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Personal Branding 101: Essential Guide For Job Seekers.

Personal Branding 101: Essential Guide For Job Seekers.

Most personal branding advice you see on the Internet tells you to “create valuable content”, “share other people’s content on social media” and so on. This advice is not entirely wrong, however it overvalues the role of technology in the process of creating a personal brand.

It leads us to believe that personal branding is more a process of posting interesting links on Twitter and owning a good-looking website than discovering who you truly are and making meaningful connections with other people.

Don’t get me wrong – digital technology is crucial in the process of building your personal brand. It enables you to leverage your time, distribute your message and – of course – reach out to, and be discovered by, potential employers.

However, long before technology is mentioned, an appropriate context for your actions must be defined. Without it any online activity you take part in will yield disappointing results.

Avoiding The Trap.

To see the biggest trap which catches most job seekers who attempt to build their brands, we must go back in time and take a quick look at the evolution of the world wide web.

If you’re like me, you started using the web during its most industrialised phase. It was called Web 1.0 and it was an individualistic, impersonal environment where people viewed other online users as nameless, faceless means to their own ends.

Web 2.0 changed this. Online communities emerged. Sharing and connecting replaced buying and selling as first points of contact between users.

The problem with Web 2.0, however, has always been this – majority of users have failed to fully embrace its community spirit. Even though Web 2.0 officially started around 2004, every day we still see native Web 2.0 tools (e.g, blogs and social media platforms) being used for Web 1.0 purposes (e.g., self-promotion).

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Why Do Most Personal Brands Fail?

Because personal branding is so heavily reliant on social media, the effects of this problem are often seen in the views of job seekers who are interested in taking the first steps of building their brands online.

Their questions quickly give away their approach. When it comes to using Twitter, a person with a Web 1.0 mindset would ask:

“How do I get more followers on Twitter?”

In the meantime, a person who has embraced, and is living to the standards of, Web 2.0 world, would be wrestling with questions such as:

“How do I engage with the most like-minded people on Twitter?”
“How do I serve the most people through Twitter?”
“Who on Twitter would benefit from what I have to offer?”

The difference is subtle, however the context for each person’s actions is completely different.

Their results will be vastly different, too. Because the web no longer caters to Web 1.0 mentality, people who are still approaching it with Web 1.0 mindsets will find it very difficult to build their personal brands and extend their influence.

Foundations Of Your Personal Brand.

Building a thriving personal brand in the modern Web 2.0 environment requires 3 things:

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  • ability to take a strategic, long-term view
  • self-awareness
  • knowing who you are and what you stand for

This is not something we’re generally encouraged to do in our Western society because it requires us to pause, set aside the usual things that keep us busy and get really present with ourselves, our motivations and desires; to come face-to-face with who we really are.

A good personal branding strategist will be able to help you get there and – importantly – will do this work with you before starting work on typical personal branding assets such as your resume, LinkedIn profile, personal website or social media presence.

If you are a job seeker and you are not yet ready to hire a personal branding strategist yet you feel stuck with building your personal brand, follow this 5-step formula to get you back on track quickly.

Step 1: Start Living A Rich, Fulfilling Life.

What makes a great life? Everyone has a different definition. You need to define yours. Can I share with you a glimpse into mine?

For me a great life involves waking up early, excited to attack my day. That’s right, I like to attack my work. Work for the sake of paycheck bores me; I must feel that I get to create something, so I aim to connect even the most rudimentary, repetitive jobs to a bigger picture.

This means I’m never “doing” anything when I’m at work – I’m always building (the task remains the same, but the headspace – and my experience of the task – is very different).

Step 2: Write About Your Life.

An inevitable by-product of a great life is the abundance of stories about your lessons and discoveries. These stories are the cornerstones of your personal brand and topics for your content.

The reason most people struggle with creating content is because they skip Step 1.

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Here’s a test. If you find yourself sitting down and thinking – “Geez, I need to write a blog post for my website because I know it’s good for my personal brand and SEO, but I just don’t know what to write about. Hmmm….” – you’re not pushing yourself enough in Step 1.

You’re simply not living consciously and / or are not clear on where your brand value is.

Remember that the content you create is the main vehicle through which you communicate your personal brand. As such, it has to be an organic extension of you. It has to capture your unique voice and tell stories of your struggles and victories. It can’t be rehashed, prescriptive advice you’ve adapted from somewhere else on the Internet.

Step 3: Share This Content.

This is where we start thinking about technology. If you haven’t completed the first two steps to your best ability, no technology in the world will make a difference to your personal brand.

Here are some social media platforms where, as a job-seeker, you should consider publishing your content:

  • your LinkedIn profile
  • the LinkedIn publishing platform (check if you’ve been invited)
  • LinkedIn Groups
  • Google Groups
  • Twitter

Remember that you should not attempt to be on all platforms at the same time – you’ll spread yourself too thin.

Step 4: Create A Community.

Some people would tell you to “build a following” right now. I don’t like that phrase because it has an ego-centric appeal and lures us into believing that social media is a means for us to promote ourselves. It’s not.

The key advantage of social media and Web 2.0 is that you can find people who share the same interests, who are fighting for the same cause and who serve the same communities.

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Those people are your allies. Your job is not to use them, but to create win-win situations which benefit you all.

Be strategic about your social media activity. Don’t “spray and prey”. There’s no point sharing your epiphanies about increasing your productivity in a Buddhist meditation Google Plus group, however I’m sure there are software developers in Palo Alto who want to know about them.

Because the social media world is so large it’s always tempting to build lots of very shallow connection in it. Your effectiveness, however, starts with the opposite approach – connecting with 10-20 like-minded people.

Step 5: Leverage Your Community.

This is where you amplify your influence by increasing your ability to be heard.

If you’re at this point and you’ve done the previous steps correctly, you will be seeing a multitude of opportunities through which you can evolve your personal brand.

The opportunities will come in two forms. Look out for them:

  • passive (e.g., editors/writers approaching you for comment)
  • active (e.g., you’ll see benefit in approaching an influential blogger to be their guest author)

Which ones you’ll act upon will depend entirely on your individual needs and your career objectives at that point in time.

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Published on December 13, 2018

How to Start a Company from Scratch (A Step-By-Step Guide)

How to Start a Company from Scratch (A Step-By-Step Guide)

If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

So how to start a company?

Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

1. Do an Honest Evaluation of Yourself

Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

2. Evaluate Your Idea

If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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3. Make a Business Plan

I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

  • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
  • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
  • Market Strategies – How are you going to penetrate the market and sell your product.
  • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

Playing up the positives while minimizing the negatives is almost expected in a business plan.

Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

4. Decide on a Business Structure

You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

Sole Proprietorship

This is a common way for small businesses to get started.

The pros being:

Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

Finally, sole proprietorship’s are relative easy to dissolve.

The cons of using a sole proprietorship include:

You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

Partnership

A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

The pros of a partnership include:

Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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As far as the cons go:

It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

Some employee benefits may not be able to be deducted on income tax returns.

Limited Liability Company (LLC)

This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

The pros of an LLC include:

Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

Corporation

A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

The pros of a corporation include:

Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

A corporation can raise capital much easier just by selling more shares in the company.

Cons of corporations include:

Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

5. Address Finances

Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

Now, how do you get that money?

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Self Funding

If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

Friends and Family

They can be a good source of funding your business if they can see and understand your vision.

Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

Banks

These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

You should also brush up on everything in the plan so that you can answer any questions they have with authority.

Crowdfunding

Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

6 Crowdfunding Tips To Get Your Project 100 Percent Funded

6. Register with the Government

As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

7. Assemble Your Team

Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

What about marketing? You can hire someone in-house or out-source that too.

Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

Check out this guide and learn how to delegate effectively:

How to Delegate Work (the Definitive Guide for Successful Leaders)

8. Buy Insurance

No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

9. Start Branding Yourself

Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

If you aren’t sure how to kickstart branding yourself, check out these ways:

5 Ways to Build your Personal Brand & Make More Money

The Bottom Line

Starting a business from scratch can be one of the most rewarding experiences a person can have.

But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

More Resources About Entrepreneurship

Featured photo credit: Tyler Franta via unsplash.com

Reference

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