fbpx

Don’t Let Opportunity Steal Your Success

opportunity and success

Running a business can be hard. If you start out to turn a hobby or a special interest into a business, you will face a whole lot of challenges.

Even as you start to gain momentum and create success, there will be things that can derail your effort.

One of the biggest and most complex of these challenges is the need to properly evaluate “opportunity.”

Let’s face it. If a potential customer shows up and says “You do XYZ very well. I like what you’re doing there. But I need an ABC version.”

What will you do? Most hungry entrepreneurs respond by saying “Sure, let me see what I can do.”

Do this a few times and pretty soon you have too many plates spinning in the air. You’re off your core game. Resources get spread thin. Frustration can creep in. And worse still, you start losing money.

It’s a Tricky Balance

The hard part is knowing which opportunity to take and which ones to avoid. All too often the big opportunity with a large client turns out to be a train wreck that can take you way off your game.

How do I know? It happened to me.

In 2003 I created a business process outsourcing company that served the mortgage banking industry. My team created some technology that made us one of the first in the industry to offer document scanning at a large scale. Today that sounds ridiculous, but then it was a pretty big deal.

We didn’t just scan capture the hundreds of pages that went into a single mortgage loan file, but we automatically indexed the documents so an intelligent search could be made for specific content without paging through the whole blob of documents. Prior to this development, scanning was done but you got a really big file that was hard to review much less manipulate for intelligent access at the page level.

My company’s process allowed the images to be shared with secondary market trading partners who were buying the loans from the mortgage originators. By having the electronic version of the files available (we hosted the file storage too), purchase reviews and decisions could be made many days ahead of schedule thus expediting the whole loan sales process.

This created a significant financial gain for the companies originating the loans because sales would settle faster giving them more cash sooner to do more loans.

Plus by using my services, companies could eliminate large back-office operations. It was a win-win for all parties.

Playing The Momentum Game

My company had experienced steady growth for several years when a big whale landed on my doorstep. The owner of a mortgage company I knew pretty well showed up and told me he had this very special opportunity brewing.

Supposedly, he was talking to the Secretary of HUD, the U.S. Department of Housing and Urban Development. He alleged he had been promised (in writing) a lucrative lead on a national program HUD wanted to sponsor. One catch was that he had to demonstrate the ability to ramp quickly and make it big. He had roughly 90 days to prove that out.

He and I negotiated a deal, but in hindsight, it wasn’t a good deal for me. It relied exclusively on all the promised volume, sort of a contingency deal, with not even a single extra loan coming through the pipeline.

I bit. I met with my landlord and commissioned some adjacent space on the floor in the office building I occupied. The buildout began within days.

I was on the hook for an extra 3,000 sq ft of class A space without a single transaction to help pay for it.

You guessed it. The whole deal fell through for my client. He got nothing. I got nothing except a much bigger rent check each month.

The Aftermath

You might ask, why did I bite? Would you have taken the deal at face value? Well, the honest answer was several reasons.

First, I knew the guy who came to me. He was a credible and respected company owner. Secondly, a law firm we both did business with was involved and vouched for the deal (but didn’t commit resources).

Next, my company had been on a steady growth path but had not experienced a “home run.” I thought this could be it. You might say I was greedy, but I think of it as being confident in our process and my team. (Insert laugh track here).

Nonetheless, it really set me back. The momentum I had generated for the first few years in operation all washed away overnight. It was a tough pill to swallow.

You Can Do Better

My simple advice is to stay the course. Yes, you can make some leaps of faith along the way, but do much more than I did to evaluate the opportunity. Ask an advisor or the Board if you have one. Get outside opinions about the so-called opportunity.

Simply don’t be too greedy or eager to grab what sounds like a big deal just to make that leap forward. You might be taking many steps backward.

Leave a comment. This article first appeared at DougThorpe.com

Bold Leader Moves in the Current Market

bold leadership

What do you think is a bold move nowadays? How do you look at employee engagement? With the turmoil in the job market, what has your company or organization done to secure the team you have and attract new talent when the need arises?

On occasion, doing something bold is not limited to something NEW. Instead, you just might be surprised about ways to engage with and retain your talent team.

The current job market is simply too frenzied to allow your best people to walk out the door because YOU failed to do something you could have easily done to keep them happy and engaged.

Ezra’s Findings

For the past two years, I’ve had the good fortune to partner with the Ezra Coaching team. Ezra is a coaching platform that is exclusively virtual. Interestingly, it was conceived and under development long before the COVID pandemic hit. Ezra provides coaching on-demand, virtually.

Ezra is a global solution that, since its inception, has coached over 15,000 clients during the past two years. In addition to delivering world-class executive leadership development, Ezra tracks emerging trends in the employment environment.

In a recent survey. Ezra captured these five ideas about keeping top talent. The data was accumulated using a poll of the client companies Ezra supports.

A word in advance. Like I said previously, something bold does not have to be something new.

1. Listen to them

2. Encourage open communication

3. Work in ways that suit THEIR life

4. Invest in L&D (coaching is a great place to start)!

5. Prioritize their wellbeing

Task #1, Listen to Them

This is something leaders and managers have struggled with for decades (so do husbands and wives, but I digress). The art of effectively and engagingly listening is lost on the pace of business these days. I’ve talked to too many managers who say they simply don’t have time.

At the same time, I routinely hear from leaders that they feel frustrated because their bosses are not listening to them.

How do you respond? The popular phrase is “empathetic listening.” It involves truly listening to the employee without formulating your next statement. Give feedback like “So what I am hearing is…” Let the other person either agree or clarify.

Some might argue it’s a common courtesy to properly listen to someone else when spoken to. But again, the pace of business has adversely influenced the way managers and staff connect via listening.

Bold leaders in today’s work world are stepping up and changing the way they listen.

Task #2, Encourage Open Communication

Communication is actually a very complicated exchange requiring much more intentional effort than most organizations provide. For a leader to create truly open communication, there has to be a framework and accountability.

The framework needs to define methods, practices, and formats that contribute to communication. Thinking about this at the team level, Patrick Lencioni in his “Five Habits if Dysfunctional Teams” describes the need to develop a team charter and a team contract.

The charter defines who and why the team exists. It becomes the foundation of thinking and understanding about the team.

The contract applies a bit of structure. I’ve seen powerful team contracts that go so far as to explain how to reel in a team member in an open meeting who has run away with the agenda. I’ve written before about one approach called “ELMO” which is an acronym for ‘enough, let’s move on.’

The accountability part is where the manager or leader takes responsibility for dealing with bullies on the team or personalities who derail the team effort. Team members allowed to get away with belittling others’ opinions do too much damage to good communication.

Task #3, Work in Ways That Suit THEIR Life

This may be the one truly new, bold idea. It applies to finding ways to receive employee input about their lifestyle and expectations for work-life harmony (not balance, but harmony).

The ramifications of the pandemic lockdowns have reshaped everyone’s views of how to work. With only a few exceptions requiring ‘boots on the ground’ work situations (e.g. manufacturing, assembly lines, and heavy construction), many workers have reshaped their ideas about what makes a good job.

The old 9:00 to 5:00 is obsolete. The standard 40 hours in the office will not survive either. Studies tell us workers are asking for a hybrid office at the least or at best, fully remote.

Companies of all sizes are going to need to do some soul searching about the best way to respond to these expectations.

Task #4, Invest in L&D

Learning and development have historically fallen by the wayside when budgets get tightened. It’s often the first HR program to get slashed. Ironically, it’s the exact place companies should be focused.

Taking people off the street and getting them coached and trained to be ideal employees inside your company is a valuable commodity. You can try as you might to find perfect fits for every job, but usually, a good fit only gets you just so far. You still have to develop your people.

Providing ongoing development opportunities keeps people engaged and inspired. If they can see some kind of opportunity forward, they are more likely to stay with you.

Task #5 Prioritize Their Wellbeing

This is an all-encompassing idea. First, you must decide what ‘wellbeing’ involves. It’s no longer limited to compensation and benefits. Companies are having to do much more to answer questions about things like environmental, social, and governmental stands (ESG) or diversion and inclusion.

Recent news has highlighted cases, where 100-year brands have failed with certain ESG initiatives and the workforce, is not happy about it.

No doubt the new pressures on leadership teams continue to rise. In many cases 30 and 40-year veterans are simply choosing to retire rather than redirect their traditional methods of leadership. New, emerging leaders are making names for themselves by boldly taking on these challenges and guiding companies to new horizons.

The Last Question

The real question is, where do you, as a leader, stand? Are you even aware of what it might take to keep high performers satisfied? Do you care?

The management style of “My way or the highway” may be officially DEAD! I certainly hope so.

Copy These 5 Communication Skills From Top Leaders

Do you struggle with communicating effectively? Communication is a key part of success at work or in other parts of your life. Top leaders have practiced and mastered the skills that enable them to communicate so well. Luckily, you too can learn these same skills!

Follow these strategies to practice essential communication skills:

Learn to Listen

Top leaders know that listening is a crucial part of communication. Learn to love listening and engage in the stories of others.

Try to really pay attention during a conversation instead of being distracted by your phone or another device. Have one conversation at a time to give each person your full attention. 

Practice retelling the person’s story in your mind to get better at listening.

Everyone wants to be heard. Others will notice that you’re listening to them and will go away from your conversations thinking what a great communicator you are when all you did was listen.

Avoid Slang and Informalities

It’s normal to use slang or other types of informal language while talking to friends or family. However, business usually requires a more formal language set. Pay attention to who you’re talking to and make the necessary adjustments.

Slang, acronyms, and informalities can also make some people feel uncomfortable, especially if they’re not familiar with them.

Focus on Being Brief

Top leaders know that you don’t have to make a long speech to be effective.

Practice being brief and getting your point across with fewer words and less time. People appreciate brief conversations and respect others who don’t go off on tangents.

However, ensure you’re still providing enough information while you talk. You don’t want to be vague or miss important details.

This skill may take time to develop, so practice it often. The next time you have a conversation, try to get your point across with less talking. Try to summarize the important parts and only focus on them while you talk. 

Pay Attention to Other’s Emotions

When you talk, take note of how the other person is reacting. Words are powerful, and communication can affect people in many different ways.

You may want to learn psychology to understand emotions better.

Show sympathy and empathy when it’s appropriate during a conversation.

Look at things from the other person’s point of view without criticism or judgment.

Be Charismatic

Communication is easier for charismatic people, but you can learn this skill.

One of the most important aspects of charisma is confidence, but not arrogance or self-righteousness. Confident communicators know their value and worth, but they’re also respectful of others.

Another facet of charisma is optimism, and it’s also a big part of communication. Even if you’re having a difficult conversation, focus on something positive. Top leaders are good at finding the silver lining.

Charismatic communicators are interesting, but they also share interesting information with others.They focus on innovation and new ideas that give people a spark.

Summary

You can learn to communicate more effectively by following these tips from top leaders. Practice these skills as often as possible. You’ll have many opportunities each day. Every time you have a conversation with anyone is an opportunity to practice a little more. And as you know, practice makes perfect!

Top 10 Essential Leadership Skills

leadership banner

It’s all about skills in the modern world. It’s never been more challenging to be a leader than it is today. Markets and entire industries are changing rapidly. For any leader to be successful, it’s important to have the proper skills.

There are thousands of books describing good leadership. You can find lists of skills and attributes in most of those books. But if you want to be a good leader, you need to find a solid list and get busy embracing what it says. Many of the names and terms are interchangeable. So find a good list and run with it.

Many of these skills are evergreen. For example, leaders will always need to be able to communicate well and delegate tasks. Some are table stakes. Take heart that your leadership skills will be valuable for a long time!

Here is a good list to start with.

Shore up these 10 leadership skills and protect your future:

The ability to motivate others. Great leaders are great motivators. Think about how you motivate yourself. It’s not that much different to motivate someone else.

Communication skills. Leaders must be excellent communicators. This includes public speaking, addressing small groups, and one-on-one. Remember to practice good listening skills. Fortunately, educational materials abound and there are plenty of willing victims to practice your skills upon.

Delegation skills. You can’t do it all alone. Many high-achievers have trouble letting go and giving up control. You must be able to trust others and use them in the most effective way possible. It’s not enough to just delegate, you must delegate assignments to the those who will excel in that particular task.

Create the proper culture. Leaders must create a culture that matches the industry and the employees. A Wall Street investment bank has a different culture than an elementary school or a pharmaceutical company. Even departments may have their own unique culture.

Adaptability. The challenges facing leaders change regularly. Industries change. Customers change. Economic conditions change. Technology is rapidly changing the way organizations do business. Leaders have to be able to evolve to meet the changing landscape.

Still more leadership skills to consider

Time management. Leaders are busy. There’s always more to do than there are hours in the day. Choosing the most important tasks and making the time to complete them is paramount. Time management skills are easily learned, but don’t come naturally to many people.

Relationship management. Great leaders have strong relationships with their direct reports, hourly employees, executives, and customers. The stronger your relationships, the more you can accomplish. During great challenges, your relationships can make you or break you.

Change management. Leading an organization or department through change is a valuable skill to develop. As companies add technology and reduce workforces, change comes more rapidly.

Be a good follower. Leaders have to follow, too. Leaders that don’t follow are considered dictators. Once you inspire a team, they become largely self-sufficient. It is then your job to follow and provide occasional guidance.

Poise. Leaders face challenges. Poise is a necessary trait for a leader to possess. Without poise, small challenges become bigger, and employees lose faith. When you’re stressed and panicked, your employees are uncomfortable. Build your poise if you want to excel as a leader.

How do your skills measure up?

You can try to predict your success as a manager from this list of skills.

Leaders are much more than Managers. Good managers run processes. Leaders inspire people.

Build your leadership skills and your long-term results will be enhanced. Even with all the big changes in modern businesses, leadership skills continue to be highly valued in the workplace. Great leaders are always in high demand.

If you need help working to understand these or any other leadership skills, I can help.

I offer a free, no-obligation, no upsell exploratory call so you can share your needs. Then we can talk about ways to help. Just click Https://DougThorpe.com/chat

More Than a Sales Trick – What is WIIFM?

sales pitch

Many sales training programs teach a principle called WIIFM. Have you heard it? Know what it means?

It stands for “what’s in it for me?” The concept says a good salesperson must be prepared to answer that question on behalf of the prospect.

In other words, if I am the salesperson, it’s not about ME. It’s about my prospect. I’m supposed to get out of my own story and think about their story.

The prospect will ALWAYS be asking what’s in it for me? They don’t care how slick, smooth or smart you might be. (That helps for sure, but is not enough to win the deal.) You have to answer their questions using their terms AND their story.

It’s not your story.

It also applies to Leadership

I have discovered there is a similar powerful application of the WWIFM idea when coaching leadership development. Clients often ask, how can I be better at engaging my stakeholders or being able to influence ‘up’ the organization.

The answer? WIIFM.

Think about what’s in it for them. Why should they be listening to you? It’s not enough to try to impress people with your skills and knowledge.

You have to approach them on their wavelength, their mindset, using their standards for communicating. Some might call this “know your audience.” I like that too.

If you engage others using the WIIFM mindset, you can become more effective at delivering the value proposition you are responsible for executing.

Delivering Value

You see, we all go to work to create and deliver value. It might be tangible goods, services, or more academic thinking, but it’s incremental value being added to the overall value chain of your business. Otherwise, why should you be there?

If you’re not delivering value in some form or another, you are expendable. The faster you figure out how to demonstrate that value-add to your business partners and stakeholders, the better you will be.

So stop trying to be the resident expert pushing the cart up the hill. Rather think first about what that stakeholder really needs. Get them to share with you the key questions in their mind. While these questions help resolve the WIIFM for your stakeholder, you also need to explore how they engage.

Recently a client was telling me about one stakeholder who never responds to their internal instant messaging system. I asked if anyone else experienced that pushback from the stakeholder. Sure enough, others also complained this person never responded to IM. That’s a clear signal they don’t like that tool. How about an old-fashioned face-to-face?

In the process of learning your audience, ask them how they prefer to engage. In today’s fast-paced world of slick tech tools, there are so many options.

Do they like internal messaging systems, emails, or periodic face-to-face meetings? Figure out the most desired medium for them to receive information. Then stick to that answer.

Senior Execs Need More

The more senior the person you need to engage, the more likely is their sense of WIIFM. They are making split-second decisions about how to spend their minutes each day. If they can’t see a quick and obvious WIFFM answer, they will cut you off and send you away. It doesn’t matter how slick your PowerPoint was going to be.

Plus you should never take that kind of rejection personally. It’s just their way of subtly saying, “…you didn’t answer my WIIFM. Get me a better answer for that and I’ll engage.”

I had a mentor who taught me the phrase “Be bright, be brief, be gone.” The better I perfected that technique the more often I was getting asked to the senior executive floor for consultation. It was obvious I was doing a better job of answering WIIFM.

You can too.

Characteristics the Brand Ambassador for Your Company Must Possess

company branding title

Most organizations and companies have discovered that having a brand ambassador is the winning formula that will help them build a strong brand identity and a consistent ability to reach out to customers. This formula helps to humanize brands and build a relationship between the business and consumer that would have otherwise been impossible to achieve through other strategies.

Your business may not be ready to create a position of brand ambassador, but there are services available. Wanting to employ a service like this for your company is a wise decision. However, not every brand ambassador company has all the attributes that will help push your company forward.

We believe you know this; hence, you need a reliable top brand ambassador company that will surely deliver. But, even if you choose from the myriads of these reliable companies, you will need to assess the agent assigned to you. Therefore, here are some of the characteristics that any good successful brand ambassador must possess.

Marketing Knowledge

Any brand ambassador worth their salt must have a keen understanding of several marketing strategies as well as core principles. This will help them display an original approach towards your customers.

The educational qualification of a brand ambassador is not necessarily something grand like a Master’s Degree. Experience will help here more than formal education. However, if your company requires something more, then you may as well look for someone with a higher educational qualification.

Passion

Great brand ambassadors should be able to display a genuine passion for the products or brand they are representing. Before anyone can succeed at branding, they need to effectively communicate their enthusiasm for the product or brand. It is this passion that will influence their followers and their purchasing patterns.

Also, if the ambassador has enough passion, he/she/they would be able to gather enough expertise that would enable him to advise the consumers accordingly. A healthy relationship between the business and the consumers can be better improved and made more effective by the ambassador’s passion.

Professionalism

Another characteristic someone representing your company must have is professionalism. This person is a representative of your business, and like it or not, people will believe that their behavior mirrors the behavior of the company. Therefore, you need to get someone that would positively represent the company.

Professionalism involves displaying a genuine concern for every individual’s feelings and ideas. It also means that the person would be able to maintain an effective networking strategy. You can read this article on how to become a solid networking expert. Your representative should also be able to maintain professionalism by engaging the customers with questions that will display authentic intentions and help gain their trust.

Trustworthiness

The person you choose to represent your business would need to create a solid and lasting relationship with your customers. They would have to ensure that the customer stays loyal to the brand because as we all know, the loyalty of the customer to a large extent determines sales.

Therefore, any person representing your business should not just only cause the consumers to feel loyal to the company, but they should also be loyal and trustworthy. People mostly give trust when they frist receive trust.

Creativity

This is what will help them increase sales when the business is not making enough sales. Consumers may at some point get interested in something else like a new competitor. How your representative can add a spark of freshness and newness will help maintain and even increase sales.

So, you have to be on the lookout for an ambassador that would not blend in but rather stand out; one that would be able to devise methods to make marketing unique and fun.

Online Presence

In our world today, online platforms and the internet are major vehicles that maintain and promote various products’ awareness. Therefore, your representative must have an online presence that would enable him to communicate the products to their many followers consistently.

You can visit https://blog.hubspot.com/marketing/online-presence to learn how to build your online presence. A representative that can boast of an online presence would need to have gathered a large following on strategic online platforms. He or she must not only have a large following but must also be able to influence them positively in favor of the brand.

Types of Brand Ambassadors

Another thing you need to know is that there are various types of brand ambassadors. Below are the three major types:

Goodwill

These representatives are usually linked with non-profit or charitable organizations; hence the reason they are called Goodwill Ambassadors. The kind of representative aims to help spread the organization’s morals and message as well as raise awareness about the cause.

Celebrities

Every celebrity has a load of followers; therefore, it is normal that brands use them to boost their sales. These people do not just have large followings, but most of their fans are extremely loyal to them and would go the extra mile to prove it.

So, if a celebrity endorses your business or product, you will surely notice an increase in the popularity and sales of the product.

Promotional

This type of representative usually promotes a brand during specific occasions or events. Therefore, the branding is often a live experience.

Conclusion

Having a brand representative is a wonderful idea for any organization or company as it will go a long way in humanizing the company. However, for the efforts of the representative to be effective, he or she would need to possess some important characteristics. Some of these characteristics are an online presence, marketing knowledge, creativity, trustworthiness, and so much more which we have discussed in this article.

Real Leaders Don’t Lose the ‘Person’ in Personality

Whether you own a business or run one for a bigger company, your role as manager/leader is in the spotlight. When people start searching for leadership development tools or management training, you often run into a large segment of the market focused on Personality.

The logic says ‘if I understand my personality, and the personalities of those around me, I can be better leader. Why? Because I can learn to meet them where they are, etc.’

Logic like that is like a 3-year strategic plan. It looks great on paper, it’s a cool workshop to sit in, but what do you really do with the information? Too often it gets implemented poorly and soon forgotten. (I happen to hold a strong bias on the use of common personality tools. Email me and I’ll share that discussion.)

For now I want to challenge you to think about something else.

What’s at the Core

Throughout my coaching career I have often found executives and business owners who struggle with their personality defining the person they think they need to be. Or vice versa. The person they believe they are does not show up when the work gets going. Instead, some different personality appears.

My challenge to you is to consider separating your thinking about the person you want to be from the personality that actually shows up.

Getting a solid grip on the person you want to be has nothing to do with title, role, and financial status. But it has everything to do with the kind of friend, neighbor, and fellow human being you believe you are. It’s about core values, principles, and beliefs. Most leaders, when asked, have a good list defining those things in their personhood.

And, ok, I’m going to say it….

There are some solid jerks in the world (keeping it PG-13). For me, the good news is, I just don’t get many of those folks reading my articles or asking me for coaching. And I’ll never take one as a client.

Instead, I talk with people who are already successful at some level and they want to do more, be more.

The Derailers

First, let’s talk about some common contributors for why personality may interrupt personhood. In the Hogan world we call these ‘derailers.’

One issue that appears most often is the idea that a strength used in excess becomes a derailer. For example, if you are naturally empathetic, you might not drive your team hard enough. Your personality shows up ‘friendly’ and well-intended, but when the going gets tough, people want direction and drive from their boss.

Next, you might be covering something. I don’t mean in a criminal way, but rather in a defensive way. If you are uncertain about a subject, your personality may be too comical, trying to laugh off the tension in the moment. This usually shows up as the boss who cracks jokes at inappropriate times, taking serious discussions off track.

Also, people with highly focused technical ability may come across as too robotic, not enough ‘people’ skill when interacting. Their personality is plastic. Yet when you peel the onion, you find a wonderfully motivated mind wanting to do great things.

The Options

While doing a ‘post-game interview’ wondering what went wrong with a particular situation, you likely may be thinking “I know what I wanted to say or do, but somehow it never came out that way.”

If that is you, then you, my friend, may be suffering from the conflict between person and personality.

First, doing the post-mortem on a meeting or a one-on-one interview can help tremendously to isolate the areas where you are disconnecting person and personality. Do your own analysis.

If it is possible, ask for feedback. Ask for specifics like “When I said ‘X’, how did that strike you?” When you think your personality usurped your personhood, then you have an opportunity to fix it.

When feedback highlights specific gaps, check first to see if the gap is properly covered by those core beliefs and key principles you claim. Not the other way around. Then search for reasons your personality may have thrown up a different solution in the moment. Here are some of those situations.

  • You cracked a joke when you should be serious.
  • You got technical when empathy would have been better.
  • You quoted company policy when a warmer more collaborative idea could have been put to play.
  • You genuinely love your team, but you go to performance issues too often when talking to them.

Ask a mentor or a coach to help you make the distinction between the person you believe you are and the personality that often shows up instead.

Don’t lose the person in personality.

Leave a comment or share this post.

5 Ideas for One-Person Businesses

cheerful handsome waiter standing at food track counter

As the new year comes around, people may start thinking about opening their own business. But what if you don’t want to open a store or hire a bunch of people. Can you do something as a one-person business?

Many people dream of starting their own business. There’s something about being your own boss, setting your own hours, and doing something you’re passionate about that resonates with pretty much everyone.

That being said, there are a number of people that don’t know what type of business they’d like to start. With so many options these days it can be a little overwhelming.

So, we’ve put together a list of five businesses that you can start all on your own. Each of these ideas have proven to be profitable if executed correctly and should work for almost everyone.

Freelancer

A freelancer is a contractor that works for many different companies in order to provide them with specialized skills and expertise.

If you’ve spent a decent amount of time in the workforce then chances are you’ve picked up some valuable skills. Or maybe you’ve gone to school to become certified in a specific discipline. Becoming a freelancer will allow you to use those skills you’ve learned to start your own business.

One of the best parts about starting a freelance business is that you can do it part-time. According to a recent survey, 55% of freelancers still have a full-time job. This means you can build up your business while keeping your current job, which reduces a lot of your risk.

Some of the most in-demand freelance skills include:

  • Programming
  • Graphic design
  • Copywriting
  • Marketing
  • Translation

However, there are plenty of other areas you can specialize in.

When it comes to finding work, a great place to start is sites like Upwork and Fiverr. Here you’ll be able to advertise your services and apply for available job postings in your chosen field. 

Once you build a core group of clients that keep giving you work there’s no reason why you can’t turn this into a full-time business.

Coach

If you’re passionate about teaching and inspiring people, then coaching could be perfect for you. And best of all, advances in technology mean you can build this type of business completely online.

questions

First, you need to decide what type of coach you want to be. There are plenty of choices, including:

  • Life coach
  • Career coach
  • Business coach
  • Performance coach
  • Wellness coach

The path you choose will depend mostly on your experience, knowledge, and interests.

Next, you need to create some products. Consider starting with something small, like a PDF or video, that’s lower-priced or even free. This will let people try out your services without a lot of risk. 

If they find your information valuable then you can upsell them to a higher-priced item, like a course or consultation services.

Amazon Seller

This business model has been really gaining popularity in the last few years, largely because it’s highly profitable and open to anyone.

Amazon is the world’s largest retailer, and in order to expand their product catalog even further they allow individual sellers to offer items on their site as well. This is a great opportunity for you to start an eCommerce business on a massive marketplace that already has millions of customers.

In 2019, more than 140,000 third-party sellers surpassed $100,000 in annual sales, so there’s definitely the potential to grow a profitable business here.

At this point, you’re probably wondering how to sell items on Amazon. It turns out, the process is pretty simple.

  • Decide what you want to sell. There are a number of tools out there that will tell you what products are generating sales on Amazon.
  • Source your products from local retail stores, other eCommerce sites, wholesalers, or manufacturers.
  • Create your product listings.
  • Fulfill your orders. If you opt for the Fulfillment by Amazon program you can send all your inventory to them and they’ll pack and ship all your orders for you.

You can start with one product and then gradually add more to grow your business and bring in more revenue.

Tutor

Do you have a university degree and love to teach? Then perhaps you should think about starting a tutoring business.

business advisor

There are always lots of students out there who are looking for help with certain courses, which means there are plenty of opportunities for someone with the right knowledge.

Most people think about tutoring as a part-time gig, but many have made it their full-time career. In fact, you can make anywhere from $25,000 – $50,000 per year working just 20 hours per week.

You can become a tutor for virtually any course, but some of the topics with the highest demand include:

  • Calculus
  • Physics
  • Biology
  • French
  • Spanish
  • Statistics

So, if you have experience with these or other topics, tutoring might be your best path to starting your own business.

Social Media Marketing

When it comes to marketing social media is the way of the future. A recent report by Adobe states that 50% of Gen Z and 42% of Millennials consider social media the most relevant marketing channel.

If you have experience doing this kind of work for your employer, or you’re just passionate about social media, then you may be able to turn this into an income. Many older business owners still aren’t that knowledgeable when about this technology and are looking for experts to help them.

unrecognizable man working on computer at home
Photo by Anete Lusina on Pexels.com

To start, you need to build your own social media following on multiple channels, such as Facebook, Instagram, and Twitter. People want to see that you’re able to grow your own profiles before they hire you to help with theirs.

Next, make sure you’re up-to-date on all the latest technology and best practices, as this industry is always evolving.

When you’re ready, start looking for work. Begin with smaller lower-paid jobs to build up your portfolio. Once you have some experience you can start going after larger contracts.

Conclusion

Starting your own business doesn’t need to be a dream. As you can see, there are plenty of ways you can make it a reality. If you’re interested in having your own business, come up with an idea and then start working on it in your free time. 

It won’t happen overnight, but if you work hard and stick with it then before long you should have a business you can call your own.

Editor’s Note: This post was written by the Amazon experts team from AMZScout a top 3 Amazon analytics tool worldwide with over 500,000 users, including companies like Red Bull, Disney, and Casio, which has been available for over four years. We do research and frequently find new and exciting trends connected to Amazon and other eCommerce businesses that we love to provide to readers.

Entrepreneurship Coaching And Mentoring – Blog And Podcast

Entrepreneurs make up the vast majority of our world economy. While corporate giants fuel activity in many sectors, it’s the grind and grit of dedicated individuals who make the world turn.

Entrepreneurship is not new. Having your own business goes back for centuries. Think of the market scenes in great old movies you love. Every one of those street vendors was an entrepreneur.

Entrepreneurship Coaching and Mentoring

Even some of the large name brands you know today started as entrepreneurs.

  • Ray Croc and McDonald’s
  • Steve Jobs and Steve Wozniak at Apple
  • Bill Gates
  • The list goes on

Starting a Business

However, starting a business is not for the faint of heart. It takes dogged determination to make your idea fly. Once the new idea starts generating revenue, you immediately get challenged by the need to understand how to operate the business. Entrepreneurship develops into a much bigger view than just the simple idea you started.

This is where finding resources to help you run and grow your business becomes so critical.

I’ve been coaching business owners for decades. First, as a commercial banker, I met dozens of owners who needed help getting to the next level. Then as a business consultant, I helped companies and their leadership teams find new and better ways to make the business grow.

Today, I am still coaching, advising and consulting with clients, but I’ve broadened my own reach by writing my blog “Leadership Powered by Common Sense”. I also produce a sister lineup of podcasts and video content that follow the articles published in the blog.

These resources along with many of my checklists, tools, and ebooks are offered free of charge. Just hop over to the home page and browse through the pages of the blog to find links for the various resources you can grab.

Finding Bigger Success

You started your business to fulfill the dreams and goals you had.

  • Creating time for family
  • Leveraging your expertise or passions
  • Creating independent wealth
  • Creating something that makes a difference

All of these are great reasons to become an entrepreneur. But it takes doing the right things to make the dream come true. A business coach can help you get there faster than your own trial and error. Plus, it costs a lot less in the long run. Often I can show a business owner a win in the first few meetings that is valued at 5x or 10x over my fees.

Why not join thousands of others who are following my blog and podcasts? Click here