Career Planning And Development (Part I): 3 Steps To Create Your Own Career Plan

If you're pondering how you're going to get where you want to be, there are some simple steps you can take that will help you create your own career development plan. Let's not be confused by the word "simple."

Sometimes the simplest of concepts or steps can be tough to do because they require some thinking and some effort. Yet, your think time and effort are an investment in your future and happiness, which make it all very worthwhile.

Step 1: Figure Out Your Destination

As with all efforts, you must be clear about your direction when you create your own career development plan. You don't take a road trip without knowing where you want to end up. You also don't need to overly complicate this task. I think the following questions are helpful in thinking out your destination.

- Where do you want your career to be in two years? I like this question because this window is close enough to your current reality that it is easy to visualize.

- Where do you want your career to be in five years?If you see that your two-year goal is merely a step in an overall direction, then this question helps you define a longer term goal. Sometimes it's difficult to see that far out in time, as life and opportunities present themselves and can cause you to reset your plans. That's okay, but it's good to be looking "two steps ahead."

What makes these targets resonant for you?

- Don't make a goal just for the sake of making one. You need a goal that really rings your chimes and helps to motivate you into action. If you're making a goal based on what someone else wants, it also isn't going to be that compelling for you. Being clear on your direction means being clear that this direction is inspiring and motivational and knowing what is driving you to it.

Step 2: Do A Gap Analysis

A gap analysis is where you figure out the differences in the qualifications between where you are right now and your two-year goal or next step.

Using a job posting or job description for the position you are aiming at is a good way to get specific information about the skills and experience that are expected. I think it is good to get more than one job description (perhaps one with your company and one with a competitor) in order to ensure you aren't missing any key items during your analysis.

Go through the job description line item by line item and rate your current state of skills, education, or experience to what is listed. Your rating system can be as simple as 1-10, with ten a perfect match and one being completely missing. As you rate, make notes about your thinking for future reference.

Once you have completed this exercise, identify all of the items where there is anywhere from a fair amount to a substantial amount of development that is needed. Look for commonalities and clump those together as a category. You will discover that there will be themes to your gaps.

Also, don't get too compulsive about where you don't think you're a perfect match but think you have fairly developed skills. If they are mostly present, they will make you a competitive candidate and shouldn't require too much development attention.

You now have a list of development items!!

Step 3: Create Your Development Plan

You are now fully armed with a clear two-year goal and all the details of where and what you need to develop to get you where you want to go. Your plan will be best if you can consult with your boss and/or a mentor to help you with ideas of how to get the skills you need to add.

There may need to be some logical order to a few of the items on your list. Sometimes you need to do X before you can do Y. Make these among the highest priority items so you can accomplish these things and move on to others.

Usually there are multiple ways of accumulating the needed skills. You may also want to have multiple ways of beefing up your skill set to add depth to it. An example is if you want to move to a project management position, you may want to get certification and also to ask for project responsibilities. Initially, these may be small, which are fine; they will give you an opportunity to grow and learn.

You may need to research various ways to get the skills you need. Once done, it will give you ideas on how you can approach these items.

You need dates. You need to keep yourself accountable to your plan; and the best way to do that is to give yourself a "start by" date. You can't predict how long or how much work you will have to do in order to develop the skill at the level you need, but you do have control over the action you take to get started.

Keep track. You need to pay attention to your plan a minimum of twice per year. This will allow you to stay focused on your progress and remind you of next steps.

Career development is the sort of thing that you can easily forget about until you wake up one day to realize you have gone nowhere and aren't having fun. You are responsible for where you go in your career. With a little bit of planning you can accomplish great things.

http://ezinearticles.com/?Career-Planning-And-Development-(Part-I):-3-Steps-To-Create-Your-Own-Career-Plan&id=8558672

8 Business Ideas for Entrepreneurial College Grads

It's a tough job market out there for everyone, but especially recent college graduates. With little first hand  experience, it can be difficult to land that first job, which is of course necessary to gain experience in the first place. Finding a job in your field is certainly desirable, but for some the calling of launching their own business offers more promise than interview after fruitless interview. Instead of waiting around for their dream jobs to open up, many recent grads are choosing to start careers as entrepreneurs. Here are eight low-cost businesses you can start as a new college graduate.

Clothing company

Did you dream of working in the fashion world, but couldn't find more than a few low-level opportunities in the field? If you have a great eye for design, you can strike out on your own and start an independent clothing company. Knowing how to sew or silk screen will help you get off the ground, but you'll eventually need to find a good manufacturer to reach the next stage of growth. As with any business, high-quality products combined with great marketing skills are the keys to success. 

Content creation

Thanks to social media and the 24-hour news cycle, creative individuals like writers and graphic designers can use their talents to produce high-quality, shareable content for businesses and media outlets. A growing part-time economy of freelance and contract workers makes it easier than ever to market yourself as a professional freelance content creator. This can also be a great way to build up your skills should you choose to seek a full-time job later on.

Electronic repair

In today's tech-obsessed world, most people have smartphones, tablets and laptops that they use daily. With constant usage, there's a good chance that at least one of those devices is going to crash or otherwise break at some point. If you're a techie who can fix these issues with relative ease, you can offer to repair people's electronics for cheaper than what the big retailers charge. Get started by marketing your services to students at your alma mater who don't want to wait for the campus IT department to fix their hard drives.

Event entertainment

If you spent your undergrad years tinkering with sound-mixing software and staffing the DJ booth at your college radio station, starting an event entertainment company could be the right path for you. With only your music collection and your laptop, you can get people out on the dance floor at weddings and birthday parties, or simply provide background music at more-casual events. DJ equipment is a big investment, but plenty of companies offer daily rentals of speakers, subwoofers and other accessories that you can use until you save up enough to buy your own.

Fitness instruction

Were you constantly hitting the gym after class? Turn your passion for fitness into a lucrative job by becoming a fitness instructor or personal trainer. You'll have to put in a small amount of time and money to get certified, but organizations like the Aerobics and Fitness Association of America offer online certification programs that you can complete at your own pace. Once you're a certified trainer, you can look for openings at local gyms or work one-on-one with clients at their homes. You can also find numerous programs for certification to teach fitness classes like yoga or Zumba.

Graphic design

Are you a wiz with software tools like Adobe Illustrator or Photoshop? Many small businesses are clamouring for an affordable way to gain access to professional branding, such as logos, banners and signs. If you're about to leave college with a toolbox full of graphic design skills, consider launching a freelance design business that caters to other entrepreneurs. Once you establish a network of contacts and a reputation for quality designs, you can leverage past work into new jobs and possibly even set yourself up with a full time job right out of college.

Handmade crafts

Do you have a knack for knitting, jewellery making or creating other small crafts? If you can produce a lot of items quickly, you can open up an online storefront and sell your creations to the public. Start-up costs are extremely low if you purchase your materials in bulk from a craft supplier, and if you can turn orders around quickly, you'll make a profit in no time. You could even turn your store into a full-time gig.

Social media consultant

Want to put that marketing or communications degree to good use? Consider starting a social media consulting firm. Small businesses often have to take care of their own social media marketing. But, with so many other responsibilities, the company's owners may be too busy to come up with great strategies for each of the growing number of social channels companies are expected to utilize. As a consultant, you can help businesses determine the best tactics, posting schedules and content for your clients' target audiences. As their follower counts grow, so will your business.

https://www.businessnewsdaily.com/6111-business-ideas-new-graduates.html

The Dos and Don'ts of Writing a Great Business Plan

                          

Preparing a business plan is like outlining an itinerary for a road trip. You'll want to have a clear, objective map that you can follow step by step while developing your business.

"A business plan is absolutely vital as it navigates your business on the road to success," said Joel Klein, founder and producer of BizTalk and the B-Tank platforms. "Only by setting a plan that outlines where you want to go, along with a plan of action on how you are going to get there, will a business owner know if they are heading in the right direction and how far they are from their final destination."

Your business plan should guide you throughout the start-up process, available as help for any problem that may arise. Based on advice from our expert sources, here are a few specific dos and don'ts to consider while formulating your plan.

Do test your idea – don't jump into it.

It's tempting to dive into your business after reading success stories of similar companies. However, if you're going to take a leap, make sure you first test the water.

"Don't get mesmerized by the attractive macro data you can find on the web," said Dr. John Mullins, associate professor at London Business School and author of “The New Business Road Test: What Entrepreneurs and Investors Should Do Before Launching a Lean Start-up, 5th ed." (FT Publishing, 2017). "Before your start writing … talk with prospective customers, suppliers and others in your industry."

Even after you embark on your business endeavour, you want to ensure you're attracting and retaining customers before asking for capital, Mullins added.

"Raising money too soon is a distraction, and has big downsides … not the least of which is eventually losing control," he said.

Do study your market – don't go in blind

As with any business project, research is critical to a solid business plan.

"Research is one of the big value-adds of writing a business plan," said Joseph Ferriolo, director of Wise Business Plans. "Research forces companies to learn what they can expect to make and what the industry trends are."

Mullins advises asking yourself how large and attractive your market is, how quickly it's growing, and if there are any trends that will make it grow in the future. Pay close attention to the "five forces" – threat of entry, threat of substitutes, supplier power, buyer power and competitive rivalry.

Additionally, research critical success factors, or important areas to focus on when investing in a project. Some examples are finding the right location, competing with like companies and retaining efficient employees. Discuss your CSFs with your team to guarantee they are onboard with your goals, said Mullins.

Do share your plan – don't keep it to yourself.

If you want your company to succeed, then all employees should understand the business plan's dynamics. It is not a document that you should lock away.

"The business plan keeps an organization focused, [and] it needs to be shared," said Brian S. Cohen, an operating partner at Altamont Capital Partners and member of board of directors of Access Insurance Company. "Too many companies treat it as a confidential document to be kept away from the 'prying eyes' of the rank-and-file employees. I believe the business plan should be shared, discussed and amended where appropriate, through an open loop of feedback and insights."

The more people who are involved, the more ideas you can circulate around the company, Cohen said. It is important to consider every worker's input to ensure that the outcome is something that's pleasant to all.

Do be clear and concise – don't go overboard.

You don't need to have an over-the-top, elaborate document with fancy formatting or flashy decor. However, what's written should be specific enough to cover all areas of concern.

Cohen advised starting your plan, with a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Create an executive summary describing the industry you wish to succeed in, and how and why you intend on doing so. Then, list your company's strengths and weaknesses, opportunities for growth, and any threats that might hinder the achievement of those goals.

Klein stated that the document doesn't need pages and pages of text; rather, it can include images, infographics and specifics "so that it can be used as a point of reference at any point in time to ensure that the business is on the right path and is meeting its goals."

Do put it to use – don't file it away.

Your plan is there for a reason. Don't be afraid to refer to it as much as possible — think of it as checking the map when you've made a wrong turn. There is nothing wrong with using your plan to get back on track or to make sure you're still on course.

"The biggest mistake people make is [that] they prepare the document, and then put it in a drawer and never look at it again. That's self-defeating," Cohen said.

Finally, remember that you should revisit your business plan as your company grows.

Templates and resources

Additional templates and resources are available at the following sites:

• Bplans
• Entrepreneur.com
• SCORE.org
• Small Business Administration
• LivePlan

https://www.businessnewsdaily.com/4533-business-plan-outline.html

How to Start a Business: A Step-by-Step Guide

So you want to start your own business. Maybe you're really knowledgeable and passionate about something, or you've found a way to fill a gap in the marketplace. Wherever your interests lie, there's almost certainly a way to turn it into a business.

This journey isn't an easy one, though: Starting a business requires a lot of time, effort and hard work, and many would-be entrepreneurs end up failing. But if your company survives, the rewards are well worth the obstacles you'll face on the road to success. 

There's a lot to consider and plan before you launch, and it's important to prepare yourself for entrepreneurship. If you think you're ready to start your first business, here's a step-by-step overview of what you need to do to make it happen.

1. Refine your idea

If you're thinking about starting a business, you likely already have an idea of what you want to sell, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing, and figure out how you can do it better. If you think your business can deliver something other companies don't (or deliver the same thing, but faster and cheaper), you've got a solid idea and are ready to create a business plan.

2. Write a business plan

Now that you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your start-up costs? These questions can be answered in a well-written business plan.

A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? If you can't find evidence that there’s a demand for your idea, then what would be the point?

Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan. This involves conducting surveys, holding focus groups and researching SEO and public data. 

A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it. 

3. Assess your finances

Starting any business has a price, so you need to determine how you're going to cover those costs. Do you have the means to fund your start-up, or will you need to borrow money? If you're planning to leave your current job to focus on your business, do you have some money put away to support yourself until you start making a profit? Find out how much you're going to need.

Experts generally agree that start-up businesses often fail because they run out of money too quickly before turning a profit. It's never a bad idea to overestimate the amount of start-up capital you need, as it can be a while before the business begins to bring in a sustainable revenue.

If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure. If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender.

Start-ups requiring a lot more funding up front may want to consider an investor. Investors usually provide several million dollars or more to a fledgling company, with the expectation that the backers will have a hands-on role in running your business. Alternatively, you could launch an equity crowdfunding campaign to raise smaller amounts of money from multiple backers.

4. Determine your legal business structure

Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong.

If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Be warned that this route can directly affect your personal credit. Alternatively, a partnership, as its name implies, means that two or more people are held personally liable as business owners. You don't have to go it alone if you can find a business partner with complimentary skills to your own.

If you want to separate your personal liability from your company's liability, you may want to consider forming one of several types of corporations. This makes a business a separate entity apart from its owners, and therefore, corporations can own property, assume liability, pay taxes, enter into contracts, sue and be sued like any other individual. One of the most common structures for small businesses, however, is the limited liability corporation (LLC). This hybrid structure has the legal protections of a corporation while allowing for the tax benefits of a partnership.

Ultimately, it is up to you to determine which type of entity is best for your current needs and future business goals. 

5. Register with the government and IRS

To become an officially recognized business entity, you must register with the government. Corporations will need an "articles of incorporation" document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. Otherwise, you will just need to register your business name, which can be your legal name, a fictitious "Doing Business As" name (if you are the sole proprietor), or the name you've come up with for your company. You may also want to take steps to trademark your business name for extra legal protection.

After you register your business, you may need to get an employer identification number (EIN) from the IRS. While this is not required for sole proprietorships with no employees, you may want to apply for one anyway to keep your personal and business taxes separate, or simply to save yourself the trouble later on if you decide to hire someone else. The IRS has provided a checklist to determine whether you will require an EIN to run your business. If you do need an EIN, you can register online for free.

You also will need to file certain forms to fulfil your federal and state income tax obligations. The forms you need are determined by your business structure. A complete list of the forms each type of entity will need can be found on the SBA website. You can also find state-specific tax obligations there. Some businesses may also require federal or state licenses and permits to operate. You can use the SBA's database to search for licensing requirements by state and business type.

"You might be tempted to wing it with a PayPal account and social media platform, but if you start with a proper foundation, your business will have fewer hiccups to worry about in the long run," said Natalie Pierre-Louis, attorney with NPL Consulting.

6. Purchase an insurance policy

It might slip your mind as something you'll "get around to" eventually, but purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with such incidents as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you're properly protected.

If your business will have employees, you will, at minimum, need to purchase workers' compensation and unemployment insurance. You may also need other types of coverage depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner's policy. GL covers property damage, bodily injury and personal injury to yourself or a third party.

If your business provides a service, you may also want to consider professional liability insurance. It covers you if you do something wrong or neglect to do something you should have done while operating your business.

7. Build your team

Unless you're planning to be your only employee, you're going to need to hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the "people" element of their businesses the same attention they give their products.

"Your product is built by people," Zawadski said. "Identifying your founding team, understanding what gaps exist, and [determining] how and when you will address them should be top priority. Figuring out how the team will work together is equally important. Defining roles and responsibility, division of labor, how to give feedback, or how to work together when not everyone is in the same room will save you a lot of headaches down the line."

8. Choose your vendors

Running a business can be overwhelming, and you're probably not going to be able to do it all on your own. That's where third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with you and help you run your business better.

When you're searching for B2B partners, you'll have to choose very carefully. These companies will have access to vital and potentially sensitive business data, so it's critical to find someone you can trust. In our guide to choosing business partners, our expert sources recommended asking potential vendors about their experience in your industry, their track record with existing clients, and what kind of growth they've helped other clients achieve.

9. Brand yourself and advertise

Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business.

Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important company website. Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. Be sure to also keep these digital assets up to date with relevant, interesting content about your business and industry.

Creating a marketing plan that goes beyond your launch is essential to building a clientele by continually getting the word out about your business. This process, especially in the beginning, is just as important as providing a quality product or service.

10. Grow your business

Your launch and first sales are only the beginning of your task as an entrepreneur. In order to make a profit and stay afloat, you always need to be growing your business. It's going to take time and effort, but you'll get out of your business what you put into it.

Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies or even influential bloggers and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization and volunteer some of your time or products to get your name out there. In this article, Business News Daily offers some suggestions for rapid growth.

John Mansour, CEO and co-founder of B4, advised new entrepreneurs to learn how to deal with mistakes without dwelling on them.

 "Mistakes are going to happen, and how you deal with them and learn from them is really one of the major keys to success," said Mansour. "If you can balance limiting your mistakes, learning from them and moving forward as soon as possible, then I think you can truly be dangerous."

https://www.businessnewsdaily.com/4686-how-to-start-a-business.html