Should your next career change be a business?

This article from the Atlanta Constitution’s website sounds a dire warning. Read here.

The article describes some entrepreneurs who came up with good ideas but struggled to turn them into a reality. They drained their savings and worked themselves to exhausion.

So should you be discouraged as well?

Here’s what I noticed.

(1) These new entrepreneurs jumped into the deep water right away. I would recommend easing gradually and taking some baby steps. For instance, the ex-professor who wanted to make burritos could have served a stint in the food industry.

(2) Get a mentor You may have to pay but get guidance from someone who’s been there. One of my clients was a successful restaurant owner who had branched into an award winning coffee shop. Before making the move, he found a coffee shop owner outside his target area – someone who wouldn’t be a competitor. He offered the owner $1000 to teach him the business. (This client consulted me when he was looking for some opportunities beyond the restaurant business. Significantly, he paid for expertise.

(3) Don’t start a business if you can’t raise the capital. You’ll need to hire help. If you’re doing everything yourself, you’ll be too tired to run the business effectively.

Internet marketing is, in my opinion, the best response to age discrimination. When enough over-forty folks can tell their employers, “Take this job and…” you’ll see a whole new respect emerging from employers.

But you can’t just head for the Internet unprepared. Thousands (maybe millions) of people hear stories of Internet millionaires (or at least hundred-thousandaires). Those stories are mostly true. But don’t believe everything you read about 4-Hour Work Weeks and overnight success. To put it bluntly, those folks work their butts off, at least when they are starting out.

You also have to watch for scams and schemes. Recently a smart young woman signed up for one of my online copywriting workshop courses. She had invested thousands of dollars in a program that promised to get her started on the Internet. Now she was almost broke. When I looked at the company’s materials, I was horrified: a bunch of outdated Powerpoints.

The best way to avoid these scams is to do just what you’re doing now: read blogs and talk to people who have been on the Internet awhile. You won’t find these consultations cheap because Internet marketers have opportunity costs. That means they can always be doing something to earn more revenue, such as  writing an article to promote themselves, developing a product or writing a sales letter. With the Internet, there is no downtime. Expect to pay for your training and skip shortcuts, which usually lead to outdated or incompete jnformation.

To help get started, I’ve put together some resources that operate with integrity. I remove names from the list when I have any negative experiences. See http://www.cathyrecommends.com

One of the biggest money sinks: unnecessary web design and development. These days you can get an Internet presence with a WordPress website. With a little training, you can put one together in just a few minutes.

If you are seriously considering an Internet business, especially a service, I recommend the course I took myself the Website Creation Workshop. http://budurl.com/regwp

I feel so strongly about this course that I’m offering a 30-minute consultation to anyone who signs up through my link. Christina teaches you how to use WP to build your business – not just the technical  how-to part.

In a recent New York Times article, Damon Darlin advises graduates to save money by skipping the lattes at Starbucks. Make your own coffee, he says. You’ll save about $2000 a year.

To read the article, you have to register (free):
New York Times site

I would tend to agree…except…

Freud famously said, “Sometimes a cigar is just a cigar.”

I would say, “Sometimes a latte is not just a latte. Why are you drinking that latte? Who’s with you?”

Depending on your answer, those $3 drinks may be an investment in your future. For example:

(1)You’re sipping with the stars.

If your industry or company group hangs out at the local coffee shop, you’re not just drinking coffee: you’re gathering intelligence that you can use to advance your career.

Of course, if you get together to gripe and you’re drained by negative energy, gossip and whining, you’re losing a lot more than the price of coffee.

One small town business owner invested over $200 a month in coffee at two espresso hangouts. He was one of the few business owners who came by regularly to chat with the regulars and stay informed. His business was one of the few that demonstrated explosive growth in the downtown area.

(2) You’re forcing yourself to get some work done.

Those who work at home know all too well: sometimes you gotta get out of Dodge. You’re feeling enclosed by four walls. The refrigerator is way too tempting. And frankly, you’re just plain lonely.

Drop the dog into day care and head for Uptown Espresso, Java Joint, Bean City…whatever your locale has to offer. Nurse a drink and work with the wi-fi. Cheaper than renting an office…and if you meet with a client, you deduct the coffee from your taxes (if your accountant approves – I’m not an expert).

Bonus: I’ve met several business owners who made better connections over laptops at Starbucks than at those $50-a-pop networking meetings.

I’ve also spotted corporate executives hiding out in the corner, ducking yet another dreary meeting.

(3)You absolutely, positively hate your job and your latte gives you a break.

When people hate their jobs, I advise them to find something to enjoy, even if it’s just a picture on an office wall. Of course, I also advise them to get proactive about making some change. See
my free article on Ten Things To Do When You Really, Really Hate Your Job.

Sometimes you need to hang on because you need credibility, experience, time in grade, or basic survival funds. Looking forward to that latte may get you through the day and the week…and it’s a lot cheaper than therapy. I’d also recommend that you join a gym: exercise is a natural mood-enhancer.

If you need the prescription version of anti-depressants, you get to discuss the meaning of lattes, cappuccinos and decaf with your therapist. Not me.

And if you choose the coffee shop for the taste, or you get your coffee in takeout containers, then I’m with Darlin, the New York Times writer. You’re not investing in anything: you’re buying coffee.

You’ve had your own business for the last 5 years. Your biggest customer is going away maybe your family clamors for a “real” job with benefits.

Can you survive in a cubicle after tasting the joys of flying solo?
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Here’s what I’ve found.

For the first 6-12 months, back-to-corporate workers tend to have fun. It’s like playing a new game. And you may get lucky and find your new home.

If it’s been awhile since you did the job search thing, your resume may need a makeover.

Pick up a handful of books from the bookstore. Draft your resume. Get feedback from executives in the field and/or company you are trying to enter. If you get inconsistent or negative feedback, bite the bullet and work with a professional consultant.

Most of my clients hide their brilliance and don’t do justice to their many talents and accomplishments. These days, you have to be “out there.”

Avoid any service that promises to get you a job or get you “in front of” managers who can hire you. Stay away from the resume blasters.

(4) Expect to be amazingly productive in your new job.

Working on your own has given you perspective. You guard your time more carefully. You ask, “Do I really need to do this?” You’ve learned to figure things out yourself before you ask for help.

But once you’ve been on your own, you probably caught the bug. Now’s the time to plan in a leisurely fashion. Take classes. Visit the Small Business Administration. Attend networking events featuring business owners.

But be very, very discreet. Your company wants to believe you’re committed to stay forever, even though they rarely reciprocate.