going it alone
Filed Under Tips & Tricks | March 18, 2009
Chances are, you know of a mum-run business (like ourselves for example) and you’ve wondered about the flexibility, money and career potential. But if you do have a great idea of your own – and mums are great at coming up with ideas – with the economy tanking, you may be wondering if you’d be out of your mind to start a business right now. Despite what you may think, a downturn can be a great time to start a new business. So we asked Andréa Coutu, a local independent business coach, consultant and mum for some ideas on how to get your great idea off the ground:
If you’re a new parent, mat leave can provide a financial cushion while you ramp up. By starting a business, you can continue in your career or start a new one. And you can work your business around your family, rather than working your family around your job. Your business can be as full or part-time as you want.
The economy may be softening, but for freelancers, consultants and service providers, a slump may mean more work, as big companies outsource. And, as consumers scramble to shop around for good deals, some markets will expand. People may not drop $100 on dinner, but suddenly a $5 cupcake becomes a decadent, doable treat.
A recession gives you opportunities to negotiate with suppliers, vendors and landlords. Other companies may be more open to joint ventures and collaboration. By starting during lean times, you’ll be careful about your financial decisions – and perhaps emerge in a better position than those who started during a boom.
Build a safety net while you launch a business – start with an emergency fund, a mentor and solid business and marketing plans. To gain support and avoid common mistakes, work with a coach, take a course, get a professional business plan review or check out franchise opportunities. With the right support, your dreams may soon become reality. And when they do be sure to let us know.
Andréa Coutu is an independent business coach and consultant in Vancouver who blogs about consulting at www.ConsultantJournal.com. She’s the author of Discover Your Inner Entrepreneur for Moms and Become a Consultant: How to Make the Leap.
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Let us know what you think or share your great finds with us so we can share them with other Vancouver mothers!
Check the Self Employment Program at Douglas college as an option. If you’ve been on mat leave in the last 5 years and have a business idea, you could qualify for this program which includes financial support for 48 weeks ($300/week) as well as a top-notch course to get you started.