Recession, schmecession — now is the time to become your own boss. Here are six handy tips to get you started.

Be original
Coming up with a brilliant, money-making idea is the first step on the path to selfemployment. The second: checking to see if that product or service is already available. However, if it has been done, don’t automatically throw in the towel. “There’s nothing wrong with competition,” says Carissa Reiniger, president of Women Entrepreneurs of Canada, a support network for budding businesswomen. “Look at what’s being offered and identify the things that make you unique.”

Don’t do it yourself
Asking for help is a must for any wannabe entrepreneur. To get that business off the ground you’ll have to talk, talk and talk some more. “I had six people who I’d sit down with and discuss my idea,” says Shantal Feltham, president and CEO of Stiris Research, a clinicalresearch organization that the London, Ont., entrepreneur started five years ago. “They would challenge me and say, ‘Think about doing this another way.’ ” While it’s helpful to seek sound advice from friends, former co-workers and industry experts, garnering smart business guidance isn’t the only reason to call up a close confidant. Reiniger says when the going gets tough, a friend can get you back on track. “Get those emotions off your chest,” she suggests. “Ask for help and you’ll start to realize you’re not alone.”

Plan smart
Your business won’t take flight if you don’t have an airtight plan. Scot Speiser, vice-president for the Business Development Bank of Canada (BDC) based in Kelowna, B.C., says determining start-up costs, staffing needs and a marketing program is all part of a strong business plan. “Writing everything up will let you evaluate the potential of the business, find out what it’ll take to run it and see if it’s a match for you,” Speiser explains. Luckily, this can be made easier with tools like the Interactive Business Planner from Canadabusiness.ca, or the step-by-step business-plan instructions offered by most of the country’s major banks. Bonus: These tools are one thing you won’t have to pay for.

Follow the money
No matter how passionate you are about your must-have product, you’ll need start-up capital to open shop. There are various ways to get financing, but the first place to look is in your own wallet. “Have enough money to pay your bills for six months, assuming no revenue,” says Reiniger. To really make things work, though, it’s likely you’ll have to hit up a bank, apply for grants or try the BDC, which offers loans to small businesses at more favourable terms than you’d find at a regular lending institution. Another option is to do what Feltham did: Have someone else buy into the biz. Start-up capital will be different for every operation, but Feltham insists that no matter how big or small a business is, entrepreneurs should have a safety net. “Whatever you think the starting amount will be, double it,” she says.

Push ahead
While financing and a solid business plan are essential for success, Reiniger says all entrepreneurs need two key elements to turn their dream into a reality: passion and perseverance. You have to love your idea and be willing to push ahead when things look bleak. (And things can look bleak: About half of smallbusiness start-ups fail in their first three years.) Speiser adds that the most successful entrepreneurs share a desire to be in control of their destiny.

Don’t sweat the economy
It might seem counterintuitive to start a business when the economy is a mess. But you’ll be in good company: 37,000 Canadians started working for themselves in June alone. Speiser, Reiniger and Feltham all agree that now is an ideal time to pursue self-employment ambitions. For one thing, a layoff could grant aspiring business owners the chance to chase their dreams instead of the almighty dollar. And besides giving you more time to work on the project, a severance package can make some sweet start-up capital. A recession also means many established businesses will fail, so there might be new gaps in the market and opportunities to see where others went wrong. “Find out what types of businesses are thriving and what it takes to make them recession resistant,” Speiser says. “Embrace the challenges and stay focused, and you’ll have a winning combination.”