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Is Layoff a Precursor to Running Your Own Business?

February 29, 2012 by Thomas

With the endless string of layoffs that hit American businesses the last few years, many workers were left to fend for themselves, wondering how long it may be in between jobs. For some, however, a job lost is an opportunity gained.

Whether it was a lifelong dream or born out of necessity, countless individuals have taken those layoffs and turned them into the opportunity to start and run their own small businesses. In doing so, however, they are oftentimes left with myriad of questions, both from themselves and from family and friends.

Prior to striking out on your own with what could be your dream of a lifetime, keep several things in mind about how to start a business.

On the positive side:

  • Individuals find themselves with the opportunity to make their own decisions for a change, something that can prove very refreshing;
  • Individuals are able to set their own hours. It should be noted, however, that run one’s own business oftentimes involves a lot more time and energy, especially if there is a family involved. The days of the 9 to 5 routine may very well be gone in such a situation;
  • Individuals can earn more money running their own business as opposed to working for someone else, but keep in mind that there are also more expenditures when being self-employed;
  • Individuals will likely have to find their own health insurance coverage since they are no longer under a company’s employ. There are also things to consider like employing others, providing workers comp coverage, having business insurance and more.

On the negative side:

  • Individuals are required to make all their own decisions, meaning more time and effort must go into planning things out not only today, tomorrow, next week and next month, but the next year or two;
  • Individuals may be scraping the barrel when it comes to finding all the necessary funds to not only start the business, but keep it afloat early on. We all know that many small businesses fail within the first year to three years, so make sure you have a financial lifeline available if you need it;
  • Individuals should they choose to hire employees essentially become psychologists. No two employees are alike, so expect to have to oversee an array of personalities. Running a small business is hard enough, don’t let those under you become a major distraction;
  • Individuals will have a ton of paperwork to deal with. While a small business owner can and likely will hire someone to do their books and may even have legal counsel at their disposal, there is still a paper trail that leads back to them. You need to make sure you’re an organized individual who can respond rather quickly to any customer issues, financial audits, potential lawsuits and more.

The downtrodden economy of the last few years has in turn opened up a number of doors for people who otherwise would likely still be with their employer or another one.

If your dreams of opening a small business still remain important to you, take the time to weigh the pros and cons of such a move.

Remember, it is your business to get it right the first time around.

Dave Thomas, who covers among other items obtaining phone systems, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

Filed Under: Business Life Tagged With: bc, businesses, jobs, layoffs

Is There a Vote of Confidence for Small Businesses?

September 14, 2011 by Thomas

If you ask a lot of small business owners, they’re worried right now.

Whether it is higher costs for health insurance, higher taxes or the inability to hire more workers to meet demand, many small businesses are going through rough times. If that doesn’t already paint a dreary picture, a recent survey from the National Federation of Independent Business (NFIB) won’t help matters.

According to the recent survey, small business confidence dropped for a sixth straight month in August, as the NFIB’s Small Business Optimism Index dropped to 88.1, the lowest level going back to March 2010. Data shows that the index has steadily declined since February, when it hit a high of 94.5.

Noting that these results are the first to be unveiled since the debate in Washington regarding the debt ceiling, small businesses are not exactly brimming with confidence over the deal struck by lawmakers.

According to NFIB Chief Economist Bill Dunkelberg in a statement, “The tumultuous debate over the nation’s debt ceiling and a dramatic 11th hour ‘rescue’ by lawmakers did nothing to improve the outlook of job-makers. In fact, hope for improvement in the economy faded even further throughout the month, proving that short-term fixes will not help.”

Numbers Paint a Grim Picture

As the U.S. Small Business Administration points out, companies with less than 50 employees accounted for 65 percent of all positions created during the last 17 years. Up a point from July, 12 percent of small business owners believe they will decrease their payrolls over the next three months, while just 11 percent say they are likely to increase employment over the same time frame.

Data mined from the recent survey of nearly 1,000 small businesses indicates that the drop in small business confidence in the last month was highly focused on decreased expectations for real sales gains and business factors. Small business owners tabbed sales figures as their biggest concern.

According to the survey, small business owners were also less optimistic regarding business conditions down the road, with the net percentage of owners believing they would see improved conditions down 36 points since a January 2011 survey.

In order to stimulate hiring, President Obama went to Congress with a $447 billion job growth package, including granting businesses a 3.1-point decrease on taxes they must pay on the first $5 million of their payroll. The plan was presented to Congress as the national unemployment rates holds at 9.1 percent.

Should You Hire Now or Hold the Line?

As a small business owner, have you been toiling with the idea of hiring employees heading into the final quarter of 2011?

In the event you are considering hiring, take several factors into consideration:

  • Can the current workload be handled by present staff or do you need extra bodies in the office?
  • What will the implications be financially if you bring on extra people in terms of added health care costs, workers’ compensation etc.?
  • If considering laying off some workers to bring your finances better into line, would you consider rehiring these individuals down the road when times are better?
  • What are your long-term goals for your company?

Being a small business owner comes with a myriad of responsibilities, not least of which is deciding when is the right time to add and subtract employees.

Photo credit: londrescallando.com

Dave Thomas writes extensively for B2b lead generation online resource Resource Nation that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs. He is an expert writer on items like business cash advance and is based in San Diego, California.

Filed Under: Business Life, Strategy/Analysis, Trends Tagged With: bc, employment, jobs, small business owners

What Great Interviewers Ask to Always Hire the Best

August 18, 2011 by Guest Author

Guest Post
by Riley Kissel

Insight on Interviews from Stan Duncan, SVP, Westfield

People power boils down to one thing: potential. Just ask Stan Duncan Senior Executive Vice President of U.S. Human Resources and Global Head of Management for Westfield. Rome could always have been built with enough hands, but those hands needed a dream to follow and voices to guide them. In the 20-plus years that Stan Duncan has worked with human resources divisions in several multinational companies, he’s learned a thing or two about what makes a good job candidate. He’s learned which specific resources are vital to those who are ultimately hired and, more importantly, which questions to ask those candidates.

Duncan says that it’s all about asking the candidate to tell you what they want, what they have done, what will make them successful and “why.”

According to Duncan, having a prospective employee reveal what they see as their own abilities and competence is a surefire way to not only get a raw understanding of their talents and pros and cons, but also to get an understanding of their ability to adapt and their potential to last in the long term. “We aren’t looking for super-humans; in my two decades as an HR executive, I’ve yet to meet one. We want people who are talented, but most importantly, willing to grow and change as the company grows and changes, too.” I believe people who know a lot about themselves do the best selling themselves in an interview. Basically, make sure you’re introducing yourself, presenting the real you in the interview.

Duncan is certainly not shy about his two decades’ of experience as an interviewer. That was proven when he was asked what he’s learned about hiring the right people: “Doing this for 20 years certainly helps you see the big picture; it’s all about potential.” Duncan has been around long enough to see what works for the long-term and what only succeeds in the short term, and his reflections have resulted in him founding an HR model that prizes a prospective worker’s long-term potential over short-term spunk.

“Working in human resources for companies that focus on everything from career apparel, managed services, aerospace glass manufacturing to chemical agent creation has allowed me to see what always stays the same despite the change in labor practices, techniques, and strategies. Human resources are universal in that HR personnel are always seeking out that potential for a long-term employee presence once they’re hired. That’s because longevity in employment means a stronger, more developed team, which increases the likelihood that each member reaches their potential due to the longstanding support of one another.”

The beauty of Ancient Rome would never have been erected by unorganized stone cutters with no collective vision, no matter how many were hanging around looking for work, which demonstrates the power of potential. Without a guiding vision, the kind that an institution like Westfield has and HR leaders like Duncan possess, the potential of individual talent to serve something greater is often wasted. Asking the right questions and paying close attention as human resources workers is the only way to uncover that potential and make sure the talent stays around long enough to make an impact. After all, Rome wasn’t built in a day, and your company won’t be, either. Let Stan Duncan’s success show you what can be accomplished in 20 years if you put your mind to it.
————————————

Riley Kissel is a freelance writer who covers many industries with style. You can find out more about him at RileyKissel.com

Thanks, Riley, for new insights on a critical topic.

–ME “Liz” Strauss
Work with Liz on your business!!

Buy the Insider’s Guide to Online Conversation.

Filed Under: Motivation, Strategy/Analysis, Successful Blog Tagged With: bc, Interviews, jobs, LinkedIn, Riley Kissel, Strategy/Analysis

You Can Do It: 4 Celebs Who Lost It All and Came Back Again

May 27, 2010 by Guest Author

A Guest Post by Katheryn Rivas

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If your life is suffering because of the economy, personal issues or relationship failures, you still don’t need to give up. As you’ll see below, even some of the most successful and popular public figures of our time are not invulnerable to losing it all. See how these actors, producers and business moguls turned their lives around and got it all back.

1. Mickey Rourke

At fifty-seven years old, Academy Award-nominated actor Mickey Rourke has had a roller-coaster life in and out of the Hollywood spotlight. But with the 2008 film The Wrestler, many fans and industry insiders were excited to see Rourke make a comeback after he spent nearly a decade on the fringes.

Rourke broke into acting during the 1980s with small appearances in films and in TV movies, and became a veritable celebrity after roles in 9 1/2 Weeks, Barfly, and Year of the Dragon. In the 1990s, Rourke felt like he was a terrible actor and turned to boxing, almost as a way of punishing himself. Despite his success in the ring, he underwent lots of plastic surgery — some needed and some not — and many outside observers wondered what direction Rourke would take next.

Mickey Rourke had a hard time making it back into the spotlight over the next several years, but he allowed himself to take small roles — even in Enrique Iglesias’ “Hero” music video — in order to rebuild his repertoire with critics and the public. In 2008, The Wrestler opened to immense critical acclaim and public excitement, and the film and Rourke were nominated for — and won — several prestigious awards. With the summer 2010 release Iron Man 2 many believe Rourke is continuing his comeback.

Robert Downey, Jr.

Another actor who was popular in the 1990s but who suffered a long-term absence in Hollywood is Robert Downey, Jr. Downey has been working in the entertainment industry since he was a child, and has been a high-profile, critically and commercially successful actor since his 1992 Academy Award-nominated role in Chaplin.

Along with his movie successes, however, Downey was known for having serious drug problems, landing in jail and rehab centers several times and getting kicked off movie sets. Relationships with actresses like Sarah Jessica Parker also failed during that time allegedly because of his drug use. Because of his talent and charisma, however, Hollywood continued to give Downey second chances, and in 2000, he joined the cast of the then-popular TV series Ally McBeal. He won a Golden Globe for his work, but was arrested and sent to rehab soon after.

When Downey finally decided that he could regain control over his life, he — like Rourke — turned to small roles and even music videos to get work. Friend Mel Gibson paid Downey’s high insurance bill as a favor, and Downey was allowed to work on Gibson’s film The Singing Detective. Directors continued to hold back some of Downey’s salary until after filming for their own insurance purposes, and higher profile roles in films like Zodiac and Good Night and Good Luck, Downey was rewarded with blockbuster roles in Iron Man, Iron Man 2 and Sherlock Holmes. Downey has been married to his wife Susan Levin — the producer of Iron Man for five years.

Drew Barrymore

Today, actress and producer Drew Barrymore is known as a bubbly star who supports environmental issues, works regularly, and wins awards, such as her 2010 Screen Actors Guild and Golden Globe awards for her role of Little Edie in Grey Gardens.

But after she won over Steven Spielberg and the public with her adorable portrayal of Gertie in 1982’s E.T., Barrymore fell into a life of alcohol and hard drugs. She allegedly was already into cocaine by the time she was just 13 years old, and attempted suicide at age 14. After rehab and becoming emancipated from her mother, Barrymore began to work again in her late teens. During the 1990s, she appeared in films like Poison Ivy but refused to give up her rebellious attitude. She posed nude for playboy and even flashed talk-show host David Letterman while standing on top of his desk during filming.

Her buoyant, positive attitude today has helped Barrymore to win over critics and the public, and she was hired to star in a string of successful movies like Riding in Cars With Boys, Scream and The Wedding Singer. By 1995, Barrymore started her own production company, which backed films like Never Been Kissed and Charlie’s Angels, which were both big hits. Today, Barrymore continues to act in romantic comedies and more independent films, and is a vocal supporter of women’s and children’s rights, as well as the environment.

Martha Stewart

By the mid-1990s, Martha Stewart was one of the most powerful women in the country, and also one of the richest. She began her own catering business in her Westport, CT, basement in the 1970s, and quickly expanded her network and experience, starting a partnership with Clarkson Potter, which published many of her cookbooks and and homemaking books. Stewart appeared on talk shows like Oprah, had her own newspaper column, and even got her own magazine, and by 1997, she was chairman, president and CEO of the Martha Stewart Living Omnimedia company. Going public with her stock two years later, Stewart was officially a billionaire, until she lost it all.

Stewart — a former stockbroker — was pursued by the U.S. Securities and Exchange Commission for insider trading, and by 2003, was indicted on nine counts of fraud and other crimes. Besides stepping down from her business duties, Stewart had to go to federal prison for five months.

Almost immediately afterward, Stewart began publicly working on several lucrative projects, including collaborations with Kmart, Macy’s, and other top retailers. She also has her own radio channel is slowly building up her multimedia empire once again.

Four celebrities each went down a bad road that led them away from their success. The powerful point is not in where they went wrong, but how they are working their way back. Certainly, with the odds they face and people watching them, any one of us with the right focus and determination can get our lives going in the direction we choose.

Katheryn Rivas writes on the topics of jobs and online universities. She welcomes your comments here. You can find her at katherynrivas87 @ gmail [dot] com .

–ME “Liz” Strauss
Work with Liz on your business!!

Filed Under: Business Life, Community, Successful Blog Tagged With: bc, jobs, LinkedIn

Self Promotion: A Winning Answer Every Time — Why is That?

March 8, 2007 by Liz

Why You?

Business Rules Logo

In the comment box last month, for a post called 5 Reasons People Don’t Get Hired and the Only 3 Questions that Count Martin and I discussed questions we use when interviewing candidates for jobs. But let’s put this in context.

This is my favorite interview question. It requires a form of self-promotion.

If I had a candidate with a resume just like yours, what 3 things would you bring to the job that no one else would bring? No need to worry there’s no right answer.

In 15 years of asking that question, no candidate ever stammered. All of them took their time, gave it thought, and came back with a winning answer. No two answers were even remotely close.

No one got tied up in the confusion that usually hangs around self-promotion.

Why do you think that’s so?

How would you answer the question? What three things are you bringing that no one else would? What three things are uniquely you?

–ME “Liz” Strauss
(I’ll be gone late morning to the dentist. Don’t worry if I’m not hanging in the comments.)

Related
Shameless Self-Promotion: What Makes It Shameless?

Filed Under: Personal Branding, SOB Business, Successful Blog Tagged With: bc, Interviews, Ive-been-thinking, jobs, self-promotion, three-things-we-bring

BusinessWeek Special Report: Best Places to Launch a Career

September 10, 2006 by Liz

Special Edition for Job Seekers

Know a college grad, a job seeker, just want to know what’s happening — it’s all here. This isn’t an article. It’s a whole magazine!

Great Find: BusinessWeek Special Report on Best Places to Launch a Career

Permalink: http://www.businessweek.com/magazine/toc/06_38/B40010638bplc.htm?campaign_id=nws_insdr_sep8&link_position=link1

Audience/Topic: Anyone who is or knows anyone interested in the world of work

Content: BusinessWeekonline has put together an amazing resource of 15 articles for job seekers. The topics are timely, relevant, and varied. The writing is crisp and compelling. I’ll save you a second or two by putting the entire link list here, rather than just the title.

BusinessWeek Special Report on Best Places to Launch a Career

    The Best Places To Launch A Career

    No. 9 JPMorgan: If You’re A Jock, You Rock

    No. 13 Google: The Search Ended Here

    No. 5 Enterprise: A Clear Road To The Top

    No. 6 State Dept.: The Evolution Of A Diplomat

    Identifying The Ideal Employer

    Get Ready For A Pickier Workforce

    Online Extra: Personal Ranking Interactive Table

    New on the Job: Rookie Flubs

    Online Extra: The Corporate Springboard to Community Service

    Online Extra: Video View: Recruiter Roundtable

    Top Ways to Sink a Job Hunt

Two slide shows are only available at the site:

  • Online Extra: Slide Show: Today’s CEOs: Then and Now
  • Online Extra: Slide Show: Launch Pads

Enjoy the resource and pass it on to all who need it.

–ME “Liz” Strauss

Related Articles
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How to Undo Reverse-Wrong Zig-Zag Marketing in 5 Easy Steps
Brand YOU–Making Your Weaknesses Irrelevant
Blogging Improves Job Prospects

Filed Under: Business Life, Successful Blog, Trends Tagged With: bc, BusinessWeekonline, Interviews, jobs, Special-Report-on-Careers

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