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10 Ways to Kickstart Your Business Idea in 2016

10 Ways to Kickstart Your Business Idea in 2016

It’s never been a better time to start a business. Access to online environments and innovations such as smart devices and cloud technology mean that many entrepreneurs can set up on a shoestring and get things going without needing excessive start-up budgets. Add into the mix the wide availability of cloud-funding platforms and cheap marketing through social media and it’s easy to see the many opportunities that people don’t want to miss out on.

Here are just some ways to get your business idea off the ground if you have the entrepreneurial spirit this year.

1. Find the Right Support

You may have all the personal and physical tools in place, but you’re nowhere without friends. There’s no better time to start networking, building business associate relationships, and getting sound advice from people in your local area and online. The great news for startups is there’s plenty of guidance from other entrepreneurs who are happy to help out for free.

Take the opportunity to make solid, long-term contacts and research all areas of running a business. A good place to start is the Government’s own business portal.

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2. Organize Your Funds

While it can be cheap to set up a business nowadays, especially if you have the right idea, it’s a good thing to check what you can currently bring to the table. This should include any debts you have, which may need to be addressed first, and the amount of collateral you can use, if needed, to apply for a loan. If you are finding it difficult to make ends meet, you may well have more problems down the line when you start your business.

3. Come Up with the Right Idea

What may seem like a good idea over a couple of drinks in the local bar might not seem so bright in the cold light of day. Coming up with a good idea is imperative if you want to have any chance of success.

This includes researching how others are running businesses in a similar industry or niche. It also means being honest with yourself.

For a very successful business, the question of scalability is always an issue. In other words, when you come to grow, how easy and cheap is it going to be to carry that out? If you run a restaurant business, that might involve giving out franchises or spending money on new premises.

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Check out this article from The Guardian on how to find the right business idea.

4. Plan the Business

This is the crucial stage of any startup and the step that many entrepreneurs get wrong. It involves setting out clear stages and strategies, from getting financed, setting up websites, marketing, brand development, and deciding whether you need to have staff employed and where you are going to find them. As far as staff are concerned, there are plenty of options to hire freelancers who can do the initial jobs for you, though you may have to do some hard searching to find the right ones.

You also need to plan for a long-term future and not just look at the immediate setup of your business. There may be a lot to do but it’s important that you have your direction set for some time to come. Your plan should include how you are going to build capital and secure your business future.

You’ll need a strong business plan, especially if you are going to be heading to the bank for a loan or looking at crowdfunding. Check out this article from Start Up Donut for some sound advice.

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5. Check Yourself Online

If you have been working for a number of years, no doubt you have a persona online and you need to have a quick search to make sure it doesn’t have any negatives associated with it. Another thing to check, if you don’t want egg on your face, is the name of your new company and whether someone else has got there before you.

6. Register Your Business

One thing you are going to need to do is register your business. This used to be a complicated process, but with online sites such as www.companyformations247.co.uk, everything is reduced to simplicity and you can register everything within 3 hours. You need to do this in the UK if you have a limited company, and it includes registering with Companies House as well as designating directorial roles within your business.

7. Raise Money

Getting the finances together for a business idea is much more viable nowadays. You can use your home or other properties as collateral for a bank loan or choose to sell property and self-fund. Increasingly, many entrepreneurs are turning to crowdfunding to get their business ideas off the ground. If you have good presentation skills and a solid business plan, and can communicate how strong your idea is, then this a great way to get capital. You generally pitch your idea online and people from all over the world can help fund it in exchange for something you offer, for instance a free product or share of the company.

8. Develop Your Brand Online

If you are going to run a business nowadays, you need to develop your online brand and that means marketing. You should have looked into this in detail in the planning stage of your business idea, as it’s the key to success or failure.

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You need to build brand awareness, find a following, engage with customers, and use all the free and paid resources out there that help make your business thrive. This may include doing a lot of it yourself at first, but you can also engage with online marketing companies to help you choose the right options.

9. Test, Evaluate, Tweak, Test

While you had strong ideas for how your business would begin to develop, the chances are that things will not go completely according to plan. Even the most experienced entrepreneurs encounter hitches along the way. This is where you need to put in more hard yards. It’s a question of testing everything, evaluating it, tweaking, and then testing again to guide you in the right direction.

10. Plan for Growth

Once your business is up and running and you are satisfied with its progress, it’s time to take a look at that plan again and check whether you under or overestimated growth in the future. Now that you have a bit more experience in the real world, there will no doubt be new ideas that have to be incorporated to guarantee more success. You might need to think about getting other experts on board, or you could be looking to expand into profitable new markets.

There’s no doubt that running a new business requires a lot of good thought, strong planning, and putting in the effort, not to mention often working long hours. With some 50% of startups failing within the first five years, it may seem that you are swimming against the tide in the effort to succeed. If you have done the planning, come up with a great plan, and have the enthusiasm and energy to carry it forward, you stand a better chance of success than other ventures.

Featured photo credit: 10 Ways to Kickstart Your Business Idea in 2016 via google.com

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Last Updated on July 18, 2019

How to Sharpen Your Transferable Skills For a Swift Career Switch

How to Sharpen Your Transferable Skills For a Swift Career Switch

Most people grow up with dreams to go to college and graduate with high-paying job offers waiting for them the week after graduation. Others may favor non-traditional career paths. But the desire is the same: to find a job we love where compensation is commensurate with experience.

However, plans change. For instance, what started out as a dream to be a surgeon is cut short by a nasty injury and you’re debating how to transition into a new role. Or you might be facing being let go from your current employer and are anxious about “options out there.”

Whatever the case may be, switching careers can be intentional or unintentional. What matters is that you’re well-prepared, and the only way to do so is to learn new skills — hone in on your transferable skills.

Why Hone in on Your Transferable Skills?

There are several reasons you need to develop these skills if you want to go far in life and your career. In a nutshell, honing in your your transferable skills can lead to:

Better Job Offers

Continuous assessment and improvement of your skills widens the pool of job offers for you to make selections from. You’re no longer tethered to one industry as you’re able to lead your career by design, not by default.

People with transferable skills on a resume also open up opportunities for more potential employers.

Increase in Pay and More Responsibilities

You’ve heard the saying “with great power come great responsibility.” In your case, transferable skills make you more marketable to employers which could lead to pay raises.

Although this isn’t an automatic process– you have to be proactive about what you want in the marketplace, there is a chance that these pay raises will come with change in titles and roles.

A Shot at Entrepreneurship

Yes, changing career paths also includes the possibility of working for yourself. With these skills and work experience, you could live anywhere in the world and design a life and career you want.

We’ve talked about why you need to strengthen your transferable skills but what are some these skills, and how can you work on them?

13 Tips to Sharpen Your Transferable Skills

1. Update Your Resume

You might be surprised to know this but yes, updating your resume is a skill. The very first thing you should do while thinking about switching careers is to highlight attributes that make you very desirable candidate to employers.

Think about your volunteer experiences, freelance projects, and school projects. Although they might seem insignificant, they demonstrate your ability to deliver results that several companies are looking for.

While you might have held several positions since college, switching careers will require you to have a different type of resume.

There are three different types of resumes: functional, chronological, and a combination resume. However, if you are looking to switch careers you’ll want to have a functional resume. A functional resume is strengths-based that emphasizes skills that are transferable rather than a collection of dates and job titles.

2. Brush up on Your Communication Skills

Every attempt to get ahead in business and in life starts with the need to communicate effectively. Whether it is interpersonal, intercultural, or multi-generational, the ability to be seen and heard while respecting the boundaries of work relationship matters.

That’s why it’s one of the top skills you need to master. Strong communication skills allows you to effectively tailor your messages to specific audiences, which will make you a stronger asset to any organization.

To hone this skill:

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Pay attention to your listening skills. To communicate effectively, you need to first learn how to understand others.

Your ability to decode overt and implied messages, no matter how nuanced they are, is key to knowing how to foster deep relationships with others.

This article can also give you effective ways to enhance your communication skills:

How to Master Effective Communication Skills at Work and Home

3. Learn Technical (or Business) Writing

Another form of communication, writing, is a skill that can take you anywhere.

Companies communicate a lot through written memos, emails, newsletters, and other audio-visual means. But at the crux of this all is someone or some people who are tasked with translating the organization’s vision into statements anyone can understand.

To hone this skill:

Consider taking some free or paid classes online. You can accomplish this through several community colleges or online platforms like Lynda, Udemy or edX .

4. Practice Public Speaking and Presentation Skills

No matter how intelligent you are, no one will take you seriously if you’re unable to pull off a decent level of persuasion through presentation skills.

Most presentation can be done through either electronic devices or require your physical presence. Your chosen career may require you to be in front of several hundreds of people or you could be charged with developing materials for presentation.

To hone this skill:

Volunteer to lead projects that give you some responsibility for putting together presentations.

Also, try taking courses that will improve your public speaking skills if you feel lacking.

These tips on public speaking would be helpful too:

The Ultimate Public Speaking Tips to Hook and Impress Any Audience

5. Get Comfortable with Identifying Problems and Solutions

Every organization has got its problems no matter how greener the grass is on the other side.

How to hone this skill:

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Practice being resourceful.

Do you know where to find every company policy on the intranet in less than five minutes?

Think about a time you noticed some inefficiency at work and proposed a solution. Think about instances where you lent your voice to a cause which resulted in improved processes for your department.

No matter how small or inadequate you might feel, you’ve got some problem-solving skills that some organizations want.

If you look for more ways to improve your problem solving skills, take a look at this article:

6 Effective Ways to Enhance Your Problem Solving Skills

6. Recognize Your Team-Building Ability

Your ability to smoothly switch careers also depends on how well you can energize your team, especially if you’re aiming for a leadership role. Unfortunately, team-building usually isn’t something you learn on the job in most careers unless you hold a managerial position.

The good thing is that you possibly know one or two things about team-building. Think back to moments in college when you had group projects with colleagues and had to work with 3 to 4 other strangers for months. Were you able to get past your differences and disagreements to focus on the uniqueness of everyone at the table?

Making a career switch might require that you work with multidisciplinary teams whether you have a deep knowledge of what the other team does or not. I can easily think of doctors, nurses, physical therapists, and social workers working closely to achieve the goals in a patient’s care plan.

How to hone this skill:

Look for collaborative projects and team building activities that excite you and challenge yourself with new possibilities.

Try some of these tactics to keep your team motivated as well:

17 Proven Tactics for Motivating Employees and Building a Stronger Team

7. Lean into Your Leadership Skills

Although similar to the previous point, leadership skills extend far beyond building teams, managing time sheets and correcting behavior.

What I’m referring to here is your ability to develop a vision, believe in it, and inspire buy-in from everyone involved. This isn’t about knowing how to run a particular machine; it’s about how to lead a team of people with various backgrounds, experiences, and ideas of how things should be done.

How to hone this skill:

Although more complex than the rest, it all starts with an introspective look into your strengths and weaknesses. Then get a mentor or a coach who can bring out your leadership qualities so you can operate from a place of strength.

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Learn more about the effective leadership types here:

5 Types of Leadership that Help You Build a High Performance Team

8. Improve Your Analytical Skills

Are you good at taking large amount of data and interpreting them? Your skills could come in handy.

Organizations are looking for people to make sense of the data around them, explain how it affects profitability, and make projections based on it. Best of all? You don’t need to be an accountant to be analytical.

How to hone this skill:

Try taking data interpretation classes online or at a community college. Learning Microsoft Excel or Access is also a plus. If you’re ambitious enough, you could consider getting additional certifications to up the ante.

Take a look at these ways to help sharpen your analytical skills:

What Are Analytical Skills and How to Strengthen Them For Success

9. Don’t Discount Your Time Management and Prioritization Skills

How good are you when it comes to deciding how important tasks are, organizing schedules, and coordinating plans?

Should you be willing, there is a market waiting for you out there. Organizations and busy executives are always looking for talented individuals to outsource these tasks to.

How to hone this skill:

Although not everyone possesses secretarial superpowers, you can improve this skill by focusing on taking huge tasks and breaking them into smaller goals or steps in order to achieve a bigger goal.

Here, you can learn to prioritize to achieve more:

The Ultimate Guide to Prioritizing Your Work And Life

10. Embrace Your Creative and Critical Thinking Side

Although it’s often believed that creativity is for the arts and right-brained people, I believe everyone is capable of being creative. In fact, most organizations recognize creativity as a vehicle that will drive successful inventions in the future.

How to hone this skill:

Try doing something fun. As simple as this sounds, you’d be surprised to learn how much. In fact, behavioral and learning scientist, Marily Oppezzo, says taking a walk might be all you need to get your creative juices flowing.[1]

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Anyone can be creative, you just need the right way to train your brain:

What Is Creativity? We All Have It, and Need It

11. Don’t Stop Learning Tech Knowledge and Skills

Being tech-savvy is a huge plus. If you have an affinity with computers, software applications and are abreast of technological improvements, it is a transferable skill that is worth highlighting.

You don’t have to be a young college graduate with silicon valley dreams to work

How to hone this skill:

All you need is the determination and the readiness to learn. This article will give you some ideas on the types of skills to learn:

How to Improve Your Computer Skills to Get Ahead in Your Career

12. Build Networks and Relationships

You aren’t free from networking. Not at the moment. With your goal to switch to a different career, your networking skills will come in handy.

Fortunately for you, networking doesn’t have to be so hard.

How to hone this skill:

Attend conferences and job fairs. Chances are you already have people in your network you can move you closer to your dream career.

To enhance your networking skills, take these steps:

How to Network So You’ll Get Way Ahead in Your Professional Life

Final Thoughts

Although there are several people with the same qualification and degree(s) you possess, what ultimately determines hireability comes down to a myriad of things such as culture fit, how teachable you are, cultural sensitivity, inter-generational awareness, and your ability to navigate uncertainty.

You have a chance to stand out by letting your dream companies know how these soft skills make you an invaluable asset, and how saying ‘YES’ to you is a win-win for both parties.

Happy career switching!

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Featured photo credit: Unsplash via unsplash.com

Reference

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