You're likely not surprised to learn that it doesn't work that way. At first, starting your own business involves more work not less, money paid out rather than taken in and a steep learning curve. In return you can look forward to earning every dime to which you are entitled, being able to direct your destiny and never having to worry about "the boss".

I have an expression (at least I think that it's mine) that goes "Most people want to be successful, few are willing to be successful". If you want to work hard and sacrifice to get what you want - if you're willing to be successful - following will put you on path to owning your own business.

A successful small business is built at convergence of a market need and an ability to meet that need. In other words, you need to find something that you do well (and hopefully enjoy doing) that others are willing to buy. Two simple steps to do that, first:

1.Identify a product or service that you can produce. You may have a business in mind. If so, skip this step. If not, ask yourself following questions:

a.Do your present job skills lend themselves to "side work". If yes, you can start by developing a business "on side" while still collecting a regular paycheck. If not;

b.Can your present line of work (or one that you want to be in) be produced by a small business? If not;

c.Do you have capital to invest? If yes, you can look for a franchise to purchase. Franchisors are in business of starting and guiding small businesses. Entrepreneur Magazine publishes an annual list of "Top 500" franchisors, it is available online:

http://www.entrepreneur.com/franzone/rank/0,6584,12-12-F5-2004-0,00.html

If not:

Step One - Meet With Contractor and Define Job

When starting a rehab, very first thing that I do is walk through and evaluate project myself. Then I set up a meeting with my contractor to get his input and finalize my strategy including how to handle certain repairs and whether or not we’re going to make any changes to basic layout of property. Now that I work exclusively with one general contractor, my life is much easier since I only have to meet one person. He contacts everyone else and then relays results of his conversations with them to me. As a result of my experience, I’m becoming fairly adept at determining best way to do work. Therefore, my contractor usually winds up completing projects in way that I envision. However, he does offer advice and I’m always open to suggestions as to better or cheaper ways to get job done.

Step Two - Define Job and Buy Materials

Once we meet and determine work we are going to do, my contractor and I put together a draw schedule. This is usually required by lender and lists order in which we intend to complete work required. I like to shift things around to keep cash flow coming from lender. My contractor likes to do things in an order that makes his life easier. We usually settle on something in between.

Step Three - Phase One: Demolition

Through experience, I have finally learned to do my entire “demo” first. I used to get into my homes and start jobs immediately. However, this meant we were constantly working around trash, having to haul trash away, etc. Now, I just get a dumpster or two at very beginning of a job, bring in a crew, and begin to rip everything out. We clean out all trash and tear out kitchen, bath(s), drop ceilings, paneling, flooring, and anything else that might get in our way of completing job properly and efficiently.

Step Four - Phase Two: Roof, Windows and Siding

The rest of job typically begins on exterior of home. We start with roof in order to ensure that inside of house stays dry, and usually, I’ll have windows and siding done at same time. One reason I like completing entire exterior rather quickly is that it starts to attract attention from neighbors and people who drive by.

Step Five - Phase Three: Plumbing and HVAC