A good time to try your own business

March 31, 2007

Fear of failure and subsequent unemployment is the main reason people don’t try to start their own business. But with the unemployment rate so low these days, it’s pretty easy for people to find jobs, so now might be a good time to take your shot.

I got an e-mail from a friend up North who was seeking advice from just about everyone he knows. Between jobs right now, he is trying to figure out a way to make a living out of the fact that health care costs are out of control, the education system leaves a lot to be desired, and everyone is living with too much stress in their lives.

I told him that I don’t see a revenue stream there. He has a lot of interest in those fields, but no real expertise. There are lots of people with PhD’s offering those consulting services, so why would anyone hire him?

A better course of action, I suggested, was to get a job. He is a super-salesman, and good salesmen are worth their weight in gold (even at age 60).

“I appreciate the advice,” he answered, “and everyone is telling me the same thing.” But, he pointed out, “the advice from those hundreds of PhD’s has failed to fix anything.” He believes that he can contribute to a solution because he sees the three problems as being interrelated, while the professional consultants concentrate only in their fields of expertise.

“If I can’t make this work, then back to sales it is!” he wrote, “and I am not uncomfortable with that prospect.” But he wants to try his dream. “I don’t want to think back and wish I had tried, and wonder what would have happened if I did!”

Live your dream, or make a living? Few people love their jobs. They work to earn money so they can afford to have fun. That’s why you “go to work.” You don’t get up in the morning and “go to fun.”

So in a way I’m happy that my friend is giving this a try. But I’m also pretty sure he’s going to be frustrated, because he doesn’t see a clear path to generate income, and you need that vision to be successful.

In going to the networking events of so many organizations, I am constantly delighted and amazed at how people create businesses to fill every little need. It demonstrates the strength of our entrepreneurial economic system. Find a niche and make a buck. It doesn’t have to be big or fancy or complicated.

Of course, you do need to be a good salesman to succeed in business. You have to be a people person. There are so many people at the networking groups who really could use a personality transplant. They don’t leave an impression, not even a bad one. It would be hard for those people to succeed on their own. But you’re not one of those, are you?

Many people already have a business of their dreams. “One of these days,” they say, but it never happens. Most networking groups have members who are business/life coaches, and maybe you should interview several and find someone with whom you are comfortable. Their business is to help you focus on your dream and find a way to live it. They help you get rid of the clutter and overcome the inertia of daily living so you have the time and energy to try something new.

If you don’t have that dream job in your head, if you’re just looking for a way to go out on your own, try asking this of everyone you know: “What product or service would you absolutely buy right now if it was available?” Business ideas will flow from that.

My answer is that I want a nav system for my cell phone that will help me find my car in a parking lot, or when I have to park at a meter in Coral Gables. I always forget where I park! Yes, I know they have nav systems for cell phones, but I think they are accurate only to a few hundred feet, and that’s not good enough.

Actually, what I REALLY want is a button on my keychain that would start my car and have it drive itself over to pick me up. But I doubt that will be available this year.

Next, I want someone to take all the junk in my house and sell it on E-Bay and take a commission, because I don’t have time or patience. I hear there are people who do this, but I haven’t met one.

I always wanted to start a business where I would write your obituary. Just fill out a form, and I will draw on my many years of experience as a reporter to make it sound professional.

Many obits are inaccurate because the family is asked to provide information at the worst possible time, while they are under great stress. For many people, the obit is the only time in their life their name appears in a newspaper, and what a shame to have it inaccurate!

So I would let you look at your obit to make sure it’s correct. Then I’d put it on a CD along with your favorite photo, and you can keep in the safe deposit box. When you die, your family just gives this to the newspaper. You can die happy, knowing your obituary will be accurate!

You laugh. But newspapers actually do have obits on file for well-known people, pre-written and ready to go, missing only the subject’s age and the place and cause of death. That was one of my early jobs as a young reporter, to interview people for their obituaries. I was horrified at the assignment, but the editor assured me that people love it when a newspaper thinks they are important enough to provide this service. He was right! But it was weird, calling secretaries and leaving messages: “Hi. Please have Mr. Smith return my call. I am writing his obituary.”

Another business idea is to do a professional interview with couples on their 25th anniversary (or another milestone) and videotape it, and give copies to their children. How did they meet, what was the first date like, what was their first impression of each other, etc. About great vacations, and interesting mishaps, and the birth of the children. What’s the true story about Aunt Martha? Would you buy this service as an anniversary present for your parents? Sure you would.

But I will never get to either of these, so feel free to steal the ideas.

Use your imagination. Talk to your friends. Maybe you can find a business that you love! It seems like this is a great time to give it a try.