EnTrends

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.

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