start a new business – TP Javeton WebNet

Questions raised about self-employment

Being self-employed comes with many challenges, among which are, determining your niche, finding clients, having adequate insurance, hiring qualified help and many others which are too numerous to list here; and even if the self-employed individual has little or no requirement for a staff, thereby preferring to work as a freelancer, contractor, or other type of one-person operator, s/he must be determined, passionate and patient if s/he is to be successful.

Since some of the above mentioned characteristics are similar to those needed to successfully hunt for a new job, the question of why self-employment listed on a resume should be a concern for potential employers is an interesting one. Be that as it may however, listing self-employment on the resume when looking for full-time job often does raise questions for potential employers. Such questions can take the form of:

Were you self-employed because you were in between jobs, or because you wanted to start your own business rather than work for a corporation?
Are you still working on your own, as a freelancer or a consultant? If so, do you intend to continue this work in addition to your full time job?
Will your self-employment present a conflict of interest for any company you work for?
Are you working as a freelancer or a contractor on part-time basis, and never intend to have this replace full-time employment?
Does your long-term career goal include owning your own business?

From the new employer’s perspective

All of these questions are valid from your potential employer’s point of view, because companies do not want to hire any individual, train that person and provide him/her with benefits, only to have the individual quit after a year to start a new business. This is the main reason previous or current self-employment raises red flags for the hiring organizations; but there might be an acceptable (best?) way to address any self-employment on a resume. Utilizing this method would require an applicant to highlight the positives of working as a freelancer or managing self-owned business.

It is obviously important that an individual’s resume includes honest and forthright employment history that is relevant to his/her career goals. However, if you are the applicant and you pick up a freelance project infrequently which is not intended to be a full time career, you can omit such experience from your resume. The only time you would list occasional freelance work on your resume is if it allows you to fill any gaps in your professional experience; but if you have worked as an independent contractor for a period longer than three months, or if you have ever owned your own business, it is important that you indicate that on your resume.

When self-employment enhances the resume

Highlight those attributes of the job experience that qualify you as a perfect candidate for the particular job you are seeking; and make sure job responsibilities are listed in the same way as they are for any other full-time job being sought. Also the job applicant focus on those responsibilities which best meet career objectives, and achievements should be quantied when possible. For example, if you are the job applicant, it would help to exemplify your self-starter attitude under the Qualifications section of your resume; and make sure to list any inherently-employable skills you have acquired or strengthened while self employed.

As a final indication of your commitment to the job you are seeking is to ensure that your cover letter or email addresses any anticipated concerns of your potential employer. Make references to anything on your resume that may raise questions, and if you still own your own business, but are looking for full-time work, you should make sure to let your employer know what your long-term professional goals are, and how you intend to balance your roles at both businesses.

There’s really no need to apologize for being self-employed; but your resume and cover letter should present you as a credible and passionate professional. Just focus on the positive experiences and skills you have acquired as a self employed person, whether you were a sole proprietor, independent contractor or any of the various types of freelancer, just make sure to let potential employers know how these skills and attributes will benefit the company if you are their chosen candidate.

Starting a new business

Running a business on limited resources is probably a skill most business owners and entrepreneurs would like to have at one time or another during their ownership of such an entity. In fact, during the last four years – between 2008 and 2012 – many businesses failed as a result of the economic crises and, perhaps, a few of them might have been saved if the proprietors could have scaled down budgets and operational expenses. Of course that’s only one person’s opinion.

Let’s take a look, though, at some of the challenges some new entrepreneurs are faced with. First off, When an individual decides to start a new business, s/he might consider going to the bank for a business loan. As long as the business plan is in order, along with the knowledge and experience necessary to successfully run the business, as well as all the necessary documents to present to the business loan lender, one would think the loan would be approved. But, believe it or not, in the majority of cases these loans are denied. You may ask why?!

Failure: A qualifying factor!

The answer is seldom one that seems satisfactory to the new business loan applicant, because it’s usually not due to readily apparent reasons, like satisfactory enough credit to back up a loan approval, or how excellent or poor a business plan is; but rather, a seemingly abstract statistic about the success-failure rate of new businesses during the first year of operation. Can you imagine being denied for a business loan and being given this as the reason, ‘you do not understand that over 90% of businesses fail within the first year, and you are not prepared in case YOUR business fails accordingly?’

While the lender became an adviser who was attempting to look out for the best interest of the applicant, it does seem rather presumptuous to not even extend the opportunity to fail. On some level, everyone that goes into business for themselves understand that chances are, the business will not make it past it’s first year, but that’s information which, in most cases, the new business owner has already taken into consideration.

Denial: Lender-defined success

Confidence in one’s ability, knowledge, experience and persistence is obviously not taken into consideration when the reason for denial is so abstract. Another potential result the business loan lender is concern with is, the new business owner is likely to spend his/her life savings before giving up, and should not be assisted in financial ruin by providing the means with which to do so. The means, of course, is busiess loan approval and subsequent issuance of proceeds.

So what does a new business person or entrepreneur do? Left with what s/he determines to be a great business idea, and everything else required to start a business, s/he does the next best thing. Go it alone! Gather whatever resources possible and set out on the adventure solo. Buy second hand office supplies and furniture. Buy the small cheap laptop instead of the multi-thousand dollar computer that would probably make life easier. Without the proper money for advertising, it would be necessary to get a little more creative than s/he might otherwise have to be.

Advertising methods would have to be unconventional, but workable. In other words, this is the stage at which Running a Business on Limited Resources becomes a required skill, and if that skill is developed and managed effectively, large amounts of money in order to get the business to the world becomes an afterthought.

Success breeds nostalgia?!

When success is achieved in your new business on limited resources, you can always engage in the “what if” nostalgia that often results when people become successful and think back on all the trials and hardships (tribulations?) they endured to achieve such success: “So would I have been so successful had the loan processor gave me the business loan?

Let’s face it, when you achieve success, especially in your own business, without money or other resources from others – even banks – you can always wonder what would have happened if you had the proper start-up money for advertising, payroll or other operational expenses, but those thoughts are quickly dismissed and replaced by Whatever the case may have been, I am glad things worked out the way they did, because as a result you are usually able to better understand some of the challenges that other entrepreneurs and new business persons face.

So how can you run your business on limited resources? Here are a few things that I learned along the way.

Tips for the business soloist

New vs. Used – When starting your business, you do not need everything to be “new.” Second hand items cost substantially less then new items, and work just as well. Plus, if you think about it, customers will be more comfortable around your office if it feels “broke-in”, rather then new and sterile. It gives them the feeling that you have been in business awhile.

Creative Advertising – You do not need the hundreds of dollars that it takes to place ads in papers or put commercials on TV. It costs very little to design and print you own flyers and put them in places where your potential clients would gather. Turn your vehicle into a moving billboard by investing in a vinyl signage for your doors or windows. The best thing? Face to Face meetings with your potential clients do not cost a penny, so look for every opportunity to talk with our potential clients.

Work At Home – Depending on your type of business, you may consider working at home rather then renting office space. This will save you a lot of money on rent and furnishing an office. Once your business becomes more successful, then you can always rent office space later. Overall, be thankful for the struggles that you go through now, because in the future, they will have been well worth it. Plus, it will give you a better understanding when it comes to other small businesses.

And, no matter what, never give up on yourself!

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