Afraid to jump
Dear Corporate Shrink,
I am a 46 year old machine tool worker. I go through periodic layoffs but this time my company is closing for good. I have a small side business doing handyman work. Is this the time to try to expand it and become self-employed?
Dear Afraid to jump,
Sorry about the bad news. Current reports remain mixed as to whether this economy is really turning around. There is plenty of evidence to support either view. Now, let’s look at your specific situation.
Being laid off can be a good thing. It looks like you have been forced to deal with uncertainty at this job. That’s not healthy for your wallet or health. This life event can serve as an opportunity to build a foundation for a clearer future.
The key to jumping is asking yourself whether you have the talent and the passion to do your handyman work full time. Next, you have to decide whether you have the patience and organizational skills to run your own business; the finances to last during the tough start up phase; the business skills or the willingness to acquire them through study or assistance from others; and the emotional support and encouragement of your family. I’m assuming you’ll collect unemployment. That’s a great subsidy for the first several months of your business adventure.
You can be a master of your craft but unless you feel comfortable promoting yourself, potential customers won’t know you exist. It will be your ability to listen and communicate with clients that will get you repeat business. Tolerance and knowing which battles to fight and when to walk away will help you negotiate with suppliers. Balancing work with family time will keep harmony at home.
Join your local chamber of commerce. Look for courses on running small businesses and for opportunities to network. Talk with successful businessmen. Secure, established competitors are sometimes willing to share their knowledge. All this holds true whether you are a handyman or own a store or are a telecommunications consultant. A willingness to learn and to connect with people is what will bring business.
One positive is that the housing industry is going strong. This is an opportunity for folks who, unlike me, can hit a nail straight, and then some. Adding decks, finishing basements, building additions - there’s a rash of that going on. If you are creative, it’s a big plus. You’ll have to decide whether you need to latch on to someone more established than you while you build up your own clientele. Here I strongly suggest you be up front and let any new boss know your intentions. If you are skilled and reliable he’ll still take you on.
I urge you to go for it. It’s normal to be afraid to jump into a business venture. But you’ve already waded in, you now have to go horizontal and kick.