Tuesday 5 July 2011

Self Employment Ideas - Mike's Story

Okay, we all agree that there are thousands of self employment ideas out there, from becoming a freelance graphic artist to an online seller. Some good news - a friend of mine is quitting his day job as a sales manager to concentrate on his Ebay-based online business selling mobile phone accesories. Pretty nice self-employment idea if you ask me!

(My friend says he doesn't want to be named but I'm allowed to tell his story. So I'll call him Mike here for this purpose)

Mike's self employment idea came at least 3 years before he made the leap and quit his job. Back then he was working in a corporate sales team at a major mobile network operator. While he was working there, he got a glimpse of how big the mobile phone industry was and how it was still growing. That gave him an idea to tap into this expanding field, although it wasn't clear what it might be that he could do to take advantage of this trend. One of growth sectors he noticed was in the uptake of mobile phones services among teenagers and young adults.

Mike put this self employment idea into hibernation for a year while he concentrated on his job, which came with challenges of its own, like dealing with difficult people. He often had a complaint or two like most others when we met up and had to be on his toes at work sometimes. In the meantime, Mike had turned into an Ebay fan, scouring the site as a means of unwinding at the end of the day. He'd go on Ebay to look at the demand in electronics, furniture and collectibles, not necessarily to buy anything, but to browse and relax. This familiarity with the site turned out to be useful to his self employment idea later on.

The turning point came for Mike's self employment idea came when he went to Shanghai for a work assignment in 2009. After official business was done, Mike took an additional week to visit a few factories that manufacturered mobile phone accessories which he identified through Alibaba.com. The rest, they say, is history.

After selecting a small range of in-car mobile phone accessories and a few cases for the iphone where the margins were good and the quality satisfactory, he used his own savings to order a shipment. Like most self employment stories go, things don't go smoothly at first. Some stock just refused to get shifted on Ebay, Mike's own online store or other online marketplaces. I remember getting a lot of mobile phone accesorries as Christmas presents one year!

But if there was a lesson that Mike can share, it is to stay focused on the goal (make enough money to do this full-time) and move on (forget about stock that isn't selling and focus his energy on things he now knows will work). Instead of trying to get his money back from the unpopular products he had, Mike wote them off so he could concentrate on getting the right products to sell at the right price. The mobile phone market moves very quickily so he had to keep his eye on the ball and not worry about the money he already lost.

Late last year, Mike began working with and supplying a few online sellers in the US, Canada and Germany. Then he found a few shops who would stock his products. Mike began to learn what works and what doesn't from experience.

Last month, Mike called to say that he's handed in his notice at work! I cannot be more happy to hear this news! Another one of my friends is self-employed.

Thursday 16 June 2011

Self Employment: Preparations

It is easy to say I'm going to leave my job and become self employed because I have a good idea. We all have commitments and bills to pay every month. So, the question is, what preparation do I need to do to get me in good shape to pursue that self-employment idea? While trying to come up with a suitable self employment idea, you might want to think about the preparation required for this big step.

1) Save, save, save
It is all a matter of discipline. People who say they have no money left a week before their paycheck is due will need to rethink their choices with money (and lifestyle). Going it alone in self employment will require a lot of drive and discipline and if you will not engage in the most basic of personal financial planning, I doubt you would ever be successful in self-employment. Self employment is not a good idea for you. As a rough guide, I think you need to save up at least 3 month's of your usual monthly expenditure before you dive into you self employment idea.

2)Simplify your life
Do you have overdrafts with 2 bank accounts and 4 credit cards with growing unpaid balances? College degrees you still haven't quite completed? Home improvements you left halfway through the project? You will probably have no time to complete these things once you start out in self employment. You will run short on time so finish things while you can and try to organise your life so it is more manageable. Consolidate bank accounts, file all your paperwork, make things easy for you when you are self employed and running the show alone.

3)Prepare your family and friends
Let your close and loved ones know that they might see less of you when you are self employed. At least for the first year. Your family needs to know that you will be working very hard and let them know why you are doing this. Try to make them understand this is something you really want for yourself and it will work out better for the family as well further down the line. It will also come as less of a shock to friends when you start cancelling on birthday parties and other social commitments.

Tuesday 7 June 2011

Self Employment Ideas for Women

Traditionally, many women have been self employed out of necessity rather than choice due to lack of employment opportunities and the added responsibility of childcare. Fast forward to the present day, the idea of self employment appeals to many women, and for good reason. There are a multitude of self employment ideas that suit the skills and natural instincts of women very well. Here are just a few self employment ideas:

1. Beauty and skin care – let’s face it, this is a women’s monopoly in self employment opportunities. Ever since Anita Roddick, the founder of the Body Shop, came up with the idea to sell her own take on beauty products, many women have followed in her footsteps and succeeded. The trick is to find your very own niche in this very big market. Organic products are all too common now. Better ideas? Think ethnic and cultural products, funky marketing, no frills and unique plant products. Also, you can either become a stockist/franchiser of an established brand or start your own. There are lots of ways to test and sell your products affordably at first, like the internet or at a market stall. One thing to note, in the beauty business, presentation is everything.

2. Online administrative support – How does the idea of being self employed and working from home sound to you? With many workplaces moving towards more ‘virtual’ arrangements, having a phone line and a good internet connection will be enough to start you off as an independent administrative service provider if you think this is a good self employment idea for you. Roles in this field include being a virtual PA, secretary, bookkeeper or receptionist. How do you get the clients and work? Third parties like recruitment agencies, both the traditional and virtual are platforms to get you work. A tip is to get networking. Go to entrepreneurship seminars and shows and pass your card around. You will be surprised how many people who are setting up their business need good administrative support. To women who already have some form of administrative experience, this is quite an ideal self employment idea that you can also work around family.

3. Health and fitness – I have blogged about becoming a fitness instructor as a self employment idea. Now how does the idea of becoming an alternative/complimentary medicine practitioner sound to you? Becoming a masseuse or beautician is all too common now and competition is keen. However, with a growing obese population in many countries, it is predicted that the cost to treat the illnesses related to the pandemic will grow rapidly over future years. So self-employment ideas like becoming a nutritionist or dietician will be in demand. Becoming a hypnotherapist, or even better, one specialising in gastric band hypnotherapy, would be another great idea. All this requires training of course and some form of practitioner registration with the relevant regulating body. If helping others is something you also find rewarding, this might be the self employment idea for you.

Monday 17 January 2011

Happy New Year! Self Employment Ideas for 2011

So it is the the new year - still no self -employment ideas yet? Well, don't beat yourself up about it. You are in good company.

Although new year resolutions do not normally start with excuses, my first task is to let you know that you shouldn't feel beaten. Not everyone can be a serial entrepreneur with hundereds of self-employment and money-making ideas in their heads.

I come from a family that has been working in the public service for 3 generations. Trust me, risk-taking is not something I learnt about growing up. After university, I got a professional job and very few in my circle of friends and professional contacts are self-empolyed. Plus, my industry, architecture (some might say it is really easy to set up on own's own and call oneself self-employed), is not like that in reality.

It depends a lot on the industry you are in, and the connections you are able to make through work. So, here comes my point - instead of killing yourself to come up with self-employment ideas on your own, go out and start talking to people and making some connections.

Use whatever you can - Facebook, LinkedIn, Meetup,... go out there and start talking to people. There are many entrepreneur clubs out there so get mingling. You never know if you are just the right person someone out there is looking for to take an idea and make it it a real self-employment idea.

Being the usual cynic, I will have to caution you to be wary of the time-wasters and less than genuine 'friends' you might meet in such places. Just keep in mind that you don't forget about being careful with your life savings because you are desperate to find a self-employment idea to get you out of your current job or circumstance.

Keep you eyes peeled for oppoortunities. read the newspapers, drive around your local retail parks, office blocks, tourist spots etc and observe what might be missing that you could provide.

As for me personally, (some of you might know that I am currently employed because I was offered a fixed-term contract job) I will be finishing up at my current employment in 2 months and then will be concentrating on looking for a business idea!

Friday 10 September 2010

2 Fast-Track Self Employment Ideas for 2011

Okay, so 2010 is drawing to an end. For those of you who still haven't settled on a self employment idea, and would like to embark on a plan of action to get yourself into self-employment when 2011 arrives, here's my list of ideas.

(Note all the ideas here are realistic and achievable within a few months)

1. Launch a career as a stand up comedian
Stand up comedy is becoming ever more popular in England. It is possible to start earning as a self employed professional. Help is at hand if you don't fancy giving it a go without training. In January this year I took a 10-week stand-up comedy course which concluded with a live show in front of a paying audience. I'm not even good at public speaking nor have I ever held a stage alone in my entire life, but I was and am pretty pleased with my first performance.
From my research, an average self-employed stand up comedian (one who works consistently on the comedy club scene, no TV appearances) can earn £25-40k per year.

My tutor was Chris Head and his courses are highly effective yet affordable. http://www.chris-head.com/

Self-employment idea drawbacks:
a) Totally dependent on individual ability and talent.
b) The first few months, and most likely first year will be tough. Have some money stashed away because you need to be established within the circle first to start getting paid performances. It is not uncommon to do free gigs for at least a year.

2. Become an importer/online retailer
I have toyed with this self-employment idea recently. All you need to start with is a plane ticket to China (or Brazil or India,... you get the idea...) and some information on where your target products can be sourced. B2B marketplace websites like Alibaba.com are probably the starting point for you research. Find something new that isn't available in the location where you are and you think there is a potential market, and bring it back to sell on your online store.

Self-employment idea drawbacks:
a) A considerable risk is involved when you have to purchase and transport a large quantity of items with no quality guarantee. Keep your eyes open and be careful.
b) You probably need to have very good intuition and do extensive of market research to get it right the first time.
c) A minor inconvenience of language barrier, if you don't speak the local language.

I have included drawbacks with the ideas because it is my belief that rewards never come without effort - if the self-employment ideas can be achieved within a few months, then on the flip side, there are things to watch out for.









Friday 23 July 2010

Self employment ideas still on the agenda after 6 months!

Some of you might have noticed I haven't posted anything on my self employment ideas search for 6 months. That's because I got a job! Before you crucify me for going back to full time employment, please let me explain.

I wasn't coming up with good self-employment ideas that suited my risk-averse nature. I did set up my social enterprise, which has managed to win an award and some start-up funding from the Millennium Trust Fund. For about 3 months the organisation, Big Picture Project, did some good work helping non-profit organisations access architectural services which they would otherwise not been able to afford. Trouble is, I was having a hard time keeping my finances healthy!

Then I was headhunted and started work at a job that paid a good wage. For a month or two it was okay, then I started to miss the times when I was self-employed and had control of what I did and could strategise and plan my work. It was so much more exciting being self employed!

The idea now is to save a bit of money and try another route to self-employment - retraining. I have been visiting business school in London to look into what they can offer me. I have met others attending b-school information sessions who are doing exactly this, trying to turn their self-employment idea into reality by taking a year-long MBA in entrepreneurship first.

I haven't have given up becoming self-employment. It's just that I'm changing my strategy.

Monday 14 December 2009

Timeframe for Self Employment Ideas

Coming up with the right self-employment idea is one thing, what about how long it takes? I have been on the hunt for a self-employment idea and researching business and self-employment since April 2009. With 2009 drawing to an end, I look back at the process I went through.

My first self-employment idea was to become a sustainability consultant. Then I had the idea of opening a cupcake cafe. After that I was lost for ideas for 2 months. Then I returned to considering setting up as a self-employed architect. I abandoned this too and started thinking about starting a social enterprise for artists. At present, my self-employment idea is starting a social enterprise targeted at unemployed architects.

I went to a business startup show and caught part of a seminar given by 2007 Apprentice winner Michelle Dewberry. She also went through a phase of thinking about her self-employment (business) idea. She is still in the early stages of her new venture, which meant her ideas search lasted for about a year.

It is a shame I didn't start thinking about self-employment earlier. But then I found it hard to focus on anything outside work when I had an all-consuming full time job. Hopefully I will look back years from now and see the whole process of finding the right self-employment idea was a necessary and enriching experience.