Are you a Reluctant Halfpreneur? You’ve never wanted to start your own business. You like working for someone else. There are benefits, a stable paycheck, and people who you enjoy working with. Start your own business! No way!
Then …… Management changed and your position changed too, and not for the better. Perhaps you are a parent and you have lost the flexibility to come in early so you can leave early for your children’s sporting events. Or, the handwriting is on the wall – your job or your whole company is at risk and local opportunities for someone with your skill set are nil. Or you thought that your career was secure for the next 5, 10, 15 years, but now you are over 55 and out of work. The odds of finding another comparable position in your field are slim. Not impossible, but all the government and business statistics warn that it will take you much longer to find a job than it will for a 40 year old. Part-time at fast food service or retail sales is not what you have in mind when your unemployment compensation runs out.
If your experience does not immediately translate into something you can start your own business in and it is important to you that you work at something professional, with a potential for good pay, and offers the opportunity to interact with interesting people, where do you look for ideas. There are some career and life coaches that specialize in working with individuals in the position that you find yourself and be able to help you find your passion. Before going the coaching route, here are two more reasonably priced options.
Look over the catalogs for your local colleges, especially community colleges. Take a look at what is being offered in certificate programs and in their noncredit programs. These offerings will indicate what may be in demand in your community. You may want to earn a certificate or take a course or maybe you have the background to make the transition into this new field. Employment or self-employment in this new field may be possible.
Visit http://www.entrepreneurbookstore.com. They sell two types of books: kits to help you start your own business that generally cost $69 and start-up books that retail around $18 – $22. The kits have business forms and worksheets and walk you through the entire planning process. The start-up books have plenty of information about the business and how to start it, but not the forms. If you are exploring your possibilities, the books are helpful. I purchased one recently thinking that it represented an area I could expand my current business into. Well, I could go that route, but I discovered that there were many aspects of this new business venture that would not be a good fit with my current life style. I got some ideas I might use so it was $19.99 well spent.
Since Entrepreneur Press is the publisher (my only affiliation with Entrepreneur magazine is that I subscribe to it) many of the kits and start-up books are appropriate for those with a professional or administrative background. Title include: Public Relations, Event Planning, Consulting, Freight Brokerage, Tutoring and Test Preparation, Executive Recruiting, Staffing, Online education, Import- Export, Home Inspection, College Planning Consultant.
Event Planning
If more than one idea interests you, research it further – interview someone who does this type of work; research your local market; talk to the former executives who staff your local SCORE office or visit or agencies (at colleges, Chamber of Commerce, Small Business Bureau) that assist those starting new businesses. Can’t narrow down your choices – a career coach or Profiting from Your Passions coach can help. Need guidance in setting up a business – consider a new business coach.
Howard Figler, nationally known speaker, writer and career counselor suggests that “today’s career success may carry five business cards and be serious about all of them….If one source of income is good, then five sources may be even better.”
Working at more than one job was once known as “moonlighting;” more recently working simultaneously at several jobs became know as the portfolio career. For most people, however, it is easier to understand the “moonlighter” working for needed extra money than to understand why someone might have several “jobs” to which they are committed. Holding simultaneous multiple jobs is not the norm, and those who do, find that they are frequently accused of being unfocused, scattered, unable to set priorities, or maybe even suffering from undiagnosed ADHD.
Barbara Sher in Refuse to Choose, put in a good word for some of these individuals and called them “scanners.” A scanner has intense curiosity about numerous unrelated subjects. Committing to just one career just is not possible unless it includes incredible variety. More than 50 years ago, Donald Super, a pioneer in the field of the psychology of career development stated that we are all multi-potential and one job or career may not satisfy us.
In this challenging new economy, having several simultaneous sources of income may be the way to achieve career success. Now that periods of unemployment are becoming common for many workers, your career success might come from having several career identities.
This may mean that you must learn to think like an entrepreneur. It is quite possible to keep your day job and start a home business on the side. Your entrepreneurial pursuits might be part time or seasonal. With the internet, micro-entrepreneurs can start very small businesses with virtually no monetary risk.
What does a Portfolio Career or 5+ Business Card Career look like? With this career style you may have:
full time job or two or three employers with whom you have contracted.
a business that supplements your regular income.
one or more businesses that you are cultivating to see if they are right for you.
a source of income you are building for “retirement.”
a part time business you use when you are between jobs.
Your career identities may come from your “five-plus” businesses that are all related to one theme or industry or your identities may spring from monetizing your passions, interests, or natural talents. Having a 5+ Business Card Career can provide:
increased income variety that can replace income lost by unemployment or retirement.
a way of taking advantage of all your interests.
a better position to take advantage of changes in the market place.
Does a Halfpreneur need a business plan? It is a question that has no right answer. Yes, No, and Maybe are all correct.
YES!
If you will be applying for a business loan, a business plan will be required by the bank.
You will need a business plan if you are seeking business investment. Potential investors invest in people, their ideas, their track record, the market and other factors. Your business plan will define and explain your business and its potential.
If you will work with partners or a team, a business plan defines the agreements between partners. For a management team the business plan establishes where you are starting off and where you intend to take the business.
Last but maybe not least, you will need a business plan to set a value on your business if you sell your business, when you do estate planning, or if you divorce.
NO!
You may not need a business plan if you are running a small business that you are self-funding.
If your business is based on your hours or space and growing it larger is not in your plans, the b plan may not be needed. For instance many coaches do not have business plans. If you are going to walk dogs, board birds when their owners are on vacation, or make and sell custom quilts, the business plan probably is not necessary.
If your plans to be a Halfpreneur are very temporary, such as you will be doing small home repairs until you find full time employment again, a business plan may not be needed.
MAYBE!
If you are a Halfpreneur who wants to sell a product or service, a business plan provides a structure for outlining what will be important for setting up and successfully running your business. It can help with setting reasonable and measurable goals.
If you are starting off part-time as a trial run for full-time entrepreneur or you do not want your profits completely tied to space in your extra room or the 10 hours per week that you have to devote to your business, then a business plan may be useful.
A business plan can start off just a document to guide you and your new business. It may never go any further than your desk, but it gets you off on the right foot, thinking like an entrepreneur of business person.
A business plan generally includes such sections as: Executive Summary, Company Description, Products and Services, Market Analysis, Strategy and Implementation, and Financial Analysis. It might also include sections on Management Team and Web Use. A copy of your resume is often a part of the Executive Summary or just a part of the plan.
If you decide that a business plan is not necessary, you should at least have a plan that contains short and long term goals that you are committed to being accountable for.
The Plan
www.bplan.com offers information on business plans and starting a business, business plans that you can review for free, and business planning software (not free, but reasonably priced).
Need help setting your goals. The Halfpreneur offers coaching. Contact Mary Ann, the Halfpreneur,at 508-752-2600 (Career Development Services) or at thehalfpreneur@gmail.com
Initially you are excited about starting your own business and then the obstacles to self employment begin to emerge. If you are planning a seasonal or weekend business, some of these obstacles will apply but they may be far more relevant for the potential entrepreneur who is starting out part-time with the hope of pursuing their entrepreneurial venture on a full time basis.
Erroneous Advice and Lack of Support
Avoid Negative People
The erroneous advice is most likely to come from people that you care about and people who care about you. You may get a litany of “90 percent of all businesses fail.” “Remember your uncle who did Amway and was left with a garage full of soap.” “You’ll never be able to afford health insurance or save for retirement.” “If you’re no longer making enough money, tighten your belt, downsize your house, move to an area of the country where the economy is better.” “You don’t have enough experience or knowledge to start a business.” “You’ll never find the time.”
Chances are these people want what is best for you and what is best is, at least, for them is SECURITY. It is quite likely that they are afraid of trying new things and therefore you should be afraid, too. These family members, relatives, and friends can throw a wet blanket on your plans and dreams. If you have any fears or doubts about starting a business they may make your anxieties even worse.
Solutions
Surround Yourself with Entrepreneurs
Do not “go public” with your idea too early. Do your preliminary research and surround yourself with people who have started businesses and believe in you and your business. Begin to seek out people who you may need to consult with about skill sets you lack such as web design or accounting. Although a business plan may not be necessary for a small, self-funded business, having a plan may make you more confident when you have to deal with the naysayers. If one of the chief naysayers is your partner or spouse be direct in your communication. Be clear on why you need to pursue this dream and don’t set your relationship up for future resentment.
Lack of Confidence, Fear of Failure
You realize there are new things to learn, skills that you may lack, or that you may fail. If you lack support, your forward movement may be paralyzed and this may set off a vicious cycle of self-fulfilling prophecy
Solutions
Meditate
Pay attention to your thoughts and engage in practices to help you detach from them: meditation, journaling, yoga. Thoughts are powerful and if you become obsessed with the possible problems and obstacles to your success, you will not launch any of your plans into action. Thus you create the self-fulfilling prophecy.
Again, surround yourself with other who are entrepreneurial and who believe in you and your business. They probably have experience with fear and failure as well as with success.
Lack of Finances and Time
If you are starting a part-time business and keeping your full-time or regular job, you need to finance your business but you do not face the financial anxiety of being totally self-supporting. We cannot create more time! To find the time to start and run your business, you probably will have to make some sacrifices.
Solutions
If you goal is to be a full-time business owner, take time to transition into this role by starting part-time.
TIME – Skip TV viewing and cut down on your computer time, especially FaceBook and surfing the web. Use your weekends for your business. Depending on the type of business, get up earlier in the morning, to work on your information product , write your blogs, or your ezines, or your book before the family gets up. Sacrifice but don’t be a martyr! Take time to rest and recharge; take vacations. No breaks from work often decreases productivity.
Have a Yard Sale
– raise some money by selling what you don’t need. Reduce some living expenses, if possible, like what you are paying for telephone and cable TV. Cut back on fast food, eating out, and entertainment. When starting your business, keep your overhead low. Work from home, or a coffee shop, or an office co-op, or sublease your office space. Start off with a website that you can do yourself or with minimum assistance. Weebly and WordPress are fairly easy to use. (I use both – one for my blog and one for my website). Vista or moo.com are sources of inexpensive business cards. Use PayPal or Square with your mobile device to accept credit cards and do your marketing on Twitter, LinkedIn, Facebook, and Yelp.
Self-Sabotage
Self-Sabotage can come from many things: perfectionism, unrealistic attitudes, attitudes about money, lacking a clear business plan, or not thinking like an entrepreneur.
PERFECTIONISM – Don’t wait for things to be perfect. The website, the blog, the information product just has to be good enough.
Solution: Strive for excellence but not perfection.
Easy Money
UNREALISTIC ATTITUDES – If we are looking at self-employment –related websites on the Internet, we are bombarded by sites telling us we can earn a six-figure income and only work four hours a week, just purchase whatever it is that they are offering. It takes time to grow a business. Unrealistic attitudes may also take the form of overestimating your market.
Solutions: Research – Talk to people who in similar businesses to yours or to the one you want to start. Read magazines and journals written about this business.
Invest in Yourself
ATTITUDES ABOUT MONEY – Do you have issues with money? Have you been told that it is the root of all evil? Is it more noble to be poor? Does having money mean your selfish? Does starting a business mean that there is no money to invest in yourself? Not charging what your service is worth is another problem that will bring your business down. Finally, back to finances and on to business planning , you must be willing to work on how you will manage your income and expenditures.
Solutions: Daily mindfulness – become aware of what you are telling yourself about money. Get coaching on this issue. Invest in yourself as well as in your business.
LACKING A CLEAR BUSINESS PLAN – Do not begin your business until you are sure what you are in business to do. A lack of focus and vagueness as to who your business will serve is a recipe for disaster.
Solutions: Assess your passions, interests, strengths, talents, and skill sets. What can you offer to a specific niche? Research similar businesses online, what are their strengths and weaknesses. What do they offer. Join a local Chamber of Commerce or meet-up group to develop a professional network of people who share a similar interest. Dream/imagine what you want your business to look like. Creating a vision board might be helpful. Set short and long term goals for your business or use business plan software that will help you develop your ideas.
Learn to Think Like an Entrepreneur
NOT THINKING LIKE AN ENTREPRENEUR – You are an entrepreneur, even if only a seasonal or weekend entrepreneur. Thinking like an entrepreneur may mean that you will need to give up something called entitlement thinking. No this does not mean that you need to become right-wing and against Social Security and Medicare.
Solutions: According to Barbara Winter, author of Making a Living Without a Job there are a number of differences between how an entrepreneur thinks and the entitlement thinking common to many who work in corporate/state-funded positions. EntrepreneurialThinkingEntitlement Thinking
How much can I give? How much can I get?
Embrace problem-solving Others should fix my problems
I am responsible It’s not my fault
Instigates Waits
I can create my own benefits I deserve lots of benefits
Let me stretch Let me stay in my comfort zone
Work is endless discovery Work is predictably routine
Most people are trustworthy I don’t trust anyone
Flexible Ideas set in concrete
Welcomes change Fears change
Forward-thinking Clings to the status quo
Capacity to shift gears quickly, not Resentful and complaining during driven by economic ups and downs economic downturns
With the 2008 recession and it’s effects, self-employment, home-based businesses and an entrepreneurial spirit have emerging as an economic trend. This trend is not new, but it has accelerated in recent years with statistics now showing that 61% of all Americans want to start their own business (Parkinomics, 2010).
If you are in this 61%, how do you make the transition from employee to being your own boss? Websites, books, e-books, and magazines may be helpful or they may leave you absolutely confused. Is it as simple as find your purpose and the money will follow? Do you really need to talk to your lawyer, your accountant, the volunteers at SCORE and then develop a business plan, decide on the legal form your business will take, and choose a domain name before getting started?
It is NOT as simple as just find your passion and the money will follow, but with the Internet, businesses are easier to start than ever before. Of course, if you are buying a business or a franchise then your lawyer and accountant definitely should be involved!
“Businesses are easier to start than ever before!” What if you want your own business but you don’t know what you want to do or where to begin? Get started by considering the FIVE Ps: Passion, Purpose, Problems, People, and Part-Time. For many individuals Passion and Purpose go together. Although they are different issues, the Problems you will solve and the People you will target are related. Your business is YOUR business, and it is your choice as to whether to pursue it on a full-time or part-time basis. If you are just starting out, there are good reasons to begin Part-time.
Passion: Yes, you do need to discover your passions or passions. If you feel that you have no passions or that this word seems too strong, what about your interests, skills, abilities or talents? If you won a lottery that would pay you for life with just one stipulation that you had to “work” at something until you were at least 65, what would you do? Dream a little – If you had your own business what would you be doing? If you can’t envision what you would be doing, ask yourself – would I be working by myself or with others? Where would I be working – from my home? In an office? On a stage? Would I be writing, talking, painting, walking dogs, arranging flowers, designing solar homes? Start off dreaming and brainstorming. Don’t be concerned yet as to how this passion will make money. Figuring out how to monetize your passion is a later step.
Purpose: Do your feel that you have a mission in life? A calling? A purpose? Some career coaches and counselors believe that having a purpose is essential, but it may be that a purpose is only discovered after one has had some life experiences. At this point, maybe you just want to make money, and there are plenty of young wealthy Internet marketers who know that they don’t want to work 40 hours per week. Knowing your purpose may make it easier to discover your passion. Purpose is related to the sense that your life is fulfilling and abundant, but a stool can stand very well on three legs or four legs. You can start a business without knowing your purpose or mission in life.
Problems: Businesses exist because they solve problems. Fixing cars, computers, plumbing… providing food, toys, and electronics from other areas of the world… assisting people to heal from sickness, find jobs, train their dog… Successful business continue to exist because they solve problems better than others do. These businesses or individuals make promises and then they over deliver. The solutions they provide are bigger than the promise that they offer so customers repeatedly return. What problem or problems will you solve? What can you offer that no one else is offering? Try dreaming or brainstorming again or look around your community and to see if there are any problems that no one is trying to solve. Do you have the passion or expertise to solve it?
People: Who, what niche or market, has the problems that you will solve? Do they have a common interest or need such as they need to lose weight or they’re technophobic? Are they members of a particular demographic group – working parents, baby boomers, etc. How will you market to this target group? An important aspect of monetizing a passion is to know who needs or wants what you have. This means your target may not be individuals; rather it maybe small or large businesses who need what you are offering.
Part-time: If you still have a job, build your new career on the side. When it is established, you can jump into it full time, or sell it, or keep it part-time. It’s your business! Starting part-time allows you to figure out whether this business really is for you, test the market for demand, master any web based technologies that you need, attend trainings and conferences that will improve your knowledge base.
In my last post, I mentioned that one thing that the Boomers had not questioned was the concept of work and employment.
This is perhaps because during the last 60 years, we have transitioned from the Industrial or Manufacturing Age into the Post Industrial or Information Age. The industrial world of their parents and the one they might have entered was not the demanding, dangerous Industrial Age but the end of the era when many workers had secure jobs for their entire work lives.
A job in this not so long ago age, was defined as continuous long-term employment with an organization that provided a regular salary, health benefits, a pension plan and the assurance of a continuing need for the worker’s skills. This relationship between employers and individuals was called “the social contract.” Basically it meant that an employer in return for the good service and productivity of an employee, offered lifetime employment with an inherent potential for promotion, regular increases in salary, a good fringe benefit plan and an assured retirement package. It was a given that the organization that offered employment was stable and would be around “forever.”
Since the 1980s corporate America has dramatically altered the context of work and the “social contract” is a relationship of the past. The Information Age (or PostIndustrial Age) is defined by the ease and rapidity of worldwide communication. Wireless communication, computer networks, the World Wide Web make almost instantaneous communication possible.
Manufacturing still occurs even in the US, but it is driven by computer technologies including robotics and nanotechnologies. The stability and long-term endurance of companies is no longer a given. Even profitable, highly regarded organizations can be sold or merged.
If you are over 50, you may remember the “olden days.” If you are over 60, you may have begun your work life expecting the continuance of the “social contract” or a hybrid version of it where employers honored the “social contract” but employees, especially early in their careers, would change jobs several times before settling into a good job and a good company.
So we are now in the 21st century looking for meaning in our work in a work world characterized by: a reduced workforce due to downsizing, a reduced workforce due to outsourcing, a reduced workforce due to automation and robotization, increased customization, increased hiring of temporary employees, a increasingly diverse workforce, globalization, fewer corporations, long-distance collaboration, an emphasis of skills not job titles, and an increased need for continuing education.
As Stephen R. Covey describes it …..
“We live in a new economy that is moving from the Industrial Age, top-down, command-and-control, hierarchical model to the Knowledge Worker Age of empowerment and courage and creativity. We also live at a difficult recessionary time, but that does not mean we a fundamentally a product of our environment. We are not victims of circumstances. We are the creative force of our own lives.
Unfortunately I do not think most of us were raised to think creatively about the economy and the role that we play in the economy. I sense a longing in many of my clients for the so-called good old days when everyone knew where they fit-in in often paternalistic corporations. In an evolving, creative, empowering, what are we supposed to do era, what are our new roles? Will we hold a job or be an entrepreneur or some combination of both?”
With a job loss after age 50, an individual can wait and hope that they will find employment in their field. Many become underemployed taking jobs in retail and telemarketing, Some cannot find work and live off their savings and spouse’s income. Some enthusiastically become the entrepreneurs they always wanted to be while others reluctantly begin to look at their entrepreneurial options.
By age 50, your employment, your leisure time, and your everyday life have given you a wide variety of skills and expertise. To identify potential areas of self-employments, I would interview a reluctant entrepreneur about their skills and expertise.
Here are some questions I might put to them if they are searching for business ideas and a niche.
What opportunities in the market place did you last employer seem to be missing? EG: parts for older models, refurbishing equipment, custom orders
What skills can you sell as a freelancer? EG: project management, website design, accounting, computer programming
Do you have the knowledge and experience to buy out an existing business? EG: gift shop, home security installation, photography studio, print framing shop
Do you have a manual skill that others would pay for? EG: laminate and hardwood floor installation, stained glass design and installation, bricklaying
Do you have a hobby product you can offer as a business? EG: knit goods, jewelry, customized wooden signs, Christmas decorations
Do you have friends who rave about your cooking or baking? EG: ethnic deserts, chocolate specialties, wedding cakes, catering for small groups, pre-cooked meals
Can you sell your talent in a sport? EG: canoeing/kayaking trips, running soccer or tennis camps
Do you possess talent in graphic or fine arts design? EG: Designing websites, designing logos, custom painting clothing or shoes.
Is there a service you need personally but cannot find? EG: taking children to after school activities, driving elderly relatives to doctor’s appointments, locating pieces of silverware or china
Can you provide a product or service your friends can’t find? EG: pet sitter, home delivery of live seafood, genealogical research
Do you do something as a volunteer that others would pay for? EG: teach ESL, transport elderly shopping or to medical visits, visit elder who are home-bound
Do you have experience in importing or exporting? EG: used machinery to India and other countries, scientific equipment to Eastern Europe, craft items from Africa, Asia, Central and South America
What knowledge do you have that you can put into a special report or book? EG: internet marketing, raising a child with ADHD, foreign travel with children
Are you experienced and talented in teaching or training? EG: English or foreign languages, music, job social skills, negotiation and mediation
Do you have experience in “New Age” disciplines or alternative health practices? EG: Tapping (EFT), Reiki, Reflexology, Fung Shui, card reading, past life regression analysis
