would not otherwise qualify.

In addition to meeting the bonding company’s qualifications, a business must qualify as a small business. This means a company must meet the SBA’s definition of a small business.

The SBA has also implemented another provision of the Recovery Act that would allow it, in some cases, to guarantee bonds in contracts of up to $10 million.

For more information, visit http://www.sba.gov/financialassistance/borrowers/surety/index.htm or call (800) U-ASK-SBA.

It seems the U.S. economic recovery may be largely driven by small businesses.

The companies represent 99.7 percent of all employer firms in the U.S. and employ just over half of private-sector workers, according to the U.S. Small Business Administration (SBA). But analysts say the key to these firms’ success will be their ability to find funding during the coming months.

Small businesses and entrepreneurs typically need loans to finance new equipment, personnel, marketing and other matters. Such was the case for entrepreneur Dr. Justin Kim, whose eye care center was sorely in need of working capital to increase marketing efforts. Like many other small-business owners, Dr. Kim took advantage of new loan provisions set forth by the American Recovery and Reinvestment Act. They eliminate some borrower fees on SBA’s largest loan program-the 7(a) program-and increase guarantees up to 90 percent.

Analysts say the fee elimination means more capital will be available to businesses at lower costs, while increasing guarantee levels will help provide banks with the greater confidence they need to extend credit during the economic crisis.

Before the recovery act, a typical 7(a) loan of $300,000 carried a guarantee fee of between 2 and 3 percent. That same loan today, with the new 90 percent guarantee and the temporary fee elimination, would save a borrower about $8,100. In total, the new provisions are expected to support approximately $8.7 billion worth of 7(a) loans.

Finding Financial Support
Generally, SBA-backed loans provide a key source of financing for viable small businesses that have real potential but cannot qualify for loans from traditional sources. The loans are provided and funded by participating banks and other lenders.

To borrow, a business must be established for profit and must also meet SBA’s size standards for a small business, among other requirements. To qualify for an SBA 7(a) guarantee, a small business must also meet the lender’s criteria and the 7(a) program requirements. In addition, the lender must certify that it could not provide a loan under the proposed terms and conditions without the 7(a) guarantee.

Help Where It’s Needed
Many of the loans that SBA backs go to underserved markets. In fact, the administration’s loans are more likely to go to a business that might be minority owned, woman owned or located in an area with lower income and higher unemployment than conventional bank loans.

June Gold is one of the many female business owners who qualified for financing under the new provisions. The president of a software and program development firm, she was originally turned down for a $500,000 loan by a bank after her husband and company founder, Steve, suddenly died. The funding was denied despite contracts between Gold’s firms and two large pharmaceutical companies, leaving her in need of money to hire skilled staff and continue marketing her products.

Her luck changed when she chanced upon a workshop that directed her to a bank in the area that handles SBA loans.

“They found a way to make it happen,” says Gold. With her $400,000 7(a) loan, she hired a seasoned salesperson and is expanding operations. Last year, her company posted $1.2 million in sales.

To learn more, for a list of approved lenders or tips on starting a business, visit the Web site http://www.sba.gov.

When the economy is uncertain, many folks start businesses to bring in a little side money.

Before you hang up that shingle, there are a few important steps to consider when forming your new venture.

First, you’ll want to consider protecting your personal assets by forming a limited liability company (LLC) (1). Any misadventures created by your new venture would only cost you the assets of the company and not all of your personal property (your house, car, cash…).

Secondly, you might want to consider forming your new company as a type of corporation. This article will outline some of the advantages (and disadvantages) of organizing your new venture as an S corporation.

Self-Employment Tax
Whenever you earn money not as an employee, you owe self-employment tax in addition to income tax. It doesn’t matter whether you’ve formally incorporated, filed as an LLC, or are just going door-to-door peddling homemade soap; it’s income, and you need to pay Uncle Sam his share. The self-employment tax is 15.3% of income (revenue less expenses), which is a hefty bite. Unlike income tax, the self-employment tax rate is fixed — not progressive. The smallest street vendor pays the same rate as a high-end attorney.

Self-employment tax pays for Social Security (12.4% — up to the first $106,800 (2009)) and Medicare (2.9% — no income limit). If you are an employee, you and your employer each pay half of this amount; as a self-employed person, you get to pay it all.

The Advantage of an S corporation: Pay Less Self-Employment Tax
To reduce your self-employment tax bill, you can create an S corporation and hire yourself as an employee. You pay the employee (you) a reasonable wage for the work done. If there is profit left over at the end of the year, the partners (that’s you again) split the earnings. Self-employment tax is only paid on wages — not on the company profit.

An example: Pat and Alex run similar web-design businesses. Pat organized his business as a sole proprietor, and Alex organized his as an S corporation. At the end of the year, they each made $50,000, after expenses. As a sole proprietor, Pat will pay 15.3% of the entire $50,000, or $7,650 in self-employment tax. Alex researched other web-design firms and found that it was reasonable to assess a $40,000 wage for the work that he did that year. Alex will pay 15.3% on $40,000, or $6120, saving himself $1,530.

So far, sounds good. What’s the hitch?

The Disadvantages of an S Corporation
You have to decide what is a “reasonable wage.” The IRS doesn’t define it any further than that. Obviously, you don’t want to pay yourself only $1. Uncle would call that tax evasion — not avoidance. You need to do a little research to back up the value used for your assessment. If you can document it, you should be able to pass an audit.

You are now an employee. Hopefully you’ll get along with the boss.

You are now an employer. You must now file taxes for your employee, and you must withhold employee earnings for taxes and submit these to the proper revenue authorities. You must now pay federal unemployment tax (FUTA) (6.2% of the first $7,000 in earnings), which you do not have to pay as a sole proprietor. The FUTA tax reduces Alex’s tax advantage from $1,530 to $1,096. Depending on state regulations, you may also be required to pay state unemployment and disability insurance, too. You must generate a W-2 for your employee, too. The additional paperwork is sufficient hassle that some folks end up hiring a payroll contractor, similar to ADP or Paychex, or more likely, your local small-business accountant. If you’re the DIY type, QuickBooks can help you track payroll transactions.

You must form a corporation. The paperwork is a bit more complicated than for an LLC. It varies by state, but the Articles of Incorporation can be sufficiently complex that you’ll need to see an attorney to understand if you’re really doing the right thing. The Articles of Incorporation for an LLC are usually quite straightforward.

You may have to deal with other state requirements. For example, Massachusetts now requires all employers to provide health insurance to employees. Many self-employed persons rely on their spouse’s health insurance. So even if you’re covered by your spouse’s policy (fulfilling the requirements for the Massachusetts Form 1 Schedule HC), you may need to file additional paperwork with the state to demonstrate that all of your employees have health care coverage.

How to Create an S Corporation
You create an S corporation by first creating a corporation (technically, a C corporation). You then notify the IRS that you want to have your corporation taxed under the S corporation rules by filing Form 2553: Election by a Small-Business Corporation. This form must be filed by March 15th; otherwise, you have to wait until the next year.

How to File Taxes as an S Corporation
S corporations, like partnerships, are separate entities and require their own tax return. (Sole-proprietorships are pass-throughs, and the income is reported on the owner’s 1040 Schedule C or C-EZ). The tax form is 1120S: US Income Tax for an S Corporation, and it is due on March 15th (A month earlier than our usual deadline — just to keep you on your toes). On your 1040, your wages are reported on line 7, and the business income is reported on line 17.

The bottom line: Is an S corporation right for me?

Answer: It depends. Your business situation is unique. You should seek advice from your accountant, attorney, or other financial professional. The S corporation option is preferred (relative to a sole proprietorship) when the business is relatively large — the greater the income, the more you’ll save by forming an S corporation; therefore, the more likely it’s worth the additional paperwork.

About the Author:
Helen Maynard, Ph.D., is the founder of Affine Financial Services, a Limited Liability Company registered in Massachusetts. Her mission is to help clients develop and execute financial plans that meet their lifetime goals while minimizing cost and stress. For more information, please visit the website of Affine Financial Services.

References:
(1) http://www.affinefinancial.com/2009/05/13/why-do-i-need-to-create-an-llc/

In fact, you’ve spent many years diligently promoting yourself up the career ladder and establishing a nice set of skills – only to find out your company can’t afford to keep you around any longer.

So what do you do now?

Now you can take those skills you’ve refined over the years and re-evaluate where you are in life.

According to the U.S. Bureau of Labor Statistics, competition is expected to remain keen in the consulting industry through the year 2012.

Here are some ideas to consider for your future:

Search For a New Job
While it may seem like everyone is unemployed, there are, in fact, job positions being posted. You just need to find them. Ask yourself these questions first: Where else can you reasonably consider relocating – across town or across the country? What salary do you really need to earn? What are you looking for at this point – something similar, which may or may not exist anymore, or venturing into a new field?

Next, determine if you or your resume needs a makeover. Would working with a career coach help you think through what you want to do with your career and professional life? A career coach can also help you discover how your options match your values, lifestyle, priorities and long term goals.

Finally, with clearer vision now in place, start looking everywhere. Online resources, newspapers, placement agencies, professional contacts – you have many resources at your fingertips. Plan on this taking a lot of effort – the more work you put into finding a job, the better opportunities you’ll discover during your search.

Put Your Skills to Use
Many people who hire career coaches quickly discover this is a potential career that allows them to produce fulfilling results in both their personal and professional lives. A certified professional coach helps individuals and businesses in a variety of ways, including creating a clear vision and goal achievement strategy; becoming more aware of what beliefs, skills, attitude, behaviors and resources are needed to succeed; streamlining decision making and ensuring it matches goals and priorities; forming a detailed, specific plan that lays out key milestones and progress; and, holding clients accountable to what they want to do and who they want to be.

Certified Professional Coaches are earning the reputation as catalysts for change and partners for success.

Many people who hire life coaches are already successful, but are interested in achieving more. Senior executives, for example, often want the unbiased feedback a coach will give them through executive coaching.

Clients seek coaches to assist them in achieving a more rewarding career, better relationships, more free time, or to improve some other life area. They may have difficulty setting goals or finding the courage to do what they want instead of what others expect of them.

As a professional coach you may decide to assist anyone who wants coaching, or choose to specialize in coaching people in a specific area, such as:

• Business
• Careers
• Environmental impact
• Family
• Health & Wellness
• Leadership
• Relationships
• Retirement
• Spirituality
• Self-Improvement
• Time management

Within each of these areas, there are many opportunities for life coaches. For example, as a relationship coach, you might work with married couples, gay couples, singles who are seeking a partner, or anyone else who wants the guidance a coach can give to improve relationships.

Likewise, successful companies (such as Kodak, IBM and Marriott) hire corporate coaches to help employees achieve greater success in a variety of areas. In addition to executive coaching, many corporate coaches get paid thousands of dollars a day for leading training programs to help employees reduce burnout, improve customer service, get along with co-workers, and maximize performance.

To learn more about becoming a coach and the training involved, visit the Institute for Professional Excellence in Coaching (iPEC) at http://www.ipeccoaching.com. Reasons to become a coach are: the challenge of thinking outside of the box, helping others, self improvement, personal financial growth (experienced certified professional coaches earn between $77,000 and $134,000 per year) and a growing field needing more coaches (part or full time).

For those who are looking to jumpstart their career in coaching, this 297-page guide can save you many hours of research, help you avoid costly mistakes, and give you information you need to become a life coach. The author has interviewed numerous experts in preparing this guide — including psychology professors at various universities, instructors at coach training schools, and administrators at the International Coach Federation.

Go Back to School
This is a very popular route for many laid-off workers to take for obvious reasons. It allows you to change your career path, updates you with the latest information available, and strengthens your resume with a higher degree of education. The educational options are wide open – from online to specialized courses to full four-year degrees, with many opportunities for scholarships and grants available.

Network
The easiest way to network in your community is to get out and volunteer. And organizations are desperately looking for volunteers to help because of higher demands and less available money. See if you can find an organization that will appreciate your skills, because this will be another great addition to your resume.

You may discover that receiving a pink slip wasn’t the worst thing that could happen, because it gave you the opportunity to take a good look at yourself and discover if you were going in the right direction. Now you just need to take advantage of the opportunity and find what’s best for your future.

That’s the news from a new study by the Families and Work Institute (FWI), The Impact of the Recession on Employers, showing that 81 percent of U.S. employers are maintaining and 13 percent are increasing the flexibility they offer during the recession.

A Guide For Work
The study is cited in a new book called the 2009 Guide to Bold New Ideas for Making Work Work, also from FWI. The annual guide features 260 employers selected for the Alfred P. Sloan Award for Business Excellence in Workplace Flexibility. It sorts the featured employers by geography and by innovative practice, allowing readers to search for organizations in the area or find examples of best practices from around the nation.

Among the examples featured are a semiconductor company that avoided layoffs by scheduling a temporary factory shutdown, a customer contact center that offered an emergency relief fund for employees facing financial catastrophe, and an international accounting and consulting firm that covered 100 percent of requested emergency and sick leave time by enabling employees to donate their unused time to one another.

Ellen Galinsky, president of the institute-and principal editor of the guide-says that leading employers are being open with employees about the financial state of their organizations and asking for their suggestions about cost containment.

“In many ways, the guide has helped increasing numbers of companies and organizations to improve their workplaces so that they work for the employer and the employees,” she says. The guide highlights unique workplace programs such as sabbaticals, leaves of absence, compressed workweeks, flextime, volunteerism and strategies to monitor overwork.

To view a searchable online edition of the guide and to find other FWI studies and practical tips for managing work and family life, visit http://www.familiesandwork.org or call (212) 465-2044.