© 2005 Dream Merchant

Dream Merchant • 2309 Torrance Blvd. #104, Torrance, CA 90501 (310) 328-1925 email: Jkm316@aol.com

PLANNING TIPS FOR THE NEWLY

SELF-EMPLOYED

Have Corporate Cutbacks Put You Out of a Job? Time to Start Planning.

By Gregory F. Brennan

If the recent round of layoffs and corporate downsizing has caught up with you, don't worry about getting another job. Do what 24 million other Americans do. Hire yourself, and make your professional skills available to a wide variety of clients. Here are some things to consider when planning your own business.

1. Reflect on Your Skills to Determine What it is You do Best, Then Base Your Business on Those Skills--Identify which industries you can easily apply your skills to. Target businesses within those industries, and then sell your skills to the people in those businesses who are responsible to buy the services you offer.

2. Consider Your Network--Who do you know who can hire you to do that voodoo that you do so well? Friends? Colleagues? Former vendors? For example, if you managed the graphics unit for your old company, talk to printer reps who relied on you for business and ask them for names and phone numbers of people who might need your skills.

3. How Much Money Will You Need to Earn?--Determine your fees--hourly, daily or per project--and then calculate the amount of work you must have each month. Are you being realistic on both sides of the equation?

4. Take Inventory of Your Current Financial Situation--Did you get a buy-out? Will that give you enough time to get your business up and running? If not, do you have any savings that you can rely on? Is your credit maxed out, or will you be able to rely on that as a cushion while you build your business? Either way, stop spending money frivolously.

5. Consider Your Work Environment--Do you need an office away from the house, or can you work out of your home to save money? What kind of office equipment do you need? A computer, a fax, an additional phone line, a cell phone, a pager? Can you use what you have now, keeping your overhead down, and still deliver the quality of service you expect from your own vendors?

6. Set Goals for Yourself--How many people will you contact each day for new business? How many projects do you want to complete each month? How much money should each of those projects be worth? How much money will you need to take away? Where do you want to be in six months? In one year? In five years?

7. Write All of This Information Down--Once you do, keep it on your desk to constantly review your results. Don't be afraid to change your plans. Anthropologists say that for a species to survive, it needs to migrate or adapt to changing conditions. A business plan lets you choose to survive--even thrive--over perishing.

Gregory F. Brennan is the author of SUCCESSFULLY SELF-EMPLOYED (Upstart Publishing, Co.). He is an expert in starting and running a professional services business. The book is available at local bookstores or directly from the publisher.

Upstart Publishing Company
155 N. Wacker Drive
Chicago, IL 60606-1719
1-800-829-7934

         

            

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