Explore options

Being in job is not always good, at times it is confining. It limits your thinking to paychecks and 6PM (when your office bells calls off the day). Now as you are out of job, you have an opportunity to explore many more options, at least until you again get into job. Thinking of things that you can do apart from the job that you have been doing till date. Who knows you end up finding something that makes your heart racing.

Title, what title?

Title means nothing. I know you find it hard to believe it, and especially if you had been in the habit of being referred as senior manager, or vice president direct sales, or whatever. But, the fact is title means a dime. Do not chase titles, rather chase your heart, and find something that you like to do. If work is of your liking then why do you care if you are called a manager or VP?

Start a business

We all have a self-starter within us; all we need to do is give a shout to call it out of the closet. If you are not getting a job then take it as a blessing and start doing something that you wanted to do all your life. Did you want to go knitting, gardening, etc.? Take up this opportunity and start your own small business.

You will be your own boss, and no one will fire you from there. Make a business plan, find an investor (if you need one), and get going.

This marks the end of this bite-size post of the series. I have kept each post small so that you can chew the information provided in its perfectly, assimilate it, and put each tip to use.

Then why they are not plunging in?

Because we are not living in the era where capital matters. What matters today to make a business successful is idea. A business requires a killer idea to become successful. In the paragraphs below, I will tell you how to find a killer business idea.

Find killer business idea in 3 easy steps

• Step 1: Based on the ability you have, look for the industry that you can work. Alternatively, you can also look for a sector in which you will be more comfortable working. Find an industry in which you would love to work.
• Step 2: Divide the industry in various sector and list major players in each sector. Also analyze, perceive, and observe the need gap. Ask consumers and retailers about what benefit they are seeking from their existing consumption which are not yet fulfilled. I am asking you to find a need gap.
• Step 3: Find the alternative routes to fill the need gap. See how you can fulfill industry’s demand efficiently. You need to find a way to keep the price of the solution you are offering within industry’s expected price range.

Once you are through with this, make a business plan and execute it. The business plan should cover every aspect of a business. You need to ascertain the challenges as well as opportunity. Do a SWOT as well as PESTLE analysis. Do not forget to make a list of things you need to run the business.

Well first, make a budget.  You have to have your money carefully budgeted.  That means how much you intend to spend to make your idea come to life, and how quickly an investor can expect to make their money back.  That means a realistic profit chart that you fully believe you will be able to adhere.  Not having your financial information  carefully planned will detract from how many will want to invest, this is your most important step.

Now you need a good business plan, and that means research on your part.  Look at the businesses that are similar to the one that you would like to start.  See the mechanics of what makes those businesses run, and learn everything you can.  From there you can make a brilliant business plan that covers all your bases, and that stands as a linear realistic guide to business success.  This is one of your main selling points to potential investors, so your plan needs to be iron clad, and well thought out.

From here you’re ready to find some funding.  Banks are a great place to go, as most offer business loans for just this sort of purpose.  Here is where your plan and financial map will serve you incredibly well, as the type of loan you can get will depend on both.  Your credit score combined with the viability of your idea will dictate how much money you can get, and what sort of interest rate you will be expecting.

Another tactic is to find business partners.  Also where your plan and financial map will be of chief importance.  Finding a partner means soliciting those that have the money to put up, and that are willing to work with your idea.  Find people that you want to work with, and that you work well with.  Otherwise you could find yourself in a terrible situation.