Released on: March 21, 2008, 3:57 am

Press Release Author: Technoflickers

Industry: Management

Press Release Summary: A 40's something woman was talking to me the other day about
her growing sense of frustration with "working for someone else" and her longing to
"do my own thing, drive my own wagon". But, she said with consternation, "I have
family counting on me and a standard of living I don't want to sacrifice."


Press Release Body: A 40's something woman was talking to me the other day about her
growing sense of frustration with "working for someone else" and her longing to "do
my own thing, drive my own wagon". But, she said with consternation, "I have family
counting on me and a standard of living I don't want to sacrifice."

Everyone has to decide for themselves what level of sacrifice and risk they're
willing to undertake in order to enjoy the satisfactions of working independently.
Knowing some strategies for managing the risk will allow you to make a well-informed
decision.


Of the seven strategies included below, the first two suggest ways to gradually
transition from salaried to solo, instead of diving off the edge. The second two are
ways to stretch the dollar; and the final three are ideas for getting started
without stopping.

1. Continue to draw a (reduced) salary
Leaving your current employment in order to develop your new business may look like
the only option, based on an assumption that you won't get approval for reducing
your hours. While this may prove to be the case, asking yourself why and how your
company will profit from retaining your skills and experience for a transitional
period can provide the basis for approaching your employer. Be sure to do your
homework first, however, and be able to back up your request with a solid rationale.

Also consider the issue of timing. You want to weigh informing your employer of your
wish to leave with being prepared to leave if the answer to your request is no.

2. Develop another income stream
If you need to leave your present employment, is there a skill in your tool bag that
you can resuscitate and put to work without a significant expenditure of time or
energy? Is moonlighting or freelance work an option? Virtual e-lancing websites
(such as eWork.com, Guru.com, and e-lance.com) may be worth looking into for
short-term professional services opportunities.
Examples: A community mental health worker transitioning to private practice used
his conflict resolution experience to sell a training package to public schools. A
woman transitioning out of an insurance brokerage created and sold seminars on long
term care financing at local retirement centers.

3. Reduce expenses
Apart from fixed expenses - mortgage, taxes, insurance, etc. -are discretionary
expenses that make up the larger part of budgets. Doing a careful analysis of these
expenses and choosing what you can forego for awhile can often save thousands per
year.
Carefully analyzing hidden expenses - credit card interest rates, bank charges, late
fees, auto debits, phone plans - or "lost money" from low interest rates on savings
may generate several thousand more per year.


4. Borrow
It isn't necessary to wait to borrow for start-up costs until you have a
well-documented idea to submit for a business loan. Refinancing a home or taking a
line of credit is relatively low-cost ways of generating capital. Depending on your
credit rating, you can also get time-limited low-interest loans from credit card
companies.
If you choose this option, applying for loans or refinancing packages while you're
still employed is strongly advised. Your rating as a borrower declines quickly once
the regular paychecks stop.

You don't have to wait!
Get started on your new business idea while you're still employed. Several of the
all-important first steps (below) can be started while standing in the grocery line
or running on the treadmill. They involve asking yourself some questions and doing
some informal research to get crystal clear about your idea. This can take weeks off
your actual start-up time.

5. Identify your niche.
Think about the services you're uniquely qualified to provide, as well as the ones
you most enjoy providing. Be specific! Write them down! Then think about what group
of people would get benefit from those services and have the ability to pay for
them. Again, be specific: age, where they congregate, habits and values, how they
define the problem your services are going to solve. If you don't know, ask. Find
someone who fits your "ideal client" profile (s/he may be on the treadmill next to
yours at the gym) and get permission to ask some questions. People generally love to
be helpful.

6. Create your marketing plan.
Don't be intimidated by the term "marketing plan". While what you need from a
marketing plan will get more sophisticated as your business develops, for now it
simply means answering the question, How is my business going to make money? What is
the product or service you're going to sell? How will you describe it so people
quickly recognize the value? How will you package it? (Fee for service? by the
project? on retainer?) How will you price it? (What's being charged for comparable
services? What "feels right" to you?)

7. Manage fear!
For most people, anything involving money involves some level of fear. It's
important to acknowledge to yourself and to others that you are taking a risk, and
you've decided it's a risk you want to take. So consider the fear natural, and find
ways to manage it.
Getting support from people who believe in you and in what you're embarking on is #1
in fear-management tactics. Don't assume that you'll get it from the people closest
to you, or that if you don't have it you shouldn't proceed. They're probably the
ones most impacted by your decision and so may be least ready to offer support.
Their consent - a willingness to go along with your plan - is helpful, but support
may have to come later.
It's also helpful to set a goal (and a date for completion) that's key to your new
venture - arrange financing by a particular date, or sign a lease - and announce it
to at least one person. You'll find that making that commitment, saying it out loud,
and following through will in turn generate more confidence and more forward
momentum.

To all of you who are tired of marching to someone else's drum and are eager to go
solo, these strategies should help you take prudent but positive steps toward
realizing your goal. Good luck!


Web Site: http://www.oversightsystem.com

Contact Details: nanak1040@gmail.com,Prakash Sharma,S.C.O. 90, Sec.35/C
Chandigarh,160019,chandigarh