Creating Job Security by Becoming the Boss
(2 votes, average: 5 out of 5)February 18, 2009 by Erin Casey
I recently received an e-mail from a business owner and new author whose book release has been delayed by the publisher. She says the book explains how to turn a product idea into a profitable business, but the publisher and booksellers are telling her people simply aren’t taking “risks” right now.
Undoubtedly, it’s more important than ever to be cautious with our income and assets. But starting a business can be a very wise investment of your time and money — if you do it right. And with the uncertainty of the economy and fewer “secure” jobs available, becoming an entrepreneur or independent professional is an option many women are examining more closely. In our recent poll, more than half of you said you were either starting a business or taking on freelance or contract work in an effort to create financial security in your life.
So how do you do it right? Here are a few tips we’ve picked up from successful entrepreneurs and business experts:
Stay motivated by surrounding yourself with positive people and regularly reading or listening to quality information. When you’re on your own, it’s not enough to attend an annual sales meeting or company retreat. Zig Ziglar says, “People often say that motivation doesn’t last. Well, neither does bathing — that’s why we recommend it daily.”
Team up. Network with other business leaders, and actively support others by referring business to them. Business and financial coach Cheryl Broussard says that in addition to hiring (or trading services with) professionals who can help them in the areas such as bookkeeping, marketing, etc., it’s important to have people with whom you can brainstorm. “Form a mastermind group that you can connect with on a monthly, weekly or daily basis,” she says. “This allows you to share information and ask questions. You’ll learn how people overcome similar challenges.”
Be smart with your money. Jimmy John Liautaud of Jimmy John’s Gourmet Sandwiches started his business with a loan from his dad. After that, he worked on a cash-only system. It allowed him to avoid debt, but more important, it helped him focus. “When you live and work out of your checkbook, you’re more protective of your money — because it’s real,” Liautaud says. “Know your cash position and learn what drives your numbers.”
What habits are you applying to your business? Leave a comment and let us know what’s working for you.
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My company, Interview Roadmap, focuses on providing resumes, cover letters, seminars and interview consulting. This is the type of industry where staying in touch with your peers is an absolute necessity. Therefore, I make it a habit to network with peers in my industry via Linked-In, Twitter, Facebook, and the e-mail list of the career association I joined, Career Directors International. If I had to give one piece of advice, it would be to join an association for your business’ industry. It is one of the best ways to learn best practices and it will make you a much better business owner.
In response to Sherry’s post, I would like to say that I agree about connecting with peers, it helps your motivation and brainstorming. I would lke to know how Twitter and Facebook have helped you and how would I navigate them to my benefit.