Starting Your Own Business – What You Need to Know

• 2-minute read •
More than half of working Americans are employed in small businesses – those classified as having 500 employees or less. As the unemployment rate continues to stagnate, current job seekers and others may be considering whether it makes sense to start their own business or continue to rely on corporations to keep themselves employed. While there is uncertainty in today’s job market, people consider starting their own business for other reasons too, including the freedom and flexibility offered when you become your own boss. And with the internet as a cost–effective marketing tool, people are finding the options to starting their own business more varied than they were decades earlier.

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Start Your Own Admin Business

After 12 years of working in a corporate environment, desktop publishing assistant and account manager Cathy Kessler was getting bored and frustrated with the lack of flexibility in her job. So she decided to start her own home-based business as a virtual assistant (VA), and she hasn't had any second thoughts.

With employers cutting overhead costs, it's a good time to become a VA, according to Stacy Brice, president of AssistU, a Baltimore-based company that provides online training and coaching for VAs.

Get Started

Generally, starting a VA business doesn't cost much, says Brice. You need a home computer, but software and other supplies can be bought as required for client assignments. If your startup expenses exceed what you'd like to put on your credit card, Administration offers many loan programs, as well as information about grants and financing opportunities.

Set Rates

According to Brice, starting rates for a VA should not be less than $30 per hour to make a profit and cover all the costs an employer would pay in the corporate world -- including health insurance premiums, vacation time and office supplies. VAs should raise rates as their skills and value to clients improve, generally debuting a new rate for a new client. For an experienced generalist VA, rates top off around $65 per hour, but specialists in niche fields charge higher fees.

Kessler, who is based in Lancaster, Pennsylvania, has six clients in locations from New York to California on retainer for a minimum number of hours per month and several more regular clients that she charges hourly for occasional jobs.

Market Yourself

Because print ads are expensive and rarely hit your target audience, Brice favors networking as a better marketing strategy. Ways to meet potential clients include volunteering, teaching online and offline classes and attending networking events for trade associations and chambers of commerce.

Moreover, a Web site is essential to attract national clients, Kessler says. When developing your business site, she suggests scanning other VAs' Web sites and deciding what you do and don't like. Don't just post your resume and services offered; create a site that truly gives your potential client a good sense of your skills, experience and work ethic.

Drive Your Own Career

Brian (not a real person) was a successful accountant. He made a good living, had been promoted several times and worked for a respected firm. Yet Brian was unhappy and didn't know why. He had done everything he should have, at least according to the messages he'd received from his family. But by following those messages instead of listening to his inner voice, Brian strayed far from his true calling –– carpentry –– and was now miserably successful.

Impossible to Avoid

You get messages from your family from the day you're born. Some of these messages deal directly with work, including:

• The jobs that are considered appropriate based on gender or income potential.
  
• The circumstances under which it's appropriate to leave a job.
  
• The acceptable motivations for working.

Your family may have clearly stated some of these messages, or rules. For example:

• "Of course you'll go to medical school. Your father did."
  
• "It's not appropriate for a man to be a nurse."
  
• "You can't work for minimum wage!"

You may receive other messages subtly via comments about other people. For example:

• "Can you believe she quit because she was bored? What about her bills?"
  Message: It's more important to earn money than be happy in your job.
  
• "Mr. Smith sure is doing well. He owns his own business now!"
  Message: Entrepreneurship is good.
  
• "Boy, she's really making a difference in the world."
  Message: Social service is a worthy field.

These Messages Have an Effect

As you became an adult, you internalized some of the messages from your family. The little voice in your head that tells you to look both ways before crossing the street is the same one that "tsks" when you consider a career that is unacceptable based on the messages you've received from your family through the years. The conflict between these messages and the skills, interests and abilities you possess as an individual can cause lots of stress and, ultimately, lead to bad career decisions.

Let's look at Brian again. His family messages included:

• "A good job is a professional job, like a doctor, lawyer or accountant."
  
• "It's better to be at the top of the ladder than at the bottom."
  
• "Income is the most important consideration."
  
• "It's not acceptable for a member of our family to work with his hands for a living."

It's that last message that's causing him the most conflict. Because Brian is listening to –– and following –– messages that don't match his true desires, it is highly unlikely he will ever feel fulfilled as an accountant.

Get Back on Track

If you realize you've been following someone else's career rules, it's time to get back on track with your own. Follow these steps to get started:

• Recognize the Messages: Articulate the messages and rules you carry around in your head. Question every assumption and bias you have about jobs and work. This can be tricky, because assumptions are often invisible to us. Keep asking yourself why, as in, "Why can't a man be a nurse?"
  
• Evaluate the Messages You Uncover: Scrutinize every family message you recall. Is it something you value? Is it something you believe? Most importantly, is it a rule you want to keep?
  
• Keep the Good, Toss the Rest: Keep the messages that match your values and beliefs. They will serve as a guide in your job search and work life. Toss the ones that run counter to what you believe. They will only get in the way when you try to hear and follow your inner voice.
  
• Learn More About What You Believe: You will likely uncover some gray areas where you don't believe what your family taught you, but aren't sure what you should believe, either. This is a good time to do some self-assessment work.

By learning to listen to what your own voice is telling you, you'll be on track to find the career that's right for you.