Turning Unemployment to Your Advantage

In response to the economic times, many have have turned unemployment into an advantage.  In this case, the advantage of owning your own business.  However, if you are opening your first business, how do you start?  A great resource is www.SCORE.org.  Based on my experience, in the financial industry for over 8 years, “planning” is a fundamental habit and practice to harness in order to reach success in any industry.

The first phase, of the planning process involves setting expectations and time lines. The expectations and time lines are set by the planning team. The planning team typically consists of employees, board members, leaders, sponsors and management. The planning process may span a period of days or weeks. The full execution of the plan may span a year.  The first phase, answers the question, “how much by when?”

The second phase, of the planning process involves gathering information. The information gathered includes: historical performance, legal and policy changes, current standing programs, industry trends, and innovation. During the second phase, the team may examine if the company has been upholding its mission.  The second phase, answers the question, “what do we need in order to reach the expected goal?”

The final phase, in the planning process is assessment. The assessment includes objective review of company strengths, weakness, opportunities, and threats. External factors, such as environmental, political, and competitive changes, are also included in the assessment. The expertise of the team reviews all the information gathered, makes the proper assessment, and determines the strategic direction for the company.  The third phase answers the question, “Can we do it?” and “What do we do, if we can not?”

Follow these steps, breakdown your goals into doable parts, be persistant, and in time you will own and operate the company of your dreams.

As I often say on our show, “your dreams have a price, but you set the rules.”  Be practical with your dreams!