Money Talk - Going Solo

Are you a homemaker looking to start a small business? Or a career lady looking to augment your income? For many, the small business owner option is the only way to escape insufficient funds for oneself or the family. Mothers, especially single mothers, are often on a tight budget and need help with their finances. Nowadays, it's not uncommon to find one or two successful businesswomen in a world dominated by men. A few of these women sit at the head of conglomerates. However, this picture is few and far between as there are still many women who struggle with making the decision to start or not to start a business in developed countries. In the developing world, many a petty trader or business owner is a woman. Hence, this post is for you if you have chosen to take the plunge into becoming a "solopreneur."

There are important things to consider with the choice to start a business. First, you have to decide if business is for you. Are you a risk taker? If you are comfortable with not breaking even in business for a while after starting, then you might survive the first months or even years of slow business. A business is called a venture for the very reason that it involves some risks to acquire gain. This means that every business shouldn't hope for but should anticipate some risks or at best a slow turnover in the beginning. I won't be surprised that some businesses survived and thrived as start-ups. That's good news to the ears. We need to see such happening more often :).

Second on the list would be to decide on the nature of the business. Start with your hobby or hobbies. What do you like to do for fun even if you don't get paid for it? This is a hard one for me. I like to do so many things literary but do wonder whether I could earn a living from them. Do you like to write? Have you thought of writing children's literature? What about drawing; do you see yourself drawing or illustrating for a children's comic book? Meditate on this point as some of these hobbies you might have taken for granted may yield you good income.

Third, do you need to learn a new skill? Like fashion & designing? Many women enjoy baking and consider opening a bakery right from their kitchen. Do you have special recipes that make you stand out? Then, go for it. Try out some of the recipes from websites and magazines. Go for it! What about striking out in a non traditional field? Did you learn how to fix gadgets from your father? Making shoes? Give yourself the opportunity to learn new things about yourself.

Fourth, decide whether to go solo or be in a partnership. If you choose the latter, decide with your partner what, how and when to do the venture. This article is about going solo that is, being a sole proprietor also called a solopreneur in today's parlance, so you are your own boss. This also means that you'll bear the costs and risks of the business all alone, assuming you got no help from other people.

Finally, you need a business plan. You do need help from the experts to articulate your idea(s) into a viable business venture. Or you may choose to go on the internet to do it alone. Be mindful that your skills are nascent and you mightn't hit gold on the first try. Keeping at it helps you realize your dream of becoming a business owner. That's it for going solo. What's your business idea?