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Is Having Your Own Business A Viable Career?

Written by The Career Success Doctor

Having Your Own BusinessRecently, a number of women who have asked for a Career Quickstart conversation with me have mentioned, almost in passing, that they would one to start up their own business, but ‘can’t afford to do it’. Which prompted me to write a few words about how you can set up your own business, and become an entrepreneur, in an affordable way. This is Part 1.

Now there is a caveat. It does take a particular mindset to run your own business. I’ve been doing it for 15 years, and have spent a lot of the rest of my  life either advising small businesses or working in them, so I know this from firsthand experience. You need discipline, you need to be what the job adverts cal a ‘self starter’ – so you get on with things without being asked, with focus, and without anyone looking over your shoulder. It can be quite lonely, so if your job is your social life, you need to think about that. You also need to be willing to take some risks. There is no such thing as a risk free business. But there are ways to manage and reduce the risks.

One trap that many new business owners fall into is that of simply trading time for money. So it’s still a job, but you’re the one paying your wages, your national insurance your pension, your holiday pay and so forth. And a lot of small businesses owners don’t make enough to pay themselves wages.

There is also an issue of knowledge/expertise. The key lies in the word ‘business’. When you set up your own business you need to acquire a business brain. You need to get a grip on finance, marketing, selling, product acquisition (buy it or create it yourself?), customer service, relevant legal issues, and possibly: distribution and logistics, manufacturing, employment and people management.

Against this, running your own business has huge advantages like the freedom to choose what, when and with whom you work (can be a stone round your neck if you don’t control it), minimal commuting, you can fit it round your family (although you may have to work late into the evening or get up extra early) and you can often spend the entire day working in your pyjamas! There is the potential to make a lot more than you ever did as a wage-slave.

Given These Challenges, Can I Still Set Up A Business?

The short answer is, ‘yes, of course’. But let’s look at this in a bit more detail.

The first question is: why do you want to go into business? Are you in business because you have a passion about the thing you are in business to sell ( with me that’s helping people have successful and happy careers and lives)? Or are you in business because you’re passionate about business itself. I happen to be interested in business, and extremely knowledgeable about it, but I am probably not passionate about it for its own sake.

If your passion is business, you can create businesses to do anything. If your passion is – for example – knitting, and you want to sell your knit ware, then it’s going to be a knitware business, at least to start with. If you read the gurus of internet marketing, many of them will tell you to make your first business something you are passionate about. Certainly this works for some people, but it increases the risk that you will simply trade time for money, and never really make your business grow.

But Jane, I Haven’t Got The Money To Set Up My Own Business

You don’t need loads of money to set up your own business online. Bricks and mortar is a different question, however. You can set up a website for nothing more than the cost of your time, although if you can afford $10 a month, it’s worth doing so to have a genuinely independent site that is truly your own. If you run it using WordPress, the software to build it is free too. Depending on what you want to offer, you can create reports, ‘how to’ videos using your iPhone, android or other smart phone, audios/podcasts and sell all of these to your market. In fact, you don’t even need a website to do a lot of this. You need a bank account, but most of us have one of those, that you can link to paypal. Paypal don’t charge you for that – they take a percentage cut off  whatever you sell.

You can have free Facebook business pages, free Twitter, free LinkedIn (especially if you are selling business to business), free Google +, free Youtube, and free software to enable you to keep in touch with anyone who might be a little bit interested in what you are offering. The ‘free’ list is a long one – so long, that I recently watched a video of a guy who set up an online business for $25, including paying for a product created by someone else that he planned to promote in return for a commission. That’s an extreme example, but you get my point.

You can make money by selling other people’s products, and getting paid a commission for doing so. No product creation involved, and you don’t even have to pay for the products. You can become an amazon associate, and get paid a (small) commission for things you recommend. You can buy and sell on ebay. I know a couple of people who have day jobs, and have set up ebay stores. You can set up your own ‘store’ where you promote other people’s goods, and earn a commission, without ever having to touch the products you are selling. You can promote products ethically – I only EVER promote products from people I know and respect, and very often I have already bought the product myself, and liked it.

And you can do all this while still working at the day job, or to fit around the family.

You don’t even need vast amounts of technical knowledge. The less technical knowledge you have, the longer it will take to learn the skills you need, although if you have tame teenagers available this can be a real bonus. You can also hire people for incredibly small amounts of money.

An internet marketer friend of mine once surveyed his high-earning internet marketing contacts to ask them what they’d do if they were starting from scratch and needed to earn $1000 in 30 days. The top answer was selling porn! That industry is way ahead of the game in internet marketing terms. Erotica is also doing very well in the Kindle and book department – think Fifty Shades Of Grey. Other answers included creating webinars to sell for $67+, and selling one very high value product as an affiliate.

In Part 2, I’ll be talking in more detail about where and how you can get these free resources to set up your own business. Truth is, though, the first step is to get into the right mind, and I’ll be talking more about THAT in part 2, too.

Meantime, if you want to get started on the path to wealth, checkout this offering from my friend and long-standing mentor, Nicola Cairncross. (Please note, this link has changed since I first posted this article). Nicola has an abundance of experience and success in the field of wealth creation and internet marketing (i.e. having your own business online). The product she’s offering here is all about how to manage your money successfully and start creating real wealth. It’s a snip at $9.95. When you buy it, you’ll also get the chance to sign up for her Internet Marketing Bootcamp: a seriously good introduction to the whole business of building an online business.

 

Filed Under: Business, Career, Career change Tagged With: Become An Entrepreneur, Fifty Shades Of Grey, have my own business, have your own business, having your own business, internet marketing, Nicola Cairncross, online business, online marketing, own business as a career

Does Blogging Help You Stand Out From The Pack?

Written by The Career Success Doctor

IBlogging Can Help Your Career Successf you’re looking for a new job, or a new career, one of the suggestions career experts like myself offer is: LinkedIn. Recruitment consultants crawl round LinkedIn like truffle hogs in an oak-wood, and LinkedIn provides an opportunity to showcase your sills and expertise to both speculative enquirers and those with a more serious interest.

In a recent blog post, Tony Restell proposes that, rather than relying on LinkedIn, job-seekers should concentrate their energies on blogging. In his view, LinkedIn doesn’t enable the recruiter to distinguish genuinely good candidates from poor ones. A blog helps you stand out from the pack.

To a large extent I agree with him, but there are a couple of areas where you need to be cautious: consistency and connection.

Consistency and Connection

As far as consistency is concerned, once you’ve started, you need to keep going. If your blogging schedule is inconsistent, particularly if there are large gaps between posts, you may look disorganised, or lacking in focus.

In terms of connection, how will people find your blog? Of course, you can mention it on your LinkedIn profile, and tell your friends on Facebook, but ideally you want to have a range of strategies for encouraging people to come and visit

So, if you are thinking of going down the blog route, what ‘s the best strategy?

Here are some questions to consider before you ever embark on a blogging approach for career success.

  • What do you want to achieve with your blog? Is it simply a new job, or are you in this for the long haul? Do you want to become an acknowledged expert in your field, or are you content to operate in the void?
  • How much time, energy and money do you want to spend on creating and maintaining your blog? This will depend on what resources you have available, and what image you want to project.
  • What help do you NEED in setting up and maintaining your blog? I have an IT background, including IT security, and at first I set up my blogs myself. However, I’ve come unstuck on a couple of occasions, and I’ve finally realised that I was not put on this planet to get down and dirty with the innermost secrets of WordPress.
  • Even if you have a strong technical bent, how are you with the written word? Most mainstream recruiters will be put off by typos or poor grammar.

There are plenty of ways to set up a blog cheaply and cheerfully  with relatively little technical knowledge – for example by using blogger, wordpress.com (this is different from wordpress.org, which I am using) or one of the other free platforms. You can also do video blogs using Youtube. But these might not project the image you want, or give you maximum control of your site.

So, if you want to stand out from the pack, blog by all means, but do it in a strategic way to ensure you achieve your goals.

If you need help with finding your career direction, or help with using a blog as part of your plan to stand out from the pack, then contact The Career Success Doctor for a complimentary Career Quickstart Conversation.

 

Filed Under: Career, Career change, Career success, Executive Career Coaching Tagged With: Blogging, Career Change, Career Success, LinkedIn, New Career, New Job

How To Write A Winning CV

Written by The Career Success Doctor

 How to create a winning cv or resumeIn general, my focus for my clients is how to get a career success mind set. However, I am often asked about how to write a winning CV, so I’ve been doing a bit of research.

There are several different schools of thought about this, and an infinite variety of books on the subject – many of which are rather prescriptive. The truth is that there’s very little good quality research on the subject. The research that is available indicates there is no set format that you ‘must’ follow. Success lies in other directions.

 Your CV Is A Sales Document – Personalisation And Size Matter

Like it or not, your CV is a sales document. You are trying to sell your particular blend of skills and experience to the best buyer. For this reason, you increase your chances of success if you tailor your CV to the job you are applying for, and the organisation you are sending it to. I’m not sure that there ever was a time when generic CVs really worked, but in today’s world, a generic CV is less likely to get you an interview than one where you have clearly thought about what your audience wants to hear. At the very least, it’s essential you customise your covering letter, so it’s obvious to the reader that you have written it specifically with them in mind.

Think of it this way. How do you feel when you get some piece of mail through your letter-box which starts ‘Dear Sir/Madam’ and has clearly been sent to all the people in your neighbourhood? Do you bother to read beyond the first line? And if they haven’t put your name on the envelope, do you even bother to open it?

If your CV is too long, the reader will probably give up on you. A two-pager is ideal. Three pages will probably be acceptable. At four pages, your CV is already way too long. Busy people don’t have time to read waffle, so a good CV conveys all the information it needs to clearly and concisely.

Keep a folder of CVs on your computer or a memory stick, clearly labeled, so that you can pull something out at short notice if an opportunity comes your way. I still have a range of CVs that I use for cutting and pasting if I am asked to tender for a project at short notice.

Pay Attention To The Little Things

Many CVs fail to hit the spot because the candidates haven’t paid attention to the bleedin’ obvious. For example, research cited on the University of Kent site indicated that applicants sending CVs and letters (and, presumably, application forms) without typos or spelling mistakes are 61% more likely to get a reply, and 26% more likely to get an interview. There really is no excuse these days. If you know you have difficulty with this, then get someone who is good at grammar and spelling to check it for you.

Two useful tools used by copywriters and authors are a dictionary and a thesaurus. If you’re using an on-line dictionary, or a word processing spell checker, make sure it uses relevant spelling protocol. For example, if you’re applying for a job in the UK, use a UK dictionary. The thesaurus will give you ideas for different words, so you don’t sound repetitive. Most good word processing tools have a thesaurus tool, and there are plenty available on-line.

Another statistic from the same research suggests that 60% of CVs are mailed to the wrong person. The solution to this one is to do your research properly. If you are sending off an unsolicited CV to an organisation, you will increase your chances of success if you send it to the person who is actually going to be interested.

Again, there is no excuse for getting this wrong these days. The internet is a fabulous resource for finding out about companies. The starting point is Google (or other search engines), but you can do Facebook searches, LinkedIn research, and searches on the Companies House database (for UK registered companies). If you live in or near a city with a good business reference library, there are excellent resources to be found there. Business libraries, professional or trade organisations, and academic institutions often have access to online directories which aren’t available to the general public.

Be Honest – But Don’t Underplay Your Talents

Women are awfully good at underplaying their talents. When I rewrite a CV for my career coaching clients their reaction is almost always: ‘Wow, that’s not me you’re talking about, this is a really impressive CV’, or, ‘Have I really done all that?’ Yet all I have done is taken what they have told me and structured it to highlight their achievements and skills. Most of us have accomplished much more than we think.

Even though I review and write CVs for others, I am still amazed when someone looks at my CV and tells me how impressive it is. I have simply told the truth, and I don’t see my own accomplishments as being particularly out-of-the ordinary. From this I have learned that what we think is ordinary about ourselves is extraordinary to others.

According to research conducted in 1994 http://coachingincareers.blogspot.co.uk (I did say there isn’t that much research available on this subject!), employers don’t necessarily base their recruitment decisions on skills and experience, even though they think they do.

This study found that they actually decided on the basis of ‘extra-curricular activities’ – i.e. hobbies and interests. The decision-making process tends to be more subjective where the recruiter only has a CV and covering letter to look at, which is one reason why HR departments in large organisations often favour the competence-based application form.

 

Format and Organisation

As the University of Kent careers site says, ‘If your CV is written backwards on pink polkadot paper and it gives you regular interviews, it’s a good CV! The bottom line is that if it’s producing results don’t change it too much but if it’s not, keep changing it until it does’. (University of Kent site:)

A recent YouTube hit was the video of Matthew Epstein, a young guy who wanted to get a job with Google. He created a video about himself, which he thought would appeal. Professionally shot, it used lots of video ‘tricks’, and was both clever and entertaining. It also got over 1 million hitsand a lot of job offers (although not, apparently from Google).

If you’re not going down Matthew Epstein’s route, then here are a few formatting tips for a conventional CV. Firstly, use a legible typeface: in general, avoid Chalkduster or Comic Sans or other fonts that look like handwriting. Verdana, Times New Roman, Tahoma and Arial all work. 12 point is a good size, and with Verdana you can easily go down to 11 point, or even 10 point, because it is so clear and easy to read.

If you are sending your CV out electronically, for example as a pdf attachment to an email, then be aware that you need to present your information differently if it is likely to be read on screen. Paragraphs need to be short and punchy, and it helps to break the text up with bullets and sub-headings.

Start with a your key contact details. As a minimum, your name, phone number, email address and postal address. You could also include your nationality, particularly if it gives you working status in the country where you want to work. Employers will generally favour candidates who have the right to work, so if you have that right you may as well put it up there at the top of the CV.

It’s a good idea to make the first paragraph a summary or personal statement. Personally I prefer a summary, but that’s all it is, a personal preference. Your summary is an excellent place to tailor your CV to your audience, even if you don’t change anything else. Make the summary relevant and interesting: it may be the only part of your CV the employer bothers to read.

There are a number of different ways you can organise the information. Typically, people present the information chronologically. If you choose this approach, start with your most recent job first. You can also group your experiences to highlight different skills sets. For example, my CV has headings like ‘Coaching Experience’, ‘HR Consultancy’, ‘Training and Research’, ‘Sales and Marketing’ and ‘Management and Project Management’.

In general, put your qualifications after your experience. Research has shown that employers are much less interested in qualifications than they are in experience. In fact some research suggests that there is an inverse relationship between number and level of qualifications and the likelihood of getting invited to interview: the more qualifications you have, the less likely it is that you will be invited to interview!

The older you get, and the more qualified and experienced you become, the less important your school grades. Now I’m in my 50s with 5 degrees, I don’t bother to mention my GCSE O level and A level subject and grades. However, if the ability to speak Spanish was important for a job, I would probably mention that I have GCSE Spanish as evidence that I have some command of the language.

All the CV-writing experts agree that it’s important to avoid general statements like ‘I am good with people’, unless you have clear evidence to support your assertions. If you are putting general statements into your Summary, you either need to rephrase them so they are not run-of-the-mill clichés, and/or give an example to prove your claims.

Persistence Pays Off

Research by Forum 3 suggested that there is a direct link between the number of CVs a person sends out (so the number of applications they make) and the number of interviews they get. On average it can take as many as 25 application letters to get an interview.

Graduates can expect to send out about 70 letters when looking for their first graduate job to get about 7 responses. That’s a 10% response rate, which most marketers would say was good. Of those 7, only 3 or 4 are likely to offer an interview or further contact.

So the bottom line is, you need to be persistent and patient.

You might also consider using the services of a recruitment agent. Most recruitment agents charge the employer, not the job-hunter, and a good recruitment agent will give you good advice, and check your CV over.

Choose a recruitment consultant who has a good track record in your chosen field. If you don’t yet have a chosen field or a clear career direction, then a recruitment consultant may not be the best person to help you.

 

If you need help with finding your career direction, then contact The Career Success Doctor for a Career Quickstart Conversation.

Filed Under: Career change, Career success

Why Society Should Worry About Lay Offs And Redundancy

Written by The Career Success Doctor

We all know that when people are laid off, or made redundant, it can be pretty stressful for the individuals concerned.  But it’s all too easy to forget that it’s not just these individuals who are affected.

Some while ago I was talking about this to a coach in the USA.  ‘What is this “made redundant”you are talking about?’ he asked me.  Somewhere in the back of my brain I remembered that the common US expression is ‘being laid off’.  I translated.  He was shocked.  ‘Made redundant! How can you say that about people?  They’re not on the scrap heap!’

No, they are not, but when you are made redundant, it can feel like that.  I’ve been made redundant twice, and the first time I felt terrible, even though I hated the job in question and was actively looking for something different.  The second time, though…that was life-changing, life-affirming and totally brilliant!

When one person is laid off, the effect is generally limited to them, their families and perhaps a few friends and colleagues.  But when a whole group are being made redundant, the situation changes.

For many people, work offers not just a source of income, but a social network.  Colleagues may also be friends, and for some people their colleagues are their family too.  In some industries, these bonds are very tight – as the story of the 33 Chilean miners reminds us.  In others, they are looser, but they are still there.

So when some people are laid off, but others are kept on, there’s a double, or even a treble, whammy.  The individuals are stressed, and anxious about their financial future, their families are stressed, for similar reasons and because the loved one is stressed.  Meantime, people who haven’t been laid off experience a kind of survivor’s guilt, which can also be deeply stressful.  And that stress spills over into the survivors’ families as well…

For the managers who have to deliver the bad news, it is deeply stressful too  It can be a profoundly distressing experience to tell someone that you can’t keep them on, no matter how much you want to, particularly when you have little control in the matter, or  they happen to be friends as well as colleagues  – and so the managers’  families and freidns are affected too.

In organisations where big redundancy programmes are taking place, you often see an increase in overall absenteeism and time spent down the pub or in the bar.  Lunches get longer, working time gets shorter, and only the fear of getting put on the ‘list’ drags the survivors into the work place.  Productivity goes down.  Yet these costs are rarely factored into the costs of a ‘downsizing programme’.  There seems to be an assumption that the survivors will be so grateful they have kept their jobs, they will magically redouble their efforts to make up for the loss of colleagues.

Eventually it turns round, for the survivors at least.  But even for them it can take many months to recover.

So I foresee an increase in stress in our society overall, at least here in UK, and the consequences of that in terms of an increase in stress-related diseases and incidences of anger and anti-social behaviour.  I’ve resisted the general pessimism about the economic downturn, but right now, I have to confess, I do feel pessimistic about how our society is going to react to the latest austerity programme.

Filed Under: Career, Career change, News, Redundancy Tagged With: Effect Of Redundancy on Families, Lay Offs, Managerial Stress, Stress, Stress At WOrk, Survivor's Guilt, UK Society

Do recruitment processes discriminate against senior women?

Written by The Career Success Doctor

According to The Independent on Sunday, the way to shatter the glass ceiling is to change it.  They quote ongoing research by Egon Zehnder International (EZI) which looks set to confirm that the selection processes used to find senior executives, particularly board directors, discriminate against women.

To be fair, the article doesn’t actually say ‘discriminate’, using the more diplomatic ‘works against promoting women’, but you get the thrust.

The argument runs that the tools and techniques companies use to measure, assess and evaluate candidates for senior posts are out of date.  It is claimed they are based on experience-based competencies in a world where a lot of women lose out on experience because they tend to take time out in their 30s to have families.  Talent management programmes tend to focus on precisely that age group to groom the top directors of the future.  And women in their 30s with young families often buy into the idea of flexible working, which EZI describes as the ‘mummy trap’.

Other European countries who offer flexible working do a lot better than the UK as far as numbers of women on company boards are concerned – particularly the Scandinavian countries.  So I find myself wondering why UK companies don’t look at how the Finns, Danes and Norwegians do it.  Is it the infamous English old-boys’ network getting in the way of progress?  Or are  men unaware of the problem?  Certainly many men I talk to, including some fairly high powered coaches, question the existence of a glass ceiling (to which I am inclined to respond: ‘ welcome to OUR world, mate’.)  As long as that view of things prevails, it’s going to be hard to budge that glass ceiling.

One of the challenges we are going to have to deal with is the loss of opportunity which is likely to come in the current economic climate.  As a coach and trainer I have seen companies and government organisations alike cutting back on people development.  Secondments and other good career development tactics don’t come cheap (although I can see a great future for intern programmes for people fresh out of college or university).  Cut-backs are likely to affect promotability, so if  things are difficult for women now, they are likely to get worse in the next couple of years.  There are likely to be fewer opportunities to gain experience, more intense competition from both men and women for the opportunities that are available, and higher levels of stress for all concerned, and there’s likely to be a knock-on effect in the private sector as more people chase fewer opportunities across the board.

However, redundancy (or lay offs) bring opportunity: if you can’t break through the glass ceiling, why not create your own compay, where there IS no glass ceiling.  According to the CEO of the Small Business Task Force, speaking in 2005, a pound invested in developing women’s enterprise provides a greater return on investment that a pound invested in developing male owned enterprise.  A nice little tit-bit of information when you’re building the business case for that elusive bank loan!

And, hey, who said your boss had to pay for your training and development?  Some of the most successful women I know have put their hands in their own pockets and invested in themselves, for example by gaining additional qualifications or deliberately taking a pay-cut to get a job which offers valuable experience.

Now, more than ever, is the time to be thinking laterally about your career success.


Filed Under: Career, Career change, Career success Tagged With: Board Directors, Discrimination, Egon Zehnder International, Glass Ceiling, Independent On Sunday, Mummy Trap, Promotion At Work, Recruitment Processes

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