by Lila Daniels, FindtheRightSchool.com
Starting a business is a dream for many 9-to-5 workers. The lure of setting your own hours and keeping the profits from your efforts is quite strong. Here are seven secrets to help you break out on your own and become a self-employed success.
1. Get Smart(er). The first secret to success is education. A study done by Dr. Chad Moutray for the Small Business Administration found that formal education increases your likelihood of starting your own business. This study, along with several previous ones, also found a "positive link" between education and success in small business. It makes sense. Education is preparation. On top of giving you the on-paper qualifications, it can provide you with the on-the-ground skills you need to manage your small business.
2. Do What You Know. Experience is another secret to success. Many successful small businesses grow out of previous jobs. If you're struggling to come up with a viable business idea, consider servicing an industry with which you are already familiar. This allows you to rely on what (and who) you already know, and lets you concentrate on building your business rather than retooling your entire skill set. Here are a few examples of successful ways to make the transition to self-employment.
* Nurses need not be confined to their traditional roles of working for hospitals or doctors. If you have your associate's degree or bachelor's degree in nursing and some solid experience under your belt, there are worlds of options open to you. Former nurses have found success launching their own staffing agencies. Legal medical consulting is another hot area for those in the nursing know. Or, perhaps you see a need in your community for an educational or adult day care service. Whatever your idea, you'll need some business basics to get your dream off the ground. Business administration courses -- like accounting, marketing, and business law -- can provide the foundation for a successful venture.
* Teachers, school counselors, and administrators looking for their next career may be intimidated by the idea of moving out of the school and into the larger workforce. Educational consulting allows you to leave the school building without leaving your skill set behind. Consultants can help place students in private high schools, focus on college or graduate school admissions, or work with a particular student population, like those with learning disabilities or top-tier athletes. In this emerging field, the Independent Educational Consultants Association has set some standards for membership. A member must have a master's degree in counseling or a related field along with past experience.
* Human resources professionals are growing accustomed to the trend of HR outsourcing. Instead of lamenting your loss of job security, you can capitalize on it by hanging out your consultant's shingle. Corporations are increasingly looking to consultants to help with everything from benefits to hiring to labor relations. Consultants will need solid industry experience and contacts. Many have advanced degrees in human resource management or related fields like business administration or law.
3. Spend Wisely. Match your overhead to your income. It is easy to overspend as you get started, especially on office equipment. You don't need the newest gadgets or top-of-the-line gear to be a success. Make cutbacks where you can, like using your mobile phone for all your calls and skipping the land line. Many suppliers offer quality reconditioned items like computers and copiers. Keep other costs low by doing things for yourself -- like filing your own taxes and cleaning your own office. One of the fastest ways to fail is to fall too deeply into debt too fast.
4. Plan. Plan. Plan. Here's where having a few business courses under your belt can be a real asset. From writing a business plan to creating a marketing strategy to having the right insurance, preparation can equal success.
5. Cultivate Your Client Base. Go beyond simply drumming up new business. Reaching out to clients, particularly first-time ones, with a quick phone call after delivering a product or service can go a long way toward gaining referrals and repeat business. Once or twice a year, commit yourself to making new client contacts and contact customers you haven't heard from recently.
6. Be Kind to Your Boss. When you're self-employed, it's very easy to get caught in the trap of constantly working. While no one advocates shirking your responsibilities, it is important to pace yourself. You can help to avoid burnout by taking breaks when you need them and calling in help when you can.
7. Follow The Golden Rule. Treat your vendors and customers, even your competitors, with respect. Show up on time. Call if you can't. Simple and common courtesies can pay major dividends.
Launching out on your own can be fairly intimidating. If you stick to what you know and stick to a plan, you could be your own boss and never look back.
Lila Daniels is a freelance writer living in Vermont.
Starting a business is a dream for many 9-to-5 workers. The lure of setting your own hours and keeping the profits from your efforts is quite strong. Here are seven secrets to help you break out on your own and become a self-employed success.
1. Get Smart(er). The first secret to success is education. A study done by Dr. Chad Moutray for the Small Business Administration found that formal education increases your likelihood of starting your own business. This study, along with several previous ones, also found a "positive link" between education and success in small business. It makes sense. Education is preparation. On top of giving you the on-paper qualifications, it can provide you with the on-the-ground skills you need to manage your small business.
2. Do What You Know. Experience is another secret to success. Many successful small businesses grow out of previous jobs. If you're struggling to come up with a viable business idea, consider servicing an industry with which you are already familiar. This allows you to rely on what (and who) you already know, and lets you concentrate on building your business rather than retooling your entire skill set. Here are a few examples of successful ways to make the transition to self-employment.
* Nurses need not be confined to their traditional roles of working for hospitals or doctors. If you have your associate's degree or bachelor's degree in nursing and some solid experience under your belt, there are worlds of options open to you. Former nurses have found success launching their own staffing agencies. Legal medical consulting is another hot area for those in the nursing know. Or, perhaps you see a need in your community for an educational or adult day care service. Whatever your idea, you'll need some business basics to get your dream off the ground. Business administration courses -- like accounting, marketing, and business law -- can provide the foundation for a successful venture.
* Teachers, school counselors, and administrators looking for their next career may be intimidated by the idea of moving out of the school and into the larger workforce. Educational consulting allows you to leave the school building without leaving your skill set behind. Consultants can help place students in private high schools, focus on college or graduate school admissions, or work with a particular student population, like those with learning disabilities or top-tier athletes. In this emerging field, the Independent Educational Consultants Association has set some standards for membership. A member must have a master's degree in counseling or a related field along with past experience.
* Human resources professionals are growing accustomed to the trend of HR outsourcing. Instead of lamenting your loss of job security, you can capitalize on it by hanging out your consultant's shingle. Corporations are increasingly looking to consultants to help with everything from benefits to hiring to labor relations. Consultants will need solid industry experience and contacts. Many have advanced degrees in human resource management or related fields like business administration or law.
3. Spend Wisely. Match your overhead to your income. It is easy to overspend as you get started, especially on office equipment. You don't need the newest gadgets or top-of-the-line gear to be a success. Make cutbacks where you can, like using your mobile phone for all your calls and skipping the land line. Many suppliers offer quality reconditioned items like computers and copiers. Keep other costs low by doing things for yourself -- like filing your own taxes and cleaning your own office. One of the fastest ways to fail is to fall too deeply into debt too fast.
4. Plan. Plan. Plan. Here's where having a few business courses under your belt can be a real asset. From writing a business plan to creating a marketing strategy to having the right insurance, preparation can equal success.
5. Cultivate Your Client Base. Go beyond simply drumming up new business. Reaching out to clients, particularly first-time ones, with a quick phone call after delivering a product or service can go a long way toward gaining referrals and repeat business. Once or twice a year, commit yourself to making new client contacts and contact customers you haven't heard from recently.
6. Be Kind to Your Boss. When you're self-employed, it's very easy to get caught in the trap of constantly working. While no one advocates shirking your responsibilities, it is important to pace yourself. You can help to avoid burnout by taking breaks when you need them and calling in help when you can.
7. Follow The Golden Rule. Treat your vendors and customers, even your competitors, with respect. Show up on time. Call if you can't. Simple and common courtesies can pay major dividends.
Launching out on your own can be fairly intimidating. If you stick to what you know and stick to a plan, you could be your own boss and never look back.
Lila Daniels is a freelance writer living in Vermont.
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