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Written by Heather Resnick
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Wednesday, 20 July 2005 |
| PART 5: Queen Bee – Being Self-Employed |
Last issue – PART 4: Interview Savvy
Part Four provided guidance for a successful interview, but if you’ve decided to pursue your own business, here are some tips to follow to be your own boss.
Many women may find that self-employment is the answer to their dreams. It provides:
- Empowerment – you are the boss and you make the decisions
- Raised self-esteem – you are doing something you feel is valuable
- The chance to following a passion
- Flexible hours
- The convenience of working from home
- Filling a niche in the marketplace
Or it may be that your back is to the wall and there are no other options.
Are you entrepreneurable?
Try Infrastructure Canada's on-line quiz at www.wd.gc.ca/tools/xindex_e.asp and review some key material, bsa.cbsc.org/gol/bsa/site.nsf/en/index.html What do you want to do?
If you haven't already conceptualized a business idea then re-visit Part One of this series to go through the exercise of self-assessment.
But if you do have a unique idea or feel your business idea is sure-fire, then ask yourself — is the business going to be feasible?
THEN ... ask everyone you can think of for their input, and listen carefully to the responses. Some will sugar-coat it, others won't — analyze the good and bad.
Many Provincial Business Service Centres provide trained consultants to help you round out your idea. Remember that many ideas initially start like a flower bud, and only with time and the proper nurturing do they develop into a full blooming business.
More leg-work
We spend 18 years getting ready for a job or higher education — so it makes sense that to start a successful business, a little leg-work time is needed. A great book that gives you hands-on exercises and hard-core details is Business for Beginners, by Frances McGuckin, http://www.smallbizpro.com/.
Make sure you have a business plan, which helps to address all the not-so-obvious issues. The Canada Business Service Centre (CBSC) has set-up an Interactive Business Planner, that helps keep you up-to-date and has these extra features:
- a guided question and answer format through each phase of the business plan
- definitions, tips and sample business plans
- financial projections that are prepared for you based on the information you provide
Here’s the link to the ‘New User’ form - www.cbsc.org/ibp/new_user.cfm
Can you afford to set out on your own?
This is a huge question - one worth spending a lot of time on. Market research is the key to making sure you understand your target market and whether they'll buy what you're selling. Another reason for having a good business plan and making sure you get varying opinions from a number of experts and potential clients.
Determine how much it will cost to start-up. Personal expenses, office/store rental, renovations, equipment, supplies, transportation costs for meetings, sales, picking up supplies, deliveries, etc. Keep the one-time and monthly recurring expenses separate and then multiply the monthly ones by the number of month's you're estimating it will take you to have a steady clientele - enough to break even.
The Business Development Bank of Canada, www.bdc.ca, delivers financial and consulting services to Canadian small businesses including First Nations. Utilize their trained small business experts to help you fine-tune your financial needs.
Or visit your personal bank to help with financial decisions - most of them now provide trained consultants to aid small business owners.
Note: Most financial institution will want to see a business plan. And each bank may have their own preferred format, so if you have a basic business plan in place, it's easier to modify it for various parties that need a copy.
The Personal Crunch
Serious considerations have to be made before you decide to go the self-employment route, especially on the personal side.
- Do you want to work from home?
- Is it feasible to work from home –
- Do you have the space?
- Can you balance family and business – will you be able to end your workday?
- Will there be distractions – children, pets, chores, social calls, discipline to stay focused, food binges or not eating at all.
- What will your hours be like?
- How will you market yourself?
- Do you need a partner? Can you handle a partner?
- Do you need employees? Not all entrepreneurs can perform all the functions needed to successfully run a business.
- Are there people you can go to for help? Are they supporting you whole-heartedly?
Extra Support
There may also be a Human Resource Development Centre with a Self-Employment Program nearby that you can utilize to help guide you through the business start-up process.
To obtain legal information for sole, partner or incorporation or a tax guide from the Canada Customs and Revenue Agency, phone 1-800-959-2221 or visit http://www.cra-arc.gc.ca/tax/individuals/segments/self/menu-e.html.
There is so much detail when starting a business, so keep in mind that this article is just the tip of the iceberg. Keep cool and just do the best you can. If you are truly passionate about your business idea then let it grow, as you will with the development process.
Life is either a daring adventure or nothing.
- Helen Keller
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Heather Resnick
Email Heather
Heather is committed to writing words that provoke positive change. Her first novel, Ms. Humpty Dumpty, a “powerhouse of emotions” about a woman who keeps falling off the wall and tries to put back the pieces (www.humptydumpty.com). |
Share your success stories, hopes, and fears by visiting www.womenreworked.com and completing an on-line survey to help Heather with her upcoming book Women Reworked for women considering entering the workplace after an extended absence or for the first time.
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