Forums: Discussions for entrepreneurs and small business.

Hello All:

 

I just joined SUN and I am looking forward to learning from all of you. For the past 20 years I have worked as a financial/budget analyst. But I no longer find fulfillment in what I do. So I have decided to give serious consideration to pursuing my long-time dream of self-employment. Like others, my biggest and first obstacle is trying to decide which one of my many interests to pursue. Following is a list of my "Top 3 Ideas." I have other ideas but these three generate the most passion within me. Please provide me your input as to their feasibility.

 

IDEA #1:

Financial Educator – I have a B.S. in Financial Management. I have been trained in the field of adult education and in financial counseling. My desire is not to provide debt consolidation or bill payer services. Instead, I would be teaching my clients financial literacy. This work gives me a sense of satisfaction knowing that I am helping others take control of their financial lives. But, individuals experiencing financial hardship may not be able to pay me enough to support my own family. Also, I would be competing against non-profits and other agencies offering similar services. Should I market my services to companies as a series of workplace financial seminars? Another option would be to start an after-school enrichment program or summer camp for youth.

IDEA #2:

Motivational Speaker – I have been professionally trained in the art of public speaking and I am in my “element” when standing before a microphone. In this business I would market my services to the educational field as a youth and school speaker (elementary, middle, and high) as well as a presenter for colleges, teacher in-service programs, human resources and luncheons. My own children are ages 14 and 12 so I have some first-hand experience in dealing with youth.  Also, I have developed a good rapport with my county school system due to my active involvement in the PTA, PTSA, and PTO organizations.

 

IDEA #3:

Professional MC – In addition to my communication skills I have polished people skills. This business would entail me hosting an event, opening a seminar series, or acting as the master of ceremonies for charity events, receptions, conventions, and annual meetings for corporations and organizations.  It could also open the door to providing event planning or event management services.  My research has shown that this kind of business is common in the UK (a training organization actually exists there) and Australia but not so here in the USA. My biggest challenge then would be educating prospective clients and marketing.   

 

Any one of these ideas would allow me to combine and utilize one or more of my talents and passions (i.e. communicating, finance, teaching, entertaining, interacting with people). But, which one? I welcome all feedback (positive and negative) that might help set me on the path to true fulfillment.

 

R/ Scholar

-------------------------

Chas T.
"You can always better your best."

CT on Twitter

Hi Scholar :-)
It looks like you`ve got three viable ideas, so the next issue is a pros-and-cons analysis of each of them. I`d propose looking at each idea in terms of competition, market share, "niche" fulfillment, and ease of sales.

I have no hard data, but anecdotally it seems to me there`s a surge in financial educators. They may be legit, or not, but wherever I turn, I`m hearing about some new book, new system, or new group offering to teach people about finances.

The problem is that most people understand finances to some extent, but don`t want to use the discipline to manage their finances. Otherwise, we wouldn`t have the extremely low numbers for savings accounts in America. So if you were to enter the financial education field, I think it`d be a hard sell....in some ways.

On the other hand, fearful people sometimes use education to assuage that fear, and pretend that everything is just fine. So someone who`s facing an unfunded retirement might jump on an inexpensive financial education course, just to make themselves feel better. The problem is they wouldn`t be implementing your information, and you`d get little feedback.

The "Oh Wow!" theory of mine states that from time to time we need an "Oh Wow!" from the people around us. It`s a feedback system that helps build the ego, and joins us to the rest of life.

Motivational speaking would be very good. What would be your topic?

Of the three, the Emcee or "Toastmaster" would likely be the most fun. It`d be hard to break in to, what with people tending to want to do it themselves, but it`d be fun. That`d be the entertainment industry, I think---at least as your entry point.

What`s interesting to me is this sentence from your post:
The reason it`s interesting is that although it appears as if it`s a dream of something, it`s actually not. It`s a vision of a condition---a lifestyle. This speaks to the issue that many people are in love with the concept of self-emloyment, but not with the realities of self-employment. Perhaps you`ll want to take another look at your overall vision of the future? :-)

For instance, you could have a life-long dream of being a carpenter, fisherman, astronaut, or building a machine of some kind. You could have a life-long dream of being a teacher, a doctor, a union organizer, or maybe a chicken-sexer. :-) Those are specifics, and make up the functional part of a dream--a vision.

So over the course of your life, what actually have you wished you could be doing instead of working?

Scholar,

Dave Ramsey is a financial education motivational speaker, and he has even developed a curriculum for high school students. Check him out at www.daveramsey.com

All the best,
John