How to Start a Business

Last week, the Wall Street Journal had a report on the shifting job force.  It is now estimated that 20 – 23% of the USA workforce work as free agents, contractors, consultants, or freelancers.  This is quite a shift from the traditional 9-5 company job.  One out of every 4 people in the USA are working for themselves!

The WSJ described some important mindset changes needed for former employees that become freelancers.

1. You may be freelancing for a long time.

It’s not a guarantee that companies will be hiring back soon.  It’s better to look at your situation as a long-term option of freelancing instead of trying to get one freelancing client to hold you over until you get hired back by the man.

2.  Don’t do this all by yourself.  Network.

One misconception I had about entrepreneurs before I started working for myself was that they do everything by themselves.  When my entrepreneurial mentor hired me to work for him, I saw that he had an entire network of people he called for any number of questions.  He wasn’t the lone ranger.  With 20 – 23% of the workforce in your same shoes, you need to network and meet people with complimentary businesses, or the same type of business to get answers to questions.

3.  Get some work space.

This could be in your home or away from your home.  You need a place to get away.  When I was a single guy, I worked from home and I was productive.  When I got married, that became impossible.  So I found a great deal on shared office space that is 5 blocks from where I live.  I don’t need a car and I’m able to have my separate work space.

4.  You must adopt an entrepreneurial mentality.

Write a business plan for yourself.  How many clients do you need a month to support your family?  What do you need to do to get those clients?  What type of marketing could you do to get the results you need?  How much start-up capital do you need to get this going?

The next question is what to do as a freelancer.  What should you consult others about?  What did you do in your corporate job?  Can you offer that same service to other companies?  Or, do you have a particular passion that you could turn into an income stream?

The Entrepreneur School is specially set up to help you start the process of starting your own business.  We have the first module available for free where the first question we tackle is “Why be an Entrepreneur?”  Click here to access these first set of videos.

Related posts:

1. The Salary of an Entrepreneur
2. Cheap Atlanta Office Space
3. Five Ideas to Get Your Business Going

1 Comment

1.   Erik Rostad   |  Monday, 22 February 2010 at 8:59 am

   Here’s more information about the job market and how you may not find a job as quickly as you had hoped. This is from this weekend’s NY Times:

   Millions of Unemployed Face Years Without Jobs
   http://www.nytimes.com/2010/02/21/business/economy/21unemployed.html?th&emc=th