Self-employment has a powerful magnetism. Who wouldn't want to create his own dream job and amass wealth while answering to no one? For some people, it isn't just a dream but a necessity--corporate jobs are hard to come by. And a corporate severance check may provide the startup capital. In 2002's first half, 11.4% of jobless managers and executives launched their own businesses, says Challenger, Gray & Christmas, up from 7.9% for the same period in 2001.

But the specter of failure always hovers over new enterprises. Many a plucky entrepreneur has succumbed. The lamentable reality is that you always must answer to someone, whether the Internal Revenue Service, a franchise company or your customers.

This issue offers a treasury of advice on following your go-it-alone dream. Here are solid tips on taxes, which are ever-present snares for the unwary, especially those opening new businesses. We show you the ins and outs of funding a retirement program when there's no corporate 401(k) anymore (p. 154). Ditto for health insurance, a must-have (p. 158). Do you need to incorporate or not (p. 164)? How can you be successful as a franchisee, a much tougher proposition lately than in Ray Kroc's day (p. 168)?