I enjoyed a coffee a business director last week and was asked for a few generic bits of advice. There’s a number of areas I enjoyed exploring with him, but I thought you’d appreciate a blog that came off the back of that conversation.
We have signs from some people that the recession is coming to an end. We have murmurs from others that we are in a ‘W’ recession and that we haven’t seen the worst of it yet. Whichever version of the story you think is accurate, there is one question that we must grapple with during these troublesome times. How do you maintain a sense of focus, motivation, and a dash of hope when all around seems so turbulent?
What does it mean for an organisation to have hope? Is it blind optimism based in unrealistic dreams or is it the fuel that keeps the engine burning? It is a well known fact that during a recession the most innovative organisations are born. Why, some may ask? Simply put, when you’re back is against the wall you are forced to find more imaginative and creative ways to make things work. Whether this is in technology, software, construction practices, or a business that takes care of the needs of pets (!), there are many opportunities to let the creative juices flow.
So what are some of the ways to keep hope alive? Firstly, I would say it is essential to resharpen and refocus your business, eliminating any potential areas for stress. Time and energy levels are short and you don’t want to waste any unnecessary emotions on the bits of the business that drag you down. So, during this time of resharpening it is important to ask why you set up the business in the first place? Was it to give you greater flexibility? Or, to give you a larger level of financial security? Did you see a gap in the market you could launch into? The crucial thing is, are you still in it for your original goals or has running a business slowly dragged you down? Cut off the dross, get rid of the time wasting, and make sure you love what you do again.
Secondly, allow space for creativity. In many ways it is a survival of the fittest, and at this time more than any other you need to be that lean, mean, fighting machine. Therefore, make sure that your creativity is given the space to come into the forefront. Reading books, listening to podcasts, attending conferences…simply put do anything that helps you to think differently. A particular favour of mine, that I strongly recommend, is to learn about something that has no direct impact on your own business. It might be that you are an accountant and could spend a couple of hours looking into construction practices, or you run a nursery and would benefit from seeing how a car dealership works. By exposing yourself to different business models it opens up your mind to different ways of thinking and you might just find some important new ideas coming from this.
Finally, find the one thing that you are great at, set yourself goals that are both realistic and stretching and work towards those. Don’t get distracted by lots of administrational time drainers, but go after the sales. Work hard to get them in and reward yourself each time that you do. Become a sharp shooter to one specific goal. This sense of success and hitting those targets will give you the momentum you need to push out into other areas and maybe to launch new products. And without generating the finances your energies will be drained by spending excessive time managing your cash flow.
So in order to keep the winter blues away, keep the spring in your step, and to allow your business to be successful I hope you’re successful in resharpening and refocusing, and allowing creativity in to deliver on your one specific goal.
Keep warm 
Can’t Find a Job…Start a Business!
So the word on the street is that with rising unemployment, and a further worldwide estimated 51 millions people set to lose their jobs in 2009, many people are struggling to find a job. Bad News. But the good news, is that during times of recession, innovation increases and great new businesses are birthed. Could this be a new start for you? A chance for you to step out in what you have always wanted to do? With that in mind, I want to suggest how it’s good to approach what may a crisis, as an opportunity. By the end, having drummed it home, I want you chanting: Can’t Find Job, Start Business.
“Can’t find a Job- Start a Business” Transition Question 1- What’s makes you buzz?
So you’ve been made redundant, you feel tossed aside by your company. You may have loved what you did? But you may have hated it…..and it’s this group that I want to talk to first. Why spend time looking for another crap job to replace your previous crap job? Because that’s what you’ve always done. Oh please! Don’t spend your working hours doing something that you don’t enjoy? I mean – why? Was this the dream that you had when you were at school…..
“Miss I want to be in a job that pays the bills, even if I hate it.’
“Very good Johnny!”
No! Life is too short for you not to be living out your dreams and achieving your potential. You are a unique gift and you will have desires deep down that are good. Perhaps it’s been so long, that it’s hard to connect in with those good dreams that you have and understand your unique abilities that set you apart. Some of you will be very clear and aware of your gifts, but others, lack confidence and perhaps over the years have had these stamped out of you. Time for changes! As cliche as it sounds, the way you see the world is uniquely your take on it, and there’s great value in that. Often a good starting point, if you have no idea what your strengths are, is to carry out a personality test online. I find the enneagram a great one- use this free test, or pay for a more detailed one and then use that to help determine what work you’d like to do. Even if you’re sure of yourself, it’s a great resource.
Whatever you do, don’t go forward shaping your existence around your need to pay the bills, but around your gifts, and make sure you find a way to monetise those to pay the bills! The advantage for you, is that instead of needing to take the scariest plunge, and walk away from your un-satisfying job, half of that decision has been made for you now that you’re out of work. So time to find out your worth and get started.
“Can’t find a Job- Start a Business” Point Number 2- Half the time, but the same amount of money!
Perhaps you spent years feeling like a lemming, potentially un-appreciated by your business, earning them a lot of money through your expensive day rate charges, or the products you sold. The thought crossed your mind more than once, that if you could get half of what they charge you out at, then 10 days of work a month would be more than enough and you’d have more time for other areas in your life. So what better opportunity than now? Why don’t you get yourself set up – kick off as a freelance, set out your USP’s, develop yourself a good marketing strategy, find some new clients (without stealing your old ones as you wouldn’t like it if the cards were reversed), under promise and over deliver all the way.
Be clear about what your motivations are- if you are wanting to reduce the number of hours that you work, then recognise that you may get there, but make sure that does become a goal that you achieve. I’m not being idealistic, because I know just how much time a new business can take to set up. However, a lot of this also comes down to your goals and what levels you want to build it too. You don’t always need more money and impact, with a knock on effect to work harder and longer. Rarely do people wish on their death beds, that they’d spent more time working during their life time. Make the change now when you can!
“Can’t find a Job- Start a Business” Point Number 3- Identify your major motivations?
Is life all about success at work? Have you bought into a need for status, wealth and self importance. You’re driven, you work hard, you’re hungry for success- whatever the motivation for this. It’s such a fine line between loving your work and being a slave to it! Where do you get your identity when it comes to work? Why do you want to set out on your own? The truth is starting up your business gives you a chance to detox and ask yourself what’s really important to you, and build your lifestyle around that. What are your motivations? Everyone is different and wired in different ways- some want independence, some want a greater level of influence. Others are keen to earn more, or time to have a greater level of flexibility or just to do something new. Jot them down. Be truthful with yourself. By knowing the motivations you can remember those when times get tough, and keep that goal in mind.
“Can’t find Job- Start a Business” Reason Number 4- Play to your strengths, cover your weaknesses!
I think it’s really important that poeple have a chance to play to their strengths and not get overwhelmed by their weaknesses. Throughout our education, our upbringing and societies influence, we are often taught to work on our weaknesses. We’re told to improve and get better, but this often leaves people feeling de- motivated, lacking encouragement, and taking their eye off the all important question? What am I great at? I remember a lad in the year above me at school who was a fantastic 100m sprinter. He had such a natural talent, and he could run like a cheetah, ripping up anyone that came near him. I remember he was competing in the England Youth Trials, and achieving some exceptional times. But I also remember the school focusing so much attention on his academic work, that he wasn’t given the space and support to excel in his main area of natural talent. I’ve often wandered whether he could have been an England 100m sprint champion if he’d been able to focus on celebrating his strengths not have to constantly work on his weaknesses… he certainly had the talent to make it possible.
One of the most helpful things for me, was coming to terms with what my weaknesses were. No longer did I feel that I had to be perfect in those areas, but I needed to channel as much energy into what I loved and what I was good at. But if only it was that simple. Clearly, in running your own business you can’t simply avoid areas of work that need to be done, which may tap into your weaknesses or you don’t like. But what are the alternatives? Could you work towards a timeframe that you’d aim not to be working in those areas, or get a virtual PA. Maybe you could outsource the work, and earn enough money for two so someone else can work to their strengths. Myers Brigs & Enneagram personality tests are really helpful resources to help establish your strengths and weaknesses. Failing that, ask those close friends what they love about you. It’s time to play to your strengths.
“Can’t find a Job- Start a Business” Reason Number 5- Find someone you respect
People’s personal stories are empowering. You’re not alone, you get inspiration and can learn from others experiences. Who do you know or know of who runs their own business? What better place to start then to talk to someone who’s done what you are hoping to do. Its important to try and identify people who have both succeeded and failed, as both will be able to give you invaluable insights. Most people who have set up businesses like to help others who have a similar desire- remember they were in your shoes once. Offer to take them out for a quick lunch or coffee and have your questions ready. They are likely to want to ask you what you are thinking of setting up. If you haven’t got it all to present as a perfect business plan at this stage- don’t stress, but do make the most of the opportunity, and road test the idea on someone who will understand the pros and cons better than most.
There are no set ways of doing business. No magic formula. Some great rules and principles that if you leave you do so at your own peril! Its important that however much you get information from someone you trust and respect, that you also get different points of view. Don’t be over zealous and procrastinate, but read around the subject, watch some videos on Youtube (one of the greatest training tools available), pick up some books, read some blogs or for light entertainment even watch Dragons Den. It’s very easy to creep into lazy thinking, where you abdicate responsibility to someone else who shared their thoughts. The problem is they wont be paying the bills, and working on this day and night! But you will be! Therefore receive the advice gratefully, recognise your blind spots and potential inexperiene, don’t be arrogant and dismiss it, but also seek out alternative viewpoints so that you can hold the revelation in tension.
“Can’t find a Job- Start a Business” Reason Number 6- Think, plan, reflect.
Fail to plan, and plan to fail. Ok- so you have a seed of an idea, you’ve bounced it off a few people. Some people will naturally be cynical. You’re going to hear: “It’s bound to fail,” “That will never take off,” “There’s no way you can do that.” So the planning stage is absolutely critical. You will get the voices challenging you, and as long as they don’t cause you to give up, don’t worry about the challenges. They are good to help refine the idea, help you sharpen your focus, and give you greater clarity. The idea you have will be partly good, and partly crap. You need to look at it from a bunch of different angles, and even the most negative voices can bring life to the idea as you weigh up what they think, and make sure you’ve got those areas covered. But take their conversations to a certain point. At the end of the day, they’re not you, and not living your life for you. And too many people like to be negative about others dreams.
It’s really important to pull together your idea and turn it into a simple business plan. Include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). Now if this is your first approach you may feel daunted by this. But don’t- it’s not scary but it is essential. It’s far better to have a clear, concise simple plan that you refer back to and work with, then an academic business plan that you create but just stays on your computer never to be opened. Check out scavenger where you can buy business plan templates and lots of planning documents which will save you a lot of time and help you to get the bases covered.
Once you start putting to pen to paper, you’re putting flesh on your idea, and it’s easier to get others input and shape. It’s also a time to reflect on it. Do you really want to do it? Is it going to generate a good financial return? Have you kept things simple, and as uncomplicated as you can. Ideas change over time and so your first plan will not be the best strategical approach, as ideas get honed. That’s why you need to be able to refer back to it, amend it, and assess where it needs tweaking. But this document will help you move forward and help keep you on the straight and narrow!
“Can’t find a Job- Start a Business” Reason Number 7- Get buy in and support from those people important to you
Who are the people who are going to be most impacted by you starting a business? Stop for a moment and consider them. It is important that you communicate clearly with them what you are looking to do, why you are looking to do it, and communicate your plan with them. The purpose of this communication is not to get them to agree with your thinking, but to give them space and time to voice their thoughts. Where possible, you want to walk forward in agreement with others from the outset. It will make the hard times a lot easier, when you know that you have their support (or at least did at the beginning)!
When you share it, share it from all angles. Present to them your SWOT analysis. It’s a lot easier to be able to show someone something written down as opposed to risking using your charm to persuade them into giving you their thumbs up. Give them the eye-ball conversation. You want to be at the point where you are in it together. It’s very possible that they don’t have the same level of confidence- it’s your results that will help communicate that. Therefore, it can be helpful to make suggestions as to when the idea should be reviewed so that it’s a joint decision. Express how you really feel about it as there’s no need to put a brave face on it. They may have reflections and wisdom realising that the idea doesn’t play to your strengths. They could save you from a few years of frustration…..you know working for a loss in a job you hate. Worth getting that reflection!
It’s also important to communicate clearly the potential impact that it will have on your time and thoughts. Will you need more holidays? Will you have to initially work later and on Saturdays? Will you be skint for a while. I always think its better to paint worse case scenario’s, so that nothing comes as a surprise. How will affect family rhythm? How can you offer your love and support to them? How would you like to be encouraged or supported during this time. It could make life easier in the future, if you discuss together all your thoughts in detail.
Something that is sometimes overlooked is good external support. Good time to meet new people, and ensure that you find some good external support. You will need to find people that understand your language, and with whom you can share your experiences. I’d suggest popping along to a business networking group, and develop some friendships there. Its easy and people are often in a similar situation to you. That will enable you to get external support so that you don’t drain those who are most important from around you. Chances are you will learn very quickly as you hear of other people’s mistakes too!
“Can’t find a Job- Start a Business” Reason Number 8- Responsibility and commitments
So there’s lots of practical places to start. Where are you going to work from? Get yourself a good working laptop that is reliable and make sure it’s insured. Get your internet connection and get familiar with cloud thinking. I’d suggest that initially you work from home until you can afford to work from somewhere else. It may not be ideal, but until you can see the revenue coming in, there’s no point taking on additional overheads if you don’t need to. If you need to have meetings do so in a local coffee shop or hotel. That can also be a great “extension” if you are needing to work out of the office. If you live in Manchester UK, I can tell you which are the best places to work from, as I’ve done them all. If you want to, you may be out of a home office within a few weeks, or it may take longer than you thought to build up the custom. Decide how you need to dress, and if you are working from home, find a separate space to work from. Work out how you are going to separate work life from home life….this may involve walking around the block before you start. I worked out of my bedroom when I finished University, and I used to change in and out of my working clothes and put on my favourite ‘lets start work, and dance around the room seriously’ song!
As well as working space and clothing- what is the legal structure of your company going to be. Are you going to be a limited company or sole trader or something completely different? If you need help, check out this document. Who are you going to bank with and what type of account will it be? Will you need insurance? If you take on staff, that becomes a much bigger minefield of legal requirements, but it shouldn’t put you off. There’s bags of other documents to help with the important setting up of your companies legalities on scavenger. Don’t rush this- it will help save you time, and prevent you from going to prison later! Now that’s got to be worth it!
“Can’t find a Job- Start a Business” Reason Number 9- Marketing plan
You’ve identified what makes you buzz, looked at your strengths and weaknesses, got your business plan and allowed others to breathe more life into it. You have a company name and structure, worked out your premises, found good advisors and support from those close to you. You’ve assessed your dress code, got the legal requirements of the business in place and are fighting fit and optimistic! Now it’s time to make things happen.
Create a marketing strategy- short and simple. You will refer to this each week. A great book to read is Guerilla Marketing. Read my previous blog post on this. Work out how you are going to position your company, what the company spirit and branding will be and what sets you apart. What will your company brand say, what marketing avenues will you use? Don’t rush this, but take your time to build up a marketing strategy and work to that.
When you have got this in place, you can determine where you are going to spend the time and energy to go out there and find these great new customers! Then go go go! Don’t look back, don’t doubt yourself. Give yourself time to push it out and a realistic timeframe to succeed. It wont be days, weeks or maybe even months. If you are finding it hard work, read some books and keep talking to other people to keep yourself dreaming.
“Can’t find a Job- Start a Business” Reason Number 10- First Sale and Review
And finally it will come…….your first sale. Before you do anything else, stop and congratulate yourself. Celebrate! You have done something significant. Someone has thought what you are offering is worthwhile and they have paid money for it! That’s a great result. It’s taking you into the next chapter of a wonderful story that you are writing, and it’s an important milestones that needs the recognition.
Now is a good time to sit down and review where you’ve come from. What went well, what went badly? Are you happy with the price of the sale you’ve made? Will it turn a profit and does it fit in with your financial projections? What would you tweak- what are you going to do differently going forward? How will make sure you look after that customer? Is there anything else you can sell them? Have they given you feedback, rated and reviewed on Freedoma? Can they recommend you to some of their friends? This customer is your most important customer…. whether he realised it or not, he took a chance on you.
It’s always good to take a step back and to assess the business. Spend the time to write up your notes, put them on your desktop and look at them regularly. These reflections will be your lifeline, the blood pumping around the veins of your business, and without giving it oxygen, you don’t give it a chance to flourish. Let your business flourish, let you feel the rise of life as you take satisfaction that you have done what so many people would love to dream to do. Don’t get complacent and flabby, but do soak up the excitement and rush that this new chapter brings in for you. The world will often be down on yourself enough- cultivate that space to allow your spirit to soar and be hungry for fruitfulness and success.
I’m very excited about the prospect of you kicking off, and would love to hear from you. I really hope you have found this blog post helpful and have enjoyed reading it. Do get in touch, make my day and leave a comment and allow me to give a little whoop here when I hear that you’ve read it and taken time to let me know. If you have any additional wisdom you can share, please add it in the comments. In the meantime, I wish you every fruitfulness, peace and contentment in all that you do.
With love, Caleb
