I’m just a month away from celebrating my 2 year anniversary of being gainfully self-employed. It hasn’t been easy, but anything worth having usually isn’t. It takes failures, victories and alot of risk to operate a business. When the anniversary date rolls around, I’m going to share some entrepreneurial advice with you.
In the meantime, I want to answer a question from a young woman, let’s call her Faith, who sent me an email asking the following:
“I just listened to your podcast on being disruptive and I am so tempted to get out of this box (my job) that I got into, but my faith is weak. I am afraid that the first of the month will come and I will not be able to pay rent, or pay my cell phone bill etc. What advice can you give to one who is in a box that is essentially paying the bills and putting food on the table?”
My advice?
- Save some money. Some recommend 3 months, but if you’re going into business for yourself, I’d recommend 6 months.
- Start a blog. While you’re storing a few bucks from your paycheck each month, start blogging. It’s a great way to showcase your talent. Don’t go with one of those free ones, like blogger or wordpress.com. Spend the money and launch a paid blog right from the start. You can pay as little as $5 per month for that. Ask me for some recommendations.
- Focus on a niche. Don’t blog for everyone. Instead, blog for a small audience. If you’re a project manager, don’t blog for all project managers. Instead, blog for project managers who manage software development projects. If you’re a writer, don’t focus on all writing projects. Instead, blog for people who hate to write. Or, for first time authors who can’t stay focused on finishing a book. Or, press releases for non profits.
- Tell your boss that you’re blogging. Let him or her know that you have a passion and you’re sharing it with others online. Then, grab IBM’s employee blogging guidelines and share that with your boss. Tell him or her what you will – and won’t – share on your blog. Give him or her assurances that you will keep your work life and your blog life separate. That means you won’t blog during work hours and only blog things that you can share with your boss.
- Look at your job as a silent angel investor in your business. That’s what got me through the last 24 months I was working as a salaried employee.
Any other advice you’d give to Faith on how she can start her own business without going broke? Leave your comments below.
I think it’s also highly important to have a positive outlook when it comes to business. Sure you’re aware of all the traps and risks but overall, don’t set yourself up for failure when you’ve barely even started. Nothing ventured, nothing gained. Of course, you’re not going to be venturing into something without thinking it through. Do a lot of research and read posts like this. Set yourself up to succeed.
Hi Leesa,
First, let me say, I really enjoy reading your blog. I started blogging last year as a way to bring my virtual business into the actual virtual world. After a little time off, I am back and determined.
I would add two more ideas to the great list you gave faith.
1. Join a networking group. That can be a little challenge if you are an hourly employee but you could join a group that meets after work or perhaps one that meets once a month during the lunch hour. If you meet during lunch then perhaps you can save your paid time off to use for this reason. Will your new business become a competitor with your current business? That could be a little tricky, especially if you signed a non-compete agreement, but just spend some time thinking about what challenges you would face by networking your way out of the corporate world.
2. Depending on what type of business you are starting, you could take a graduated step down. That is what I have done. A part time job could help you feel a little more secure as you ramp up in your business. I found that it took me a little bit to change my mind set from being an employee to being self employed. But once it sets in and you start invoicing clients your faith will build.
Good luck to Faith and thanks Leesa for providing such a great forum.