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Is your next career in freelancing? A frank discussion on the topic

(Business Entrepreneur) Is freelancing in the cards for you? What skills will you actually need, and how can you make legitimate money? It’s time to self evaluate.

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FREELANCING

FREELANCING

Employees are unhappy and becoming freelancers

A recent Gallup report shows that unhappy employees outnumber happy employees two-to-one! That’s a HUGE number if you ask me; it might explain why we are seeing so many people quitting their so-called steady jobs to be free. Being genetically unemployable, I love seeing this happen, but the problem is that too many of these people are ill-equipped to thrive outside of a job.

We have plenty of resources to teach people how to run a business, but I have yet to find an effective resource on how to run a freelance business. It’s different; the E-Myth book covered the topic quite well until the author assumed every freelancer wants to bring on employees and build a business. The truth is that most don’t.

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If you’re planning to jump ship to become a freelancer, you would be well served to take some time to figure out your end game. Decide if you want to roam the world while making a living or if your future has employees with an office or storefront, in which case you will be transitioning at some point from freelancing to running a small business.

Globe trotting freelancers are rare

Freelancers have a tendency to portray their life as grand, they look to travel at will and spend hours each day hanging out with friends. This is rarely the case, as freelancing is filled with hard work keeping all the wheels rolling without dropping the ball that causes it all to come to a screeching halt.

That’s the down side… the upside is that there is a lot of freedom that has to be managed. The key to being a successful (and not stressed out) freelancer is time and money management. Once you have these skills down the rest is fairly easy to pick up and keep a steady flow of business coming your way.

How to effectively be a freelancer

Regardless of whether you are new to freelancing or you’ve been at it a while, take a moment to go through these and make sure you do the following:

Skills Inventory. Take a look at everything you are good at doing, write it down. Don’t forget the skills that come natural to you like talking to people or managing time. No skill is too small at this point, put it on paper and we’ll narrow it down as we go.

Market Evaluation. Grab a pen or a couple of highlighters and mark each and every skill on your list that you know without a doubt has a strong market. For instance, you may have put using spreadsheets on your list, or graphic design. Those two skills are widely needed by companies of all sizes.

Knowing Your Burnout. Put a circle around any of these skills that you can do but just absolutely do not like doing them. If any of these skills were also marked in the market evaluation piece of this exercise, you may have to find a way to do the work to make money until you can transition to a more enjoyable skill.

Action Plan. Simple enough, write out what skill(s) you will use immediately to start bringing in the cash. If this initial skill is in the “burnout” or “don’t like” category, then make sure your plan includes how you will build towards your transition. If you are fortunate and enjoy a truly marketable skill, then define how you will grow your workload and systematize your processes.

Build Relationships. Plan to take about two years to get a solid footing as a freelancer; some people have it easier due to a market niche that is on fire. Regardless, you have to start building relationships that will refer you business, real relationships will keep your business flowing steadily for many years. Going out and selling yourself will get you business only when you’re hunting. Stop hunting, start building.

Freelancing is an amazing career choice; I have been amazed at the skills I get to see people use to make a living and a life they love. Figuring out how it will work best for you is a journey in self-discovery.

Emily Leach is a pioneer in the world of uniquely-talented people who feel empowered to go beyond conventional jobs and create businesses from unique vantage points and perspectives. She is the founder of the Texas Freelance Association, the first statewide association of freelance workers in the country and The Freelance Conference, the only event of its kind poised to become THE conference for freelancers across the nation. Her belief that those working for themselves deserve the same respect as those working for major corporations drives her tireless fight to ensure this growing population of “genetically unemployable” solo-preneurs are represented and offered some of the same opportunities as those working for large corporations. Because of her knowledge and expertise, Emily has been a leading-edge organizer and speaker for TEDx events throughout the U.S. Southwest. Currently living in Austin, Texas, Emily’s outside interests include rowing, sailing, traveling, scuba diving, snowboarding, whitewater and cycling – basically, having adventures and living life to the fullest.

Business Entrepreneur

4 tips for acquiring a business: The why and how

(BUSINESS ENTREPRENEUR) Acquiring a business can be a key part of your business’s future growth, but there are some factors you should consider before signing the deal.

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A meeting room with people shaking hands over acquiring a business

Growing businesses have multiple levers that can be pulled separately or in unison to continue scaling and expanding. And while many companies choose to grow internally, there’s always the option of acquiring other businesses to supercharge results and instantly expand.

Why Acquire?

Acquiring a business is certainly a complicated path to expansion, but it’s also a highly attractive one for a variety of reasons. This includes:

  • Increased market share. If you’re acquiring a business that happens to be a competitor, you can instantly increase your market share. If you currently own 20 percent of the market share and the competition has 15 percent, you suddenly catapult to 35 percent. That might make you the industry leader overnight!
  • Expansion into new markets. Sometimes you acquire a business outside of your industry or niche. In this case, it allows you to expand vertically or horizontally. This can improve top-line revenue and/or reduce costs and benefit profit margins.
  • Advanced tech and IP. In some situations, an acquisition is about acquiring a specific piece of technology or intellectual property (IP). This may prove to be the final boost you need to accelerate growth and initiate further expansion.
  • Talent acquisition. One of the secondary benefits of an acquisition is the opportunity to welcome new talent into your team. Whether it’s a seasoned executive or a highly effective sales staff, this is one benefit you can’t ignore.

Mergers and acquisitions aren’t the correct solutions in every situation, but they often make sense. It’s ultimately up to your team to sit down and discuss the pros, cons, opportunities, drawbacks, and possibilities of pursuing this option.

Helpful Acquisition Tips

Should your business choose to move forward with the acquisition route, here are some essential tips to be aware of:

1. Assemble a Talented Team

Don’t do anything until you first develop an acquisition team. This is a very important step and should not be delayed. (Many businesses make the mistake of starting the search and then forming a team on the fly, but this results in missed opportunities and foundational errors that can compromise an otherwise smart acquisition.)

A good acquisition team should include an experienced mergers and acquisitions advisor, a responsible executive, an attorney, an HR professional, and an IT expert. You’ll also want to bring on a public relations professional as soon as possible. This will ensure you control the messaging that customers, investors, and even employees hear.

2. Do Extensive Due Diligence

With the support of a talented dream team, you’re equipped to find the best acquisition opportunities. As you narrow your targets down, you’ll want to identify and implement a very detailed due diligence process for acquiring a business. This may include an extensive, objective analysis that consists of a letter of intent, confidentiality agreement, contracts and leases, financial statements, tax returns, and other important documents.

3. Make an Initial Offer

If the due diligence checks out, then it’s time to work on formulating an offer for acquiring a business. While the first offer almost certainly won’t be the offer that gets accepted, it’s the single most important offer you’ll make. It frames the transaction and sets the tone for the rest of the negotiations. It’s generally a good idea to offer no more than 75 to 90 percent of what you’re willing to pay. It should be low enough to leave room to inch up, but not so low that the other party could potentially see it as an insult.

4. Negotiate

Your first offer won’t get accepted. But unless you’ve totally insulted the other business, they should come back with a counter. Now is where things get really interesting. Negotiations ensue and it’s time to counter back and forth. The offer consists of a variety of elements – not just a price tag – so consider all of these variables in your subsequent counters.

Adding it All Up

As valuable as an acquisition can be, the process is often filled with friction. It’s up to your team to make the transition after closing as smooth as possible.

It’s very important that you respect the products, services, employees, and customers that the acquired business has. If you come into an acquisition and attempt to shake things up on day one, you’re going to get backlash. There’s nothing wrong with making changes – you now own the business – but be diplomatic and patient. Build trust, work together, and gradually introduce changes.

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Business Entrepreneur

How to choose the right software for your business

(BUSINESS ENTREPRENEUR) What are the best software products for your up-and-coming company? Use these questions to decide which kind is best for you.

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software products

It’s almost impossible to run a successful modern business without some kind of software to help you stay productive and operate efficiently. There are millions of companies and even more independent developers working hard to produce new software products and services for the businesses of the world, so to say that choosing the right software is intimidating is putting it lightly.

Fortunately, your decisions will become much easier with a handful of decision-making rubrics.

Determining Your Core Needs

First, you need to decide which types of software you really need. For most businesses, these are the most fundamental categories:

  • Proposal software. Customer acquisition starts and ends with effective proposals, which is why you need proposal software that helps you create, send, and track the status of your sales documents.
  • Lead generation and sales. You’ll also want the support of lead generation and sales software, including customer relationship management (CRM) platforms. These help you identify and track prospects throughout the sales process.
  • Marketing and advertising. Marketing and advertising platforms help you plan and implement your campaigns, but even more importantly—they help you track your results.
  • Finance and accounting. With finance and accounting software, you’ll track accounts payable and receivable, and countless variables influencing the financial health of your company.
  • Supply chain and logistics. Certain types of businesses require support when it comes to supply chain management and logistics—and software can help.
  • Productivity and tracking. Some software products, including time trackers and project management platforms, focus on improving productivity and tracking employee actions.
  • Comprehensive analytics. Enterprise resource planning (ERP) software and other “big picture” software products attempt to provide you with comprehensive analytics related to your business’s performance.

Key Factors to Consider

From there, you’ll need to choose a software product in each necessary category—or try to find one that covers all categories simultaneously. When reviewing the thousands (if not millions) of viable options, keep these factors in mind:

    • Core features/functionality. Similar products in a given niche can have radically different sets of features. It’s tempting to go with the most robust product in all cases, but superfluous features and functionality can present their own kind of problem.
    • Integrations. If you use a number of different software products, you’ll need some way to get them to work together. Prioritize products that make it easy to integrate with others—especially ones you’re already using.
    • Intuitiveness/learnability. Software should be intuitive and easy to learn. Not only will this cut down on the amount of training and education you have to provide employees, but it will also reduce the possibilities of platform misuse in the future.
    • Customizability/flexibility. Out-of-the-box software products work well for many customers, but they may not suit your current or future needs precisely. Platforms with greater customizability and flexibility are favorable.
    • Security. If you’re handling sensitive data (and most businesses will be), it’s vital to have a software developed with security in mind. There should be multiple layers of security in place, and ample settings for you to tightly control accessibility.
    • Ongoing developer support. Your chosen software might be impressive today, but how is it going to look in three years? It’s ideal to choose a product that features ongoing developer support, with the potential for more features and better functionality in the near and distant future.
    • Customer support. If you have an issue with the app, will someone be available to help you? Good customer service can elevate the value of otherwise average apps.
    • Price. Finally, you’ll need to consider price. The best apps will often have a price that matches their quality; it’s up to you to decide whether the extra expense is worth it.

Read about each product as you conduct your research, and pay close attention to reviews and testimonials from past customers. Additionally, most software companies are happy to offer free demos and trials, so you can get some firsthand experience before finalizing your decision. Take them up on the offer.

Finding the Balance

It may seem like purchasing or subscribing to new software products will always improve your business fundamentals, but this isn’t always the case. If you become bogged down with too many apps and services, it’s going to make operations more confusing for your staff, decrease consistency, and drain your budget dry at the same time. Instead, try to keep your systems as simplified and straightforward as possible, while still getting all the services you need.

You won’t find or implement the perfect suite of software products for your business overnight. It’s going to take weeks, if not months of research, free trials, and in-house experiments. Remain patient, and don’t be afraid to cut your losses on products that aren’t working the way you originally intended.

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Business Entrepreneur

If you’re easily distracted, you’re more likely to thrive as an entrepreneur

(ENTREPRENEUR) If monotony and boredom at work- well bores you, it’s possible you may fit with the other entrepreneurs with a quick and constantly changing career.

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entrepreneurs work place

When Bill Gates was a kid, he knew he liked messing around with code. He couldn’t have known how it might evolve, but he, like other entrepreneurs, was willing to live in the distraction, focusing on details when needed, but always learning, moving on, taking risks and growing in the process.

Some of the most successful folks among us are not content to sit and make widgets every day. They cannot thrive in a detail and focused work environment. So, it may come as no surprise to know that people who are more easily distracted are also more likely to thrive as entrepreneurs.

According to this study, if you are intelligent and get distracted more easily, those two qualities combined will likely enhance your creativity. And, that creativity and ability to use distraction as an advantage can be channeled to create new things, jobs, companies, etc.

For those of us who are more easily distracted, who enjoy doing different things every day, and who like learning, a recent article in the Harvard Business Review suggests a good option is to find a career path that provides the right amount of distraction and which is a great fit for your personality. If you do that your talent is more likely to be apparent because you are playing to your strengths. Also, if you are working in your sweet spot you will be more productive and motivated.

Maybe not surprisingly, the top job for those who live in distraction is entrepreneur. The term “easily distracted” often comes with a negative connotation, but considering an entrepreneur is taking risks, making things happen and creating companies, ideas, products that may have never existed, this spins that idea on its head. Entrepreneurs are the chief cooks and bottle washers of the world. They ideate, create, hire and inspire. None of that is possible in a monotonous work environment.

“Unsurprisingly, meta-analyses indicate that entrepreneurs tend to have higher levels of ‘openness to experience,’ so they differ from managers and leaders in that they are more curious, interested in variety and novelty, and are more prone to boredom — as well as less likely to tolerate routine and predictability,” according to the HBR story.

Other careers that are great fits for those of us (me included) who enjoy distraction are PR/Media Production, Journalism and Consultant. What these fields all have in common is, there is never a dull moment, switching from task to task is pretty commonplace, and you will do well if you can be a generalist – synthesizing information and weeding out the unnecessary.

Not sure where your strengths lie? Here’s a quick quiz to give you some feedback on how curious you really are.

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