Business Savvy » Entrepreneurs

Turn the recession into revenue for you

Jennifer — Fri, 04 Sep 2009 00:56:17 +0000

(ARA) – We’ve all heard the bad news: There is a global recession, the housing market continues to decline, the banking industry is struggling and unemployment continues to rise.

But, if you are one of the many whose employment has been affected by the recession, there is a silver lining. Entrepreneurs account for 50 percent of the gross domestic product and 50 percent of job creation in America. Small businesses grew rapidly in the last two recessions. If you prefer being part of an existing company, many companies are looking to upgrade their talent, especially smaller companies who will value previous experience.

Ready to start your own business? A recent study by Network Solutions and the University of Maryland investigating the overall health of U.S. small business shows that 69 percent of small businesses were profitable in 2008 and, of those, 69 percent say their success was equal to or better than the previous year.

“This is a great time for personal change. Pursue a lifelong passion or turn your professional experiences into profit for yourself,” says Rebecca Rodskog, a corporate change management consultant and founder of Rodskog Change Consulting in New York.

Ever thought of freelancing or consulting? Have a penchant for chocolate? Do you have a talent for knitting? Is calligraphy something you happen to be good at? Believe it or not, you can make money from these skills by starting your own business, says Rodskog.

Having started out on her own after years in corporate America, Rodskog now offers several tips for turning the recession into revenue:

* Take it small scale at first. We’re not talking comprehensive business plans and venture capital commitments. Step one would be to get yourself online. Creating a Web site for your business or to tout your skills is neither difficult nor expensive, and it’s a great way to get yourself started. Let’s face it, everyone searches online first when they are looking for a service or product.

* Proactively network. Connect with new people on social and professional networking sites such as Twitter, Facebook, LinkedIn, Plaxo and Xing. And don’t forget to network offline too. Attend industry, chamber of commerce and community events — and always have a business card with you. Some of your best marketing can occur through your own face-to-face and offline communities.

* Work with partners. Don’t be afraid to ask for help from those who have an expertise you don’t. You can also consider bartering your skills for theirs to keep your costs down.

Not ready to go out on your own? If starting your own business isn’t in the cards for you, Rodskog also suggests a few things to keep in mind to be sure you stand out in the crowd.

* In this market, flexibility and adaptability are key essentials to finding a new job. Consider new categories and positions that you otherwise might not pursue.

* Tap into one of the many Web sites that specialize in career changes like: www.careerchange.com, www.rodskog.com, www.careerapple.com and www.how-to-change-careers.com.

* Believe in the power of the collective. Offer to help others when you can — whether it’s passing along a job tip, article or helpful contact.

For more information and other valuable tips from Rebecca Rodskog and Network Solutions, visit www.growsmartbusiness.com.

Courtesy of ARAcontent

Out of Work? Tips for ‘Chance Entrepreneurs’ Starting their own Business

Jennifer — Tue, 25 Aug 2009 14:56:00 +0000

Succeeding in your own business definitely relies not just on luck, but on preparation, money and time.

(ARA) – If you’ve been sending lots of resumes and getting the runaround, you’re not alone. According to the U.S. Labor Department, unemployment is the highest level in 25 years.

Is it any wonder that many unemployed, underemployed and workers fearing the loss of their jobs are now considering going into business for themselves? After all, if you’re self-employed you’ll never be laid off, right? And entrepreneurs are truly the backbone of the American economy; they create 80 percent of all the jobs in America, without the benefit of bailouts or handouts.

But is self-employment right for you? The prospect of being your own boss may look appealing, but what are the real benefits — and risks — of going it alone?

While preparing to write her book “The Accidental Startup, Business Basics for the Chance Entrepreneur,” author, Fox Business, CNBC and CNN media personality and financial expert Dani Babb surveyed 200 entrepreneurs and discovered that just 10 percent were unemployed when they started their own business. Another 26 percent were working part time and wanted full-time work, and 63 percent were already employed.

Yet with unemployment figures continuing to increase, Babb predicts so will the ranks of “chance entrepreneurs,” those who find themselves suddenly out of work and unable to find another job. If you’re among those ranks, it would be wise to weigh all the risks and benefits of becoming self-employed.

In the first chapter of “The Accidental Startup,” Babb explores the benefits of working for yourself, including:

* A stable income
* No more fear of losing your job
* Additional income
* Freedom to make decisions
* Flexible hours
* The chance to do something you’re passionate about
* Pride of ownership
* Earning potential

You should also consider the risks and downsides of self-employment, including:

* Feeling of instability as your business struggles to grow
* Potential for failure
* Unforeseen costs
* Potential for long hours
* Lack of vacations
* Difficulty in building your business
* Blurring (or disappearance) of work/life boundaries

You also need to consider financial aspects of being an entrepreneur, Babb advises. You’ll need to insure your business and learn the tax basics of being self-employed, payroll taxes, corporate taxes, etc. You’ll likely have to pick up your own healthcare costs, and provide coverage to employees. You have to consider if self-employment really will make you better off financially than just getting another job, or if you will be content just breaking even.

Once you’ve decided if self-employment is the right move for you, you’ll need to develop a business plan, raise capital and manage finances, learn about your customer, know what to expect during the first year and develop a strategy for growth.

“You may become an entrepreneur by chance, but succeeding in your own business definitely relies not just on luck, but on planning, preparation, money and time,” Babb says.

Published by Alpha Books, “The Accidental Startup” examines the reasons and motivations that lead to entrepreneurship, and helps new business owners plot a step-by-step guide to starting and running a business. The book is available in major book retailers across the country and from online merchants.

Courtesy of ARAcontent

More Americans Turning Their Passions Into Successful Businesses

Jennifer — Wed, 24 Jun 2009 23:51:29 +0000

(ARA) – If you’ve got a hobby, or even just a vision, it doesn’t take much to turn your dream into an online business that can provide extra income or even a backup plan in the event of a job loss.

In fact, LegalZoom.com, the nation’s leading online legal document and filing service, saw a 19 percent jump in customers forming limited liability companies (LLCs) in the fourth quarter of 2008 (compared to the year before), even while the economy as a whole shrank 3.8 percent. Celebrities are even joining the trend.

When Kim Kardashian, one of the most stylish celebrities in Hollywood, started ShoeDazzle.com, she turned to LegalZoom.com to help her take her passion for fashion and turn it into a thriving online business.

According to Kardashian, some of the most important steps to turning your own passion into starting your business include:

* Find your passion first.
Needless to say, passion is not the only thing you need to be successful in starting a business. You will also need lots of motivation and patience. But passion is essential as it will help you stay focused and keep moving without giving up easily.

* Make sure there is a demand for the business.
Do research to determine the demand for products or services from comparable businesses. You will find it helpful to see how quickly related businesses have been able to grow.

* Learn from others.
Check with similar companies and speak to other professionals who have experience in the industry. Most entrepreneurs are open to sharing their experiences and advice with those who won’t directly compete with them. This is a crucial initial step in determining your own likelihood of success.

“LegalZoom.com makes it easy and affordable for entrepreneurs like Kim to start a business,” says Brian Liu, co-founder and chairman of LegalZoom. “Whether it’s forming a corporation, LLC, or even filing a DBA, LegalZoom.com offers entrepreneurs the best online resource for learning about different business structures and then starting the business online.”

For more information and to find the necessary legal forms to start your business, visit LegalZoom.com.

Courtesy of ARAcontent

Mompreneurs Work to Balance Family and Careers

Jennifer — Fri, 10 Aug 2007 20:55:43 +0000

By Bonnie Kelly and Teresa Walsh

(ARA) – It’s the universal question all mothers face — corporate ladder or home with the kids? Is there a way to do both, to really have it all? As women, we take on so many different roles: wife, caregiver, sister, corporate executive, girlfriend … Too often, we are so busy taking care of others, we forget to take care of ourselves. But more and more women are finding balance by becoming “work-at-home” moms. In fact, a new buzz term has been created for this group: “mompreneurs.” As two successful “mompreneurs,” we’ve learned it’s easier than you think to put “having it all” at the top of your to-do list.

Follow Your Passions
We became “mompreneurs” by turning a passion for jewelry into a side business accessorizing our friends between field trips and homework. We were looking for an opportunity to earn extra spending money for our families while still spending time with our kids. That business has grown into more than we ever imagined and allowed tens of thousands of women around the country to also “have it all.” What’s your passion? What would you do with your time if you could choose? Make a list of five things that would make you feel like you “have it all,” and assign one action step to each one. Use this list as a daily reminder you don’t have to fit into either a traditional stay-at-home or corporate job mom role. Find something you love that lets you achieve “success”– no matter how you define it — and put it at the top of your to-do list!

Get Out of the House
One of the most rewarding journeys we found a woman can take is right through her front door! Yes, you have housework to finish, and maybe you could use a catnap, but it’s important to share precious moments not only with your family, but also with women you can relate to. Schedule dinner or coffee with the girls. Squeeze in a book club meeting or shopping excursion. Or, simply make time to share a laugh between soccer games. Though it may feel like one more thing on your “to do” list, reconnecting with other women, and moms, is a way to pamper yourself. Never underestimate the power of time spent with girlfriends!

Look Good to Feel Good
There’s no denying that when you look good, you feel good! It’s that boost of confidence that puts the bounce in your step and the gleam in your eye. Whether you choose a well-deserved massage, a cute pair of shoes, or a sparkling new sterling silver necklace, be sure to “reward” yourself on the inside and out. You don’t have to choose between looking good and being a good mom. Throw on something sparkly with your sweats to make the daily carpool run. You might find it changes your whole outlook and adds a little instant attitude. And who knows where that will lead you!

Do Something Just for You
As moms to three kids each, we know how easy it is to lose yourself between school commitments, sporting events, and family outings. But, finding something that’s all yours is one of the most important things any woman can do to reclaim her sense of self. Taking pride in a personal accomplishment, separate from your achievements as a mother, is not only freeing but also a major confidence booster. Any financial benefit you can receive from it is an added bonus! Don’t wait for others to reward you for all your hard work, take time for yourself as a thank you! You should always be at the top of your “to do” list.

Bonnie Kelly and Teresa Walsh are the co-founders of Silpada Designs, the largest sterling silver direct sales company in the United States. They started their company 10 years ago as stay-at-home moms with an investment of $25 each from their grocery funds. Since then, they’ve empowered more than 18,000 women across the country to pursue the ultimate balance between career and “mommy” time. Read more about Bonnie, Teresa, and Silpada Designs at www.silpada.com, or call (888) SILPADA (745-7232).

Courtesy of ARAcontent