Starting Out
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		etc.) and expanding market niches (e.g., increased reliance by businesses on outsourced services). During this process, employ any technique you can think of including brainstorming, asking people (novel but effective!), read trade magazines and directories. Focus on your consumer and market, not on your product. After all, there's no point in building a better mousetrap if no-one needs or wants one. By the way, don't forget, when you think in terms of your own business, self-employment includes independent contracting and consulting. Perfect outlets for what you know if what you know is in high demand. IDEA ASSESSMENT Once you have a shortlist of business ideas to play with, start assessing them as viable business opportunities. This means devoting time and effort to assessment, research, development and planning. Examples of the types of activities you should be engaging in here include: => Talk about your product or service with prospective customers. Is there really demand for your offerings? If so, how strong? How price sensitive? What sets you apart from your competition? => Research Find out everything you can about your target market and your competition already servicing that market. Are price wars common? If so, you have too much competition. Are there only one or two big players and no little ones? If so, the barriers to entry are too high. Look for markets where there is healthy competition between product/service providers but where profit margins are reasonable. => Analyze your Competition Who are they, how are they structured, how long have they been in business, what are their respective market shares, what sets you apart? => Strategize How would you start out? Can you start out part-time before you leave your paid job? Can you work from home? Will you start from scratch or buy and existing business or franchise? How will you market your business? => Prepare Projections Work out what your expenses are likely to be and how much revenue you need to be able to generate to break even. Then work out roughly how much revenue you need to make a predetermined amount of profit (remembering to factor in the cost of your time and finance expenses such as loan repayments).		How realistic are your revenue objectives? Are they attainable? Over what timeframe? PLANNING AND LAUNCH Finally, once you've identified an idea that makes it past the first cut (i.e. everything you've done to date), do the whole idea assessment routine again but this time being much more detailed and specific. At the end of this process you need to be able to produce a solid business plan, one you can take to the bank if necessary. Even if you're not going to need outside financing, do your formal business plan anyway. It will help you ensure you've covered all the bases and left nothing out. By the time you finish your business plan, you should know your business inside out. All that's left is to put your plan into action and launch! Not surprisingly, the whole process from personal inventory to launch is not something you can do in a week. Ideally, it's something you will be able to start BEFORE you lose your job since it will likely take you several months. But the returns on your investment can be substantial. Do it right and do it well and you will create for yourself your own employment, never again to be at the mercy of someone else to determine your fate. But it's not an easy road. Self-employment is not a safe route. It rewards the risk-takers and the resilient. You may not succeed on your first attempt. But, as with anything in life, where there's a will there's a way. If you are truly determined to create your own security, nothing compares to putting your destiny back where it belongs - in your own two hands. Hopefully this article answers the first two of Cecily's questions. As for the last two, "And how do I deal with the fear of the unknown, of the lack of income (other than the retirement check), of maybe working alone out of this office?", by following the steps outlined above, you will go a long way to removing the fear of the unknown by replacing it with something that is no longer unknown. After all, each of us has unique skills and experiences that can be turned into opportunity (business or otherwise). Even if you ultimately conclude that a business of your own is not for you, the very process outlined above literally forces you to take stock of your strengths and skills, thereby better preparing you for the challenge of finding the next position. So, from one who was laid off (in May 2000), to those of you who have been laid off or are expecting to be, as they say, when life hands you a lemon, make lemonade. Or as the old Buddhist saying goes: "The deeper the mud, the more beautiful the lotus." Elena Fawkner is editor of A Home-Based Business Online ... practical home business ideas for the work-from-home entrepreneur. http://www.ahbbo.com/cgi-bin/mmp/sub.cgi?ahbbo=!FLM
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