NEW YORK (TheStreet) -- Every day we read about higher unemployment rates, lack of job creation and projections that the outlook is unlikely to change soon. The U.S. Bureau of Labor Statistics recognizes that the majority of new jobs will come from small businesses.The reality is, many of the millions of unemployed will need to start a business to find a job. Career derailment may just mean its time to get on another track as a business owner and entrepreneur.
|Career derailment may just mean its time to get on another track as a business owner and entrepreneur.|
You've heard the old adage: The only certainties are death and taxes. Job security is no longer a given, and whether employed or not, we are always "on the market." We are all free agents with skills, perseverance and a clear understanding of our capabilities; we are our own products to be packaged, priced and marketed to qualified prospects. Not only are you the product, it may be time for you to be the business that owns the product. You've been an employee. How different would it be to be your own boss? There are many options for how:
- As an independent contractor for other companies.
- As a consultant, putting all those corporate and professional skills to work for multiple clients.
- As a business owner with a business name (J. Doe Inc. or J. Doe LLC); you can still be a consultant, sell products and services, but this goes further by formalizing your business legal status.
With the majority of jobs created by small businesses (and all businesses start small), you may find that you and several colleagues can come together to create financial independence for yourselves -- and jobs for others. Even in tough economic times, new businesses and smart business people can succeed, grow and thrive. It takes planning, realism and hard work. It also takes some funds, but you don't have to be independently wealthy to start a business (although it doesn't hurt!). Your next career: Entrepreneur
The first step is a realistic assessment of what you will start with. Take a hard, honest look at the following list to assess your readiness to start your own business.
- Experience and expertise.
- Contacts and networks.
- Tools and resources: computers, money, people and space.
- Commitments and constraints: living expenses, sources of alternative cash flow, bank accounts, spouse's income, first "investors" (for example, credit cards and, as a result, your credit score), time, space, baggage from previous employers (noncompete or nondisclosure agreements, for instance).
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