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As many Americans find traditional “job seeking” more and more frustrating in a tough economy, many more are dusting off that business idea they once had and becoming what I call “forced” entrepreneurs.
I’ve met marketing directors who are selling their services as a consultant, administrative assistants who are becoming virtual assistants, and CFOs who are funding an early retirement by making and selling crafts they used to create simply as a hobby.
Self-Employment Myths
Still, there are enduring myths about being self-employed that linger in our minds, bullying many of us to stay out of the entrepreneurial arena.
Let’s set two straight right now.
1. Profitable self-employment is tricky, hard, and out of reach.
I’m not sure when self-employment became viewed as risky and, to some, even irresponsible; but I’ve found the opposite to be true. In today’s economy, self-employment can be one of the surest and quickest routes to your next paycheck.
Being self-employed takes passion, discipline, commitment and a willingness to stretch beyond your comfort zone. Yet, so does any other worthwhile pursuit.
But, business success isn’t tricky or mysterious – as many marketers, gurus, and business coaches would have you believe.
The best news is that the strategies used by Donald Trump, Oprah Winfrey, and Tory Johnson can be taught, and they can be learned. There is nothing mysterious about it.
2. Getting into business for myself is going to be expensive, and I just don’t have the money to get started.
Again, this assumption is completely false. Yet, every week we see desperate entrepreneurs begging for huge sums of money on the new hit television show, The Shark Tank.
I started my own company with just $50, and $32 of that “whopping” start up fee was spent on stamps. Samantha of www.socialimage.net began her internationally-known image consulting agency with just $100 start up capital.
Certainly, there is no shortage of stories just like ours.
In fact, far too often, when we start businesses with an influx of capital, the money itself becomes a stumbling block to success. How? Capital that is unearned actually prolongs our dependence on the business itself to provide us with an income.
When you “boot strap” your own self-employment, your venture is immediately held accountable for turning a profit. This is a powerful benefit to starting your business without an influx of cash.
Before putting too much stock into this “business lie,” we have to ask ourselves what (exactly) we would spend our capital purchasing and begin to look favorably at the concept of a shoe-string budget:
- If your perceived need is commercial space, is there any way to start from home using the space you already have?
- If you think you need money for producing product, maybe there is a service component to your idea you could launch first to build revenue.
- List what you think you need capital to obtain, and then consider alternatives. You may be surprised just how far you can go on a shoestring budget.
Bottom Line
Before you give up on your dream because of some myths, take a good look at your options and the possibilities around you. Next month, we’ll take a bird’s eye view of the most important aspect of being successfully self-employed: marketing.
© Copyright B. Michelle Pippin, 2010. All rights reserved. Used with permission.
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About This Author:
B. Michelle Pippin is a small business coach and passionate entrepreneur, with a laser-like focus on relational marketing that gets your client IN HERE vs. getting your name OUT THERE. You can learn more about Michelle at WomenWhoWow.com and The Buzz.
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