Self-employment

Have a job where you are the boss

Have you ever dreamed of being your own boss?

Tag and Catherine Goulet

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Tag and Catherine Goulet
FabJob.com

Many Canadians have. In 2007, RBC released the results of a national poll conducted by Ipsos Reid which found that 3.3 million Canadians, representing all walks of life, planned to start a business within the next five years.

It’s easy to see why so many people are attracted to a career as a business owner. By starting your own business, you can make a living doing work you love.

Your own business may also give you the opportunity to experience more of what you want in life, whether it’s financial freedom, meeting people, expressing your creativity, or being in control. For many business owners, one of the greatest rewards is the satisfaction of making your vision a reality.

While owning a business may seem like the ideal career, starting a business can be risky, especially in today’s economic climate.

According to the latest business confidence survey findings, released this month by the Canadian Federation of Independent Business, national small business optimism decreased in June.

Here’s a question many people have about starting their own business:

Dear Tag and Catherine, I would love to start a business, but I just don't have the money to invest in start-up expenses. Plus, I'm not sure I'm ready to leave my current job. What do you suggest for someone like me? - Roberta

For Roberta, and any other readers thinking of starting a business, the good news is that you may be able to start a business without investing a lot of money or quitting your job.

In fact, we recommend not quitting a secure job until you have another steady source of income. (You should also make sure your employer permits outside employment.)

There are many businesses that can be started part-time from home for little or no start-up expenses. Of course it's preferable if you have some money for start-up expenses, but an entrepreneur who doesn't have much money to start their business can find many ways to cut costs.

We asked business owners and experts for advice to help you start your own business as inexpensively as possible in 2009. Here’s a selection of their best tips:

"Consider freelancing or moonlighting first before launching your business full time. This will give you the opportunity to test your business idea to determine if you can make a profit at it as well as identify any weaknesses in the model you’ve selected." - Mary Byers, Author, Making Work at Home Work: Successfully Growing a Business and a Family Under One Roof

"Use your existing equipment. You don’t need to go out and get new phones, etc. Take inventory of what you have and start with it. You can always upgrade later once you start making dough!" - Aynsley Deluce, Partner, Parkingspots.com

"Don’t be afraid to ask for help - you’d be surprised at how many people you already know who can become or bring you new clients, give good advice about your business, pitch in and help you get launched - you never know." - Lizzy Shaw, Owner, Lizzy Shaw Public Relations

"It’s easy for home-based business owners to forget how valuable their time is. Create a time log and record everything you do during the day. This will help you focus on the right work and identify tasks that may be better (and cheaper) to outsource." - Erin Duckhorn, E-Myth Worldwide, Inc.

"Do not be scared to take the home office deduction on your tax return as long as you have a dedicated spot used exclusively for business. It saves you a lot of tax money based on the business percentage of your home for rent, depreciation if you own your home, utilities, home owners insurance, repairs, condo fees, etc." - Gail Rosen, CPA, PC

Finally, we recommend you take advantage of the many free and low-cost resources you can find online, including:

Canada Business ( www.canadabusiness.ca), a Canadian government site offering information on incorporation, taxes, and other issues of interest to Canadian business owners.

Google Docs (http://docs.google.com), a free online tool where you can create, edit and share documents, presentations, and spreadsheets.

Microsoft Office Live Small Business ( http://smallbusiness.officelive.com) gives startups a professional web presence, with free website hosting and email accounts, your own domain name for $14.95 per year, and more.

VistaPrint (www.vistaprint.com) offers a variety of free and low-cost products and services to market your business. For example, you can get 250 color business cards for $19.99 (shipping starts at about $10 to Canada).

In a future article, we’ll give advice on additional low cost ways to market a business. In the meantime, if you dream of starting your own business, we hope your dream comes true this year.

Tag and Catherine Goulet are founders of FabJob.com, a publisher of career guides offering step-by-step advice for breaking into a variety of dream careers. Visit www.FabJob.com to find the guide to your dream career.

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Self-employment

Have a job where you are the boss

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