Handling the choice to find a job or start a business
This is Charles Evans' anniversary. He was riffed exactly one month ago. Whether sympathy cards or congratulations are appropriate remains an open question. Evans, a real person in a real situation although his name isn't Charles Evans, is seriously tempted to scratch a longtime itch to "hang out my own shingle."
Evans has been preparing for this moment. He and his wife, a teacher hoping to be in a classroom when school begins, have six months worth of expenses in the bank; an additional six weeks' expenses in checking; and no debt other than a mortgage on their West Suburban home. There are three young kids. COBRA will carry them for a while.
Whatever his decision, Evans' edge may be that he is an engineer with proven capabilities in the energy efficiency-cost reduction arena - presumably salable skills.
As part of his due diligence, Evans asked for my thoughts. Because there are others facing similar hang-my-shingle-or-look-for-a-job decisions, we agreed to share some of my starting-up ideas:
* Think first. Most suburban community colleges have effective Illinois Small Business Development Centers, where advice is free and helpful. Call yours and ask for a counseling session.
No one likes to write business plans, but putting ideas on paper is a useful exercise. The Fox Valley SCORE chapter (www.scorefoxvalley.org) has an easy-to-use business plan guide that will help you think out necessary steps.
• Be prepared to spend money. You'll need a Web site where prospective clients can satisfy themselves that you're legit. The site must look professional, and it must sell. That's good graphics and effective words, probably not something your nephew can do.
You'll also need business cards and letterhead that look as professional as the prospects you'll be pitching; and you'll need printed materials that give your business a professional and permanent look. Hire an experienced graphic designer. These are not Microsoft Publisher projects.
• Craft a sales message about your skills, your energy specialty and why you decided this is a great time to go on your own.
• If there is no non-compete from your previous employer, talk to businesses you knew at your former company.
• Get a small business attorney, one who understands startups. This isn't likely to be the attorney who did the closing on your house, and it's not likely your estate attorney, either.
• Talk to a small business accountant about taxes, cash flow, what you can and cannot write off and related issues.
• Make the find-a-job or start-a-business decision early. Both are full-time tasks. You can't do either part-time.
There are many additional issues, of course. Readers willing to share thoughts should e-mail them to me; I'll send them to Evans.
• Questions, comments e-mail Jim Kendall at JKendall@121MarketingResources.com.
© 2009 121 Marketing Resources Inc.