5 Topics to Address When Talking to Your Partner About Starting a Business: My most recent article on LifeHack.org

I’ve said it so many times. I’ve beaten this one to the ground. But honestly? I don’t think it can be overstated. I don’t think I can say it enough times. I’ve linked to articles form Forbes and Entrepreneur that say now is a fantastic time to start a business. And today, CNN has joined the fray, with an entire segment of their web site devoted to going solo.

Let’s recap- why is now a perfect time to go out on your own?

1. Corporate work isn’t as “safe” as it used to be. You don’t even have the illusion of safety anymore, do you? If you’ve seen the news, you’ve seen how many of our largest companies, even the ones that have always seemed so stable, are laying off scores of workers.  I’m really not trying to scare you here, but, let’s face it…you could be next. And that’s something you should be thinking about.
2. We’re all pulling together these days. Lately, if I have a chance to throw work to a reliable, high quality freelancer, versus a larger company, I’ll do it. Why? Because I’d rather my dollars go more directly to the person doing the work than through the financial filter of bureaucracy and paperwork. That is, if I pay a large company to have one of its employees design a web site or logo for one of my clients, I’m essentially paying for that company’s overhead- the office building they’re in, the person who processes my payment, the boss of the person designing the web site or logo, the guy who empties their trash cans, etc. etc. etc. But if I’m paying the freelancer directly, my money goes directly into that person’s pocket. Sure, there’s be some overhead expenses there, but in the end, the person who’s doing the work gets more of the money and that matters to me in this economy. And I’m not the only one.
   So what does this mean to you? It means if you’re thinking about going solo and you’re good at what you do, you’ll have people like me out there who would rather hire you than a big company.
3. Services are more affordable than ever. Everybody’s trying to get more clients these days. So a lot of people are cutting their rates to be more competitive (someday I’ll write another article on why that’s not necessarily the best strategy, but that’s a conversation for another day). And there are more freelancers working on their own now, and their pricing doesn’t always include the massive overhead of a big company. That means you can get all kinds of services much cheaper than any other time.
4. We don’t know where the economy is going. Honestly? We don’t know right now if things are going to get better or worse. And it’s possible things might get harder. So doesn’t it make sense to at least create a business that generates some pocket money or enough to cover the electric bill? Start a micro-business now in your spare time, and it’ll provide you with that little extra to help out, and then down the road, should you lose your job or decide you’re ready to transition out of the corporate world, you’ll be able to build that business without much effort (yes, really).
5. What, exactly, are you waiting for? If you’re waiting for the “right time” let me tell you: the right time is now. If you keep waiting, the “right time” will never come and one day you’ll look back at a lifetime spent working like a slave for someone else. Even if you don’t know what kind of business you want to start (or can start), that’s still no reason not to get something going now. In fact, that’s a perfect reason to hire an expert- someone who can show you your options and help you design your business to suit your lifestyle goals.

I can’t tell you how many times people have said to me, “I wish I could work from home like you,” or, “I wish I could do what you do.” Now, it’s not for everybody, but believe me when I say that virtually anybody can do something like what I do- not exactly what I do, but you can work from home (or anywhere in the world- and I have!). You can build a business based on what you know, that brings in a stable income, one that’s large enough so you don’t have to work every day or even all day. Even in this economy.

This week I heard from a few people who said, “I’d love to go out on my own, start a new business, but I’m waiting until the economy gets better.”

Okay. Fears about the economy are completely understandable. A lot of people are scared right now and it’s not hard to relate. But are you really safer with a big corporation than on your own? Let’s look into that a little:

• Do you know what’s going on with your company?
  Are you familiar with the books and do you know how stable the company is? What if your company isn’t doing as well as you think? Big corporations often work to build consumer and investor confidence, using press releases and other morale-building techniques to let everyone know how safe and secure everything is. It’s not unheard of for a company to conduct massive layoffs, just days after a positive-sounding press release. So again, let me ask: do you know what’s really going on with your company?
• Do you know if your company plans lay-offs?
  I’ve heard from some of my friends that their companies have made assurances to some while laying off others. Does anyone really know if their job is safe? Even in a great economy, you might feel safe, but most of us have had unexpected things happen. Let’s face it- companies aren’t evil but they may not always tell you everything. And it’s entirely possible that they may truly not plan to fire people, but may ultimately have to down the road.
• Do you have a backup plan?
  What’s your backup plan, in case something in your situation changes? Do you have one? Are you prepared, in case something goes wrong? Even if you think you’re safe and your job is secure, now is a crucial time to set up a backup cashflow. If you set things up now, you have plenty of time for your business to build and grow, so that if/when you need that income, it’s already in place.

I’ve shared two articles this week, one from Forbes.com and one from WomenEntrepreneur.com. Both say that now is a perfect time to start a business. The reasons why? First, you’ll find that services are more affordable. You’ll be able to get help for your startup are more reasonable pricing, and outsource at better prices as well. Second, this is a time when you’ll be more invested in the success of your new venture, so you’ll work harder and be more likely to succeed.

Although your instinct in a time like this is to play it safe, now is the time to take a risk. You can mitigate some of that risk by avoiding ventures that require a large initial investment or overhead (Business in Blue Jeans is all about safety- and all of my products and services focus on it!). You can also mitigate your risk by starting something part-time while you’re still employed. Hiring someone to help you can be the key to your success.

I know starting a business now can feel like a scary endeavor. But I can absolutely promise you that now is the time to do it and if you do it now, you’ll be glad you did. What would have happened if Walt Disney, Bill Gates and others like them decided not to start their companies when they did (and remember, Disney, Microsoft and Hewlett Packard are just three of the many companies started during economic conditions just like these)?