If you are currently receiving unemployment benefits but are interested in starting a business, the Self Employment Assistance Program (SEAP) may be a good program for you. After you have gathered the details on the program, you will see there is a requirement to attend approved business training. Susan Hoosier, from our WSU SBDC office in Longview, is offering a NxLevel Entrepreneur Certification Program that has been approved by the state for SEAP participants.
The program is scheduled for January 26, 2010 and meets weekly for 12 weeks from 3:30 p.m. to 6:30 p.m. For details on program cost and location, contact Lynell Amundson at Lower Columbia College, 360-442-2601.
Self-Employment is a Life-Changing Decision
You are at a crossroads. You are not employed but you want to work. Do you look for a job or is now the time to start your own business? Perhaps self-employment is an intriguing thought but can you be successful as an entrepreneur? Have you identified a business opportunity worth the risk?
If you lack all of these characteristics, you probably will not be happy in your own business. However, if you lack only a few of them, there are some things you can do. For example, you can obtain training in areas such as creative thinking and leadership or you can team up with others who complement your personality.
Obviously, business success is not entirely dependent on your personal characteristics. Owning and managing a business is a large commitment which is often a lifestyle as well as a career choice. Therefore, spend some time evaluating your personal, financial, and professional goals. Make a thorough analysis of your strengths, weaknesses, and the resources you can contribute to a business. Scrutinize the business opportunity and carefully assess the risks. An acceptable level of risk can be achieved if you have: 1) a good understanding of your industry and your market, 2) the skills and knowledge necessary to deliver a product or service people want, 3) determined ways to overcome weaknesses or gaps in knowledge or skill, 4) committed the required amount of capital and, most importantly, 5) a genuine preference for the work you do.
If self-employment still sounds like an option, find a format for a business plan and begin organizing and detailing your thoughts. (Formats are available through SCORE, Fort Vancouver Regional Library, local bookstores, or the Washington State University Small Business Development Center.) The business plan will help you focus on one thing at a time. Regardless what you determine to be a great business opportunity, you need to know about the specifics of the industry it represents. If you do not have enough experience, seek a job in a business in the same or similar industry and learn from it.
Underlying the risk of business failure is the risk of losing your capital and collateral. Therefore, use what you know about the business to analyze its ability to meet your financial goals. It will take time for a business to generate a profit and return your investment. Your earlier assessment should indicate you have cash and other assets to finance the business during this initial growth stage. This is a good time to establish some short-term, as well as long-term, financial goals and a means for measuring them periodically. You can compare your projections with alternative investment opportunities to determine which is the best route for you.
Self-employment is a big decision. If the timing is right and you are confident of success, go for it! If you are not quite ready but are still intrigued by the idea, investigate some part-time business opportunities. They are a great way to experience self-employment. Whatever you decide, make the most of your unique characteristics and qualities and enjoy your work!
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