However, with freedom comes a certain lack of stability and structure. It's important to understand the challenges involved in working independently, and how much it really takes to be successful doing so. Here are some things to consider if you're putting out your shingle for the very first time.

Check Your Self-Discipline

A lot of people think that stepping out of the office frees you from distractions - says Alison Bing, a freelance writer, editor, and marketing consultant who has been self-employed for three years. But working from home, you find that you have many more things to deal with. A day can slip by pretty easily without you doing even a fraction of the work you need to do.

Indeed, without administrators, marketers, and accountants to support you, all of these responsibilities fall on your own shoulders. You'll need to develop deft time management skills and a strong work discipline to keep your business running smoothly, not to mention an extremely long attention span. Here are a few tips to keep you on task:

1. Set your work hours. Distinguish between time for work and time for your domestic or social life. Set a time to start work every day and stick to it. Your work hours should be based on what times during the day you feel most productive. Go ahead and be lulled during your afternoon lull, but make sure you can make up that time later when you're more alert. Oh yes, and be prepared to regularly put in more than a typical eight-hour day.

2. Close the door. If you have a spouse or small children at home, don't be afraid to close your office door during your work hours, and make sure your family members (or roommates or whomever you share a living space with) understand that they are not to disturb you when you are “at work.” (Of course, make time for loved ones in special circumstances. That's the beauty of being self-employed.)

3. Screen your phone calls. Or even turn off the ringer if you're trying to get a chunk of work accomplished. On the same note, resist the temptation to check your e-mail every ten minutes. Keeping up with clients is important, but try to restrict your phone and e-mail follow-up to set intervals throughout the day.

4. Regulate the fuzzy slipper factor. Shuffling to your workspace in your PJs and slippers with a steaming mug of homebrewed coffee in your hand is the quintessential image epitomizing the luxury of working from home. But for some, this relaxed work attire can foster a relaxed work attitude. If solid self-discipline isn't your strongest asset, you may want to make a point of getting fully prepared to meet each day - get dressed, shave, eat breakfast, whatever you have to do - before you start working.

Create Stability in the Face of Uncertainty

One of the most important factors in being self-employed is someone's willingness to deal with insecurity. You don’t have the benefit of a well-known company behind you for getting new work and a steady paycheck. So you'll need to find ways to generate that new work and create some kind of financial stability.

First, develop a financial game plan. Decide on spending versus saving both in terms of business and personal expenses. And you should keep at least a six-month financial cushion in the bank, just in case. Lurie also suggests that you begin your entrepreneurship while you are still employed with someone else, to give you time to develop professional credibility and steady incoming work.

Second, get a good accountant to help you navigate the tax system and stretch your dollars as far as they can go. As a self-employed individual, you are required to file taxes quarterly. (Do it! Fail to regularly pay your income taxes and you will eventually find yourself battling a many-headed monster.) Keep track of every expense -- dollars that go toward your business plan can reduce the amount you pay in taxes.

Don Your Marketing Hat

Marketing is often a challenge for self-employed individuals because it is so time consuming as well as an unknown entity for people who haven't done it much in their prior careers. But when you are the whole business, marketing yourself becomes an everyday activity. The key thing is to never let anyone forget about you. Socializing becomes a sort of business necessity.

Since few home-based entrepreneurs have the resources for direct-marketing campaigns, you'll need to get out of the house to get your name out there. Here are some low-cost activities you can do to spread the word about your business and keep the work rolling in:

* Build your reputation through word-of-mouth. The best form of advertisement is your own work. Good work creates good references, who may in turn encourage others to hire you for future work. Treat every project as if your reputation depends on it -- because after all, it does.

* Join professional associations. These are a great source of networking and collaboration. Some professional associations plan events to include people outside of the association--ripe breeding ground for making some business connections. Lurie also suggests finding or forming a loose consortium of professionals in the same industry for building business, such as the Writers Grotto in San Francisco.

* Never underestimate the value of pro bono work. A small amount of volunteer work can generate an awful lot of goodwill, says Bing. A glowing recommendation from someone who was thrilled with your charitable work donation could be invaluable for getting future projects. Volunteer work is also a great way to get started with a new business if you don't yet have a steady roster of clients in place.

* Keep in touch with past coworkers. After all, they know you and your working style, and can be an excellent source of potential business contacts.

* Advertise past affiliations with well-known companies. This can be in the form of past employers or past clients. Nothing makes a sale like a known brand name -- you may as well benefit from your past accomplishments, and the marketing your former employer has already done.

* Submit your work for awards. Why not get a little free praise for your work and a nice gem for your portfolio? Submitting for an award usually doesn't cost very much and could be the key to getting noticed on a larger scale. Check your industry publications for news on upcoming awards.

Pay Heed to Business Regulations and Requirements

Be sure to do your research before you get started. Many a small business have fallen into trouble because they violated certain regulations. Here are some things to look into:

* Business license. Call your local county or city hall offices to find out whether or not there are limitations or licensing regulations for the kind of business you have in mind. Businesses that are within city limits, any kind of business, are usually required to meet specific regulations.

* Zoning laws and restrictions. Local zoning laws can sometimes affect your home-based business. If you live in a residential zone that restricts commercial activities, you may be forced to relocate or close down your business. Call city offices to check these out.

* Business insurance. Do you need it? Can you afford to go without it if something happens to your office equipment or space? Homeowners insurance often doesn't cover things used for commercial purposes, so be sure to check this out.

* Sales tax number. You'll need a sales tax number if you're going to be buying and reselling products. Check with your local small business administration office for details.

Build Momentum

Keep in mind that the going may be slow at first. After all, you are forging a path through an uncertain landscape, and you can't always see clearly what lies ahead. You have to trust that the work will continue to come based on the quality of what you do. But you also need to get out in the fray to keep the work flowing.

When you're first getting started, you need to be willing to take risks. Don't be afraid to approach new business, take on challenging projects, and step outside your comfort zone. Developing professional credibility simply takes time, experience, and a little faith in yourself. And if you've planned carefully and equipped yourself with the tools to succeed, you could end up doing the kind of work you never even dreamed was possible.

About The Author. Selena Welz is WetFeet's assistant editor.