10 Secrets to Prosperous Self Employment

The trend towards self employment is creating a new generation of home-workers who value quality of life over commuting to a corporate job. With this new lifestyle comes more freedom of time, income, and self determination. It also carries with it challenges that do not exist in the corporate world. Working independently involves a unique set of challenges that many new entrepreneurs do not consider when they start their own business. Some common challenges are:

Loneliness when working out of home
Too much freedom can result in procrastination
Lack of separation of home and office
Cabin fever when your office is in your home

Successful entrepreneurs have developed coping strategies to overcome the challenges inherent in self employment.

Use Technology: Today’s technology can both aid in creating a cocoon in which to work, or help us reach out to others. Email and instant messaging are both excellent ways to feel connected during the days in your home office. The most popular messaging services are Microsoft Instant Messenger, and Yahoo Messenger. Both are free downloads and once installed on your computer, will allow you to virtually “chat” using your keyboard instantly with your friends who are also on that service.

Create Routines: When you work in an office, routines are normally established for you. Without that structure at home, it’s easy to be distracted and scattered, and get little done. Some routines you can create are a consistent rising time, a regular breakfast, check email and phone messages, etc. And remember, since you work for yourself, you don’t punch a time clock. Figure out when your energy is at it’s highest, and you’re the most productive, then schedule your work time to take advantage of your body clock. If you’re not a morning person, then start your day a little later, and schedule your worktime later at night. Remember, you’re not punching a time clock, and you’ll likely be more productive because you accomplish more during your high-energy times.

Masterminding: Creating or joining a mastermind group is a wonderful way to develop lasting relationships with supportive entrepreneurs. A mastermind group is a small (4-8 people) group of likeminded individuals that can met physically or virtually to discuss specific business or personal development matters. Each group has a specific theme such as real estate investing, marketing, relationships, etc. The purpose of a mastermind group is to support each members’ growth, and hold all member accountable for their goals.

Conferences: Seminars and Conferences are a great place to re-energize your intellectual engine, and meet like-minded people. It’s also a great place to meet your next customer or strategic partner. You’ll certainly add to your list of Instant Messenging buddies! Seek out events that offer topics that will help you reach the next level in your business, or personal growth and development. It’s important to have a mix of intellectual and emotional/psychological training. Mind and heart shifts often result in insights into your business goals and personal aspirations. Often when were too close to a problem it’s difficult to see it clearly. Attending a conference away from home can provide a new perspective as you get out of your daily environment, and meet people who may share a fresh outlook.

Get Family Buy-in: When you work at home, your family might construe your presence in the house as constant accessibility to you. Explain to your family what you are trying to accomplish and schedule time throughout the day when you are available to be approached. You can also set rules such as shutting the office door when you are not to be disturbed. For older children (and your spouse), you can suggest they email you any non-essential requests that you answer when you take a break. While this might seem silly to do when you’re in the same house, it is essential to maintaining your ability to run your business. Too many distractions break your concentration and reduce your effectiveness, regardless of what business you’re in.

Make Play Dates: Remember how you looked forward to recess everyday when you were a kid? Somewhere along the way to adulthood, we stopped having recess. As an entrepreneur, you can choose to reintegrate play back into your life. After all, quality of life is a big reason you chose to break out on your own. Enjoy it! You must schedule time to play, whether it’s a Friday afternoon movie, a walk in the park with the kids, or a date with your spouse. Develop a local network of friends and colleagues for lunches, dinner get-togethers, movies, workout buddies, etc.
All work and no play makes for a burnt-out entrepreneur.

Get a Pet: Sound silly? Research has shown that pets of all kinds can reduce stress levels. Sure, you can’t have a two-way conversation with most pets (certain birds not withstanding), but having a pet around provides much-needed companionship when the work-at-homer starts feeling isolated.

Nurture Your Body: This secret is one of the most important. It is imperative to fuel and move your body to maintain your energy level, and psychological and emotional health. Create a daily food routine that includes a healthy mix of protein, fruit and veggies, whole wheat, and avoid fried, fatty foods, and refined sugar. Ask yourself this before you put something in your mouth: “Does this food nourish my body, or sap my energy?” Getting the proper fuel is only half of the equation. You must also move your body. (Be sure to check with your health care professional before beginning a work out routine.) Regular weight training and cardio is essential to maintaining your health, and life outlook. Let’s face it… we feel positive and optimistic when we take care of our bodies. Keep in mind that a trip to the gym is not the only way to stay physically fit. Try social activities like hiking, dance lessons, or a family bike ride. For weight training, try doing squats while you hold the back of your office chair, while you’re on the phone. You can do arm curls with cans of soup as you wait for your coffee to brew. Make it fun, and you’ll be amazed at the results!

Use Time Blocking: Often, the hardest part about any project is actually starting it! A handy kitchen egg timer is a great way to trick yourself into beginning a project. Simply set the timer for 5 minutes and start your project with the intent to do just ONE five minute task. Soon, though, momentum takes over and before you know it, you’ve continued beyond the five minutes! Also, many projects are not tackled because they just appear too big. Break the project down into manageable five minute tasks to overcome the feeling of overwhelm. You’ll quickly see results and over a period of time, the project will get done.

Hire out Admin Tasks: When looking at your To-Do list, ask yourself “Is this task the BEST use of my time?” Now mark each task that YOU do not have to accomplish. Now locate a $10 an hour student and outsource those tasks. Would it be worth it to you to buy back 5 hours a week to accomplish tasks that bring you more business or income? That’s $200 a month for administrative help, that will potentially net you new business worth thousands, if you use that time wisely. As an entrepreneur, it’s not in your best interest to clean your house, grocery shop, take the car to mechanic, drop off the dry cleaning, or any other myriad of busy work we do that keeps you from building your core business. Outsource NOW.

The work-at-home population is growing by leaps and bounds as ex-employees realize their dreams of starting a profitable business, doing the work that they love, adding value to society, and spending quality time with their loved ones. According to the Small Business Administration, there are an estimated 42-million home-based business owners and home-based businesses make up 53 percent of the small business population. With rampant big business layoffs, and people increasingly concerned about quality of life, this number is bound to increase in 2005. According to Thomas J. Stanley and William D. Danko, authors of the Millionaire Next Door, entrepreneurs and small business owners more often achieve millionaire status than any other group of individuals. So take heart, employ your coping strategies, and join the growing ranks of enlightened, successful entrepreneurs!