One of the thorniest problems I’m confronting in the Great Recession is what advice to offer to those who are self employed only because there is no option.
In the past year, I’ve seen half a dozen folks whose small business isn’t really making it. In better times, I would have urged them to acknowledge that, close up shop and move on.
But in our present economy, what is there to move on to?
Over at ConsumerLedger, my buds and I have been writing about self employment:
- choosing the form of the business
- do’s and don’ts for the self employed
- planning for self employment taxes
- staying out of tax troubles
- filling all the roster positions as an entrepreneur
But we haven’t cracked the problem of self employment as a last resort.
The handwriting on the wall suggests that the economy of the future will involve more freelancers, project based employment, and multiple career changes.
Networking will be essential to find work and budgeting essential to carry us between jobs. We can teach those skills to the young; it’s a lot harder to change the mind set and skill set of the middle aged.
I’ve gotten good at talking people into surrendering the overly expensive, underwater house. I’m clueless about how to help the involuntarily self employed.
This is a tough topic, but not impossible. My advice:
1. Be flexible. You can’t be all things to all people, but you should avoid pigeonholing yourself into esoteric specialties.
2. Keep your overhead low. Don’t take on debt or fixed expenses unless absolutely necessary.
3. Be public. Your phone won’t just start ringing. You have to relentless market yourself.
4. Stay positive. Yes, the going will be tough much of the time. You need to keep pushing during those times.
Great blog Cathy!