Advertising

Starting A Business in A Challenging Economic Climate, Part One (Why Now?)

Advertising
Starting A Business in A Challenging Economic Climate, Part One (Why Now?)

clock

    Starting a business during a recession seems counterintuitive, doesn’t it? If the economy isn’t doing well and people aren’t spending money, doesn’t that mean a new business is likely to fail? Actually, the answer may surprise you.

    Advertising

    Fears about starting a business in this economy are common and understandable. But in this two-part series, I’m going to show you why this economic climate is a fantastic time to start a business, how you can limit your risk, and where you can get help.

    Part One: Why Now Is A Great Time To Start A Business

    History shows us that the economy may not have as much of an impact on startups as you might think. Many of the companies you know and trust were started in economic conditions much like the ones we’re experiencing today. Disney, Johnson & Johnson, and Microsoft were all started during recessions, and I think we can all agree that the economic conditions in which they were started didn’t doom them to failure. You can operate out of a sense of scarcity and fear, perpetuated by the media, or you can rely on history to show you the way.

    Advertising

    Your corporate job may not be as safe as you think. So many businesses are making cutbacks these days that one thing is clear: nobody is completely safe from layoffs. You may not be privy to what’s going on behind the scenes at your corporate job or what’s happening in their books. So you may not know if your job is safe, if it’s safe “for now,” or if you’re next on the chopping block. Even if your company is trying to protect its employees, in the long run, many companies may not be able to keep everyone on. Now is the perfect time to build your “failsafe” or “backup plan” so you’re prepared if your employer can’t carry you through. Better to start now and have something in place, already growing, and if you don’t need it, you’ll have some nice extra income on the side.

    Experts don’t know what’s going to happen. Some financial experts are saying they’re already seeing signs that the economy is improving, but others caution that we could be heading into a depression and that it may be a long time before we see true prosperity in our economy again. It’s hard to imagine that this economic climate is permanent, but without a clear idea of how long this is going to go on, and without knowing for sure that your corporate job is safe, having your business up and running and gaining momentum now, even in your spare time, just makes good sense.

    Advertising

    Labor and outsourcing are cheaper than ever. Because everybody’s looking for clients, products and services that you need for your business are more affordable than ever. Thus, your startup costs for virtually any business will be less expensive and you’ll find fantastic values out there.  That means you’ll be much more likely to be able to outsource mundane tasks to focus on the aspects of your business that really need you. Plus, instead of making the mistake that many new and inexperienced entrepreneurs make and trying to design your own logo and web site (almost always a mistake, in my opinion), you’ll be able to hire talented professionals at reasonable rates.

    You’ll be more invested in your own success. In an economy where everyone is flourishing, many business owners think they don’t have to work as hard. Clients are easier to come by, and if your business doesn’t succeed as quickly as you anticipate, it’s not a big deal to get a temporary job until things pick up. In contrast, in an economy like this, many business owners exhibit a much stronger work ethic, where, even if there are jobs out there, they work like crazy to make their businesses succeed as soon as possible.

    Advertising

    It’s so easy to give into the fear in challenging economic times like this. It’s easy to believe that now is the time to stash your cash in an emergency account and hang in there for the long haul. But the wisest course of action just might be the opposite action, to invest in small business ownership. In the second part of this series, I’ll share what you need to know to start a business and limit your risk so you still have that emergency fund intact.

    More by this author

    Susan Baroncini-Moe

    Susan Baroncini-Moe is an executive coach and business leader with over sixteen years’ experience.

    How to Find Your Entrepreneurial Passion and Purpose How to Stay Motivated and On-Track When You’re Struggling How to Hire A Web Design Firm Are You Having A Scarcity Conversation? 5 Topics To Address When Talking With Your Partner About Starting A Business

    Trending in Work

    1 Why Personal Branding Is Important to Your Career 2 How To Boost Employee Motivation During Difficult Times 3 7 Effective Ways To Motivate Employees in 2021 4 How To Stay Motivated As You Build Your Business 5 15 Smart Video Conferencing Etiquette Tips to Follow

    Read Next

    Advertising
    Advertising

    Last Updated on August 25, 2021

    Why Personal Branding Is Important to Your Career

    Advertising
    Why Personal Branding Is Important to Your Career

    As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

    Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

    According to Celinne Da Costa:[1]

    “Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

    A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

    What Is Your Personal Brand?

    “Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

    Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

    Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

    Advertising

    I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

    A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

    Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

    Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

    Your Personal Brand Is Essential for Your Career Success

    In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

    According to Castrillon,[2]

    “One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

    The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

    Advertising

    As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

    In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

    “if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

    When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

    The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

    Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

    The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

    5 Key Steps to Creating Your Personal Brand

    These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

    Advertising

    1. Set Your Personal Goals

    What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

    2. Create Your Unique Value Proposition

    Create your unique value proposition by asking yourself these four questions:

    1. What are your personality features? What benefit do you offer people?
    2. Who are you and why do people enjoy working with you?
    3. What do you do and what do people want you to do for them? How do you solve their problems?
    4. What makes you different from others like you?

    The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

    3. Write Your Professional Story

    Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

    4. Determine Which Platforms Will Support Your Personal Brand

    Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

    5. Become Recognized for Sharing Your Knowledge and Expertise

    A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

    The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

    Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

    Advertising

    As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

    Other People’s Stories

    Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

    Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

    Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

    “your story is what you have, what you will always have. It is something to own.”

    So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

    Featured photo credit: Austin Distel via unsplash.com

    Reference

    Read Next