This is part 8 of a series in making the leap to self-employment
The idea behind becoming successfully self-employed is to plan so you can “make ends meet.” The magic in this is that you take pressure off from thinking you have to make a large amount of money right off the bat. If you think you need to pay yourself $100,000 the first year, you can get so hamstrung by expectations that you will not be able to act. But if you bite off the way you will earn money in small chunks – in other words, determine how to “make ends meet” – you will soon find you’ve built a base from which to proceed.
One of the best ways to put together these small chunks is to create mini-businesses or several income sources. We live in an era where we have countless possibilities to create work, compared to the dearth of opportunities available generations ago. Plus, you are living in the new world of the Internet, with all its potential that has only begun to be tapped. Here’s the time to put your imagination to work.
Suppose, for example, you are beginning a quilting business and you know it will take awhile before you establish yourself to the point that you can make a full time living making and selling quilts. While you are building your main business, you could establish several smaller businesses: teach workshops on how to quilt; sell quilting patterns on the Internet; do tailoring; write articles on quilting and sell them to magazines; sell quilting supplies at your workshops. You could even get a part time job that is, or is not, related to quilting. Prepare a booklet on quilting that you can sell at your workshops. The possibilities are limited only by your own creativity.
If you make it a practice to keep five or more mini-businesses going all the time, you will find that, added together, you will create the income you need. If the monthly goal for one of your mini-businesses is $800, you know you have to make only $200 a week in that particular venture. That’s an easier goal than saying, “I have to make $5,000 a month.” The monthly goal for another may be $1,500. By the time you string together the income from your mini-businesses, you have an income you can live with.
By diversifying and keeping a number of different projects going to earn your living, you will not only make more money, but in the process, you will become more creative and resourceful in building your new life.
Get support
As with any life-changing venture in life, it pays to get as much support from friends and family as you can. That support may come from friends, a teacher, a colleague, supervisor, coach, or a spiritual guide.
If you can, meet regularly with other people who are working for themselves. In groups like these, you can generate ideas, share information, and help one another stay on track. To find people like yourself, sign up for a Small Business or college-sponsored workshop on starting a business. Check out your local newspaper for networking meetings.
Seeking support is sometimes a two-edged sword, so be careful who you share your dreams with. The life you’re trying to create for yourself may generate criticism instead of enthusiasm from people who would advise you to “play it safe,” or remind you that you’re “lucky to have a good job.”
Wherever you turn for support, take heart from author Alice Walker, who said, “Wherever I have knocked, a door has opened. Wherever I have wandered, a path has appeared. I have been helped, supported, encouraged and nurtured by people of all races, creeds, colors and dreams.”
Part 9, “Challenges in Working for Yourself,” continues the series in being successfully self-employed.