Learning from the Past, Building the Future

You can increase your value to your new employer and your chances of long-term success by answering the following questions:

• Do you have skill areas that you can improve upon, as you perform your next job?
• If so, what do you need to learn in order to work more successfully?
• If you were previously laid off or downsized, what can you do differently to make yourself more valuable in THIS job? (Acquire new skills? Develop a better attitude? Take more initiative?)
• How will you follow the trends in the job market in your field?
• Do you know where you want to be in one year, three years, and five years?
• What can you start doing now to help you ultimately reach these goals?

The First 90 Days

Some experts believe you have only 90 days in a new job to make your impact and create the permanent impression that people in the organization will have of you and your leadership capabilities. You'll either "cut it" or not — in terms of garnering respect, visibility, and credibility in your new position. The precedents you establish in the first 90 days will last for your entire tenure at that organization. So this "thumbprint" period is critically important.

Here are 6 priorities that you should focus on during your first 90 days:

1. Establish positive relationships with your new colleagues and develop good communication habits to maintain those relationships. Be honest, open, friendly, reliable and clear.
2. Develop a reputation for producing tangible results and for keeping commitments. Immediately start a "success file" and track your accomplishments, contributions, and the positive feedback you get from others. 
3. Communicate plans, progress, and results to your superiors and to your team. Become known for developing clear goals and completing projects on time and on budget.
4. Begin building your in-house contact network. Cultivate connections with everyone — including the employees above and below your level at the company. Get to know people's names. Reach out to the mail guy, the security guard, the IT guru, your manager's Executive Assistant … everyone! You want solid contacts in a 360-degree arc around you. 
5. Review and fine-tune your job description with your manager. Make sure to also sit down during those first 90 days and create an Individual Development Plan for yourself and your role, which includes your short-, mid-, and long-term objectives. This will ensure that the job you landed becomes the job you love — because you created it for yourself!
6. Maintain a healthy balance between your work life and your private life. Make sure that you don't "go overboard" with your enthusiasm for your new job. Family time, hobbies and "recharging your batteries" are all part of your continuing effectiveness and success.

Conclusion

Landing your new job offers you an incredible opportunity that extends far beyond the position itself. You now have the chance to create an entirely new professional experience for yourself. You can assimilate into the new job with your eyes wide open; fully-conscious of the situation around you and totally capable of handling yourself like a winner.

The focus of your attention should transcend the day-to-day work tasks, as you navigate effectively through the new company’s politics and culture. This is the approach that is so essential — not just to maximize your chances of success within the first 90 days, but also for successful, long-term career management!

To read the entire article, click here.

 

 

Landing your new job is a wonderful experience. In fact, don't forget to celebrate because you definitely deserve it after all your hard work!

After the celebration, write letters or cards to your network of contacts, letting them know about your new position and thanking them for their help. In turn, you should offer them help and support, should they ever need it (and they will, eventually).

The first several weeks in a new job are usually both exciting and filled with a certain amount of anxiety. You may be used to being the "top dog" or expert, and now you're the "new kid on the block." Or, you may suddenly be the guy or gal who knows the least about some new technology, procedure, or "the way we do things around here." Your new relationships and the unfamiliar corporate culture can also be a source of apprehension as you figure out how best to fit into your new environment.

During your career transition process, you've learned a lot about yourself; your strengths, your preferences, and how you're "wired." You've put in the hours and successfully “hired your new employer.” Now is the time and here is the place to maximize the impact of your self-discovery process! Make all those elements you've identified work in your favor.

Start by understanding what your boss's priorities are and what the expectations are for your new position. But before you rush to meet these priorities and expectations, be sure that you also understand the organization's culture, style, and its way of doing things.

To read the entire article, click here.

 

 

Primary Advantages of a Franchise Business:

• The marketplace has already "tested" the franchise and found it to be successful.
• Franchises have a 90%+ success rate, as compared to the extremely high failure rate for non-franchised business start-ups. (See chart, below.)
• You leverage the franchisor's established brand name and reputation.
• Complete training and on-going consulting are available from the franchisor.
• Managerial, operational, accounting and technology systems are already in place to facilitate your success.
• The franchisor has collective buying power and passes those discounts to you.
• Marketing and advertising for the business are supplied by the franchisor.
• Franchisors insist that you are adequately capitalized, which helps you avoid the most common reason for business failure.
• On-going research and development is provided by the franchisor.
• The franchisor provides expertise and guidance in researching and selecting the best location for your new business.
• With a franchise, the timeframe to reach profitability is shorter than it would be with a non-franchised business.
• Franchises have a vested interest in your success. If you don't succeed, the franchisor won't succeed.

Franchise Facts

• 44% of the American workforce said they are considering self-employment — a percentage that is almost four times higher than the number of people who are actually self-employed in the U.S. (12%), according to a March 2005 study by the world's largest career transition firm.
• A 2004 study by the International Franchise Association stated that franchising is responsible for 760,000 businesses, 18 million jobs, 14% of the private sector employment, and over $500 billion in payroll!
• From January, 2000 to December, 2004 the performance of the top 50 franchises increased 34.5% compared to a drop of 20.1% in the S&P 500 during the same period.
• Franchise businesses currently account for 42% of all retail sales in the US.
• A recent Gallup Poll of almost 1,000 franchisees found that more than 94% considered their businesses to be successful; and 75% said that they would buy their franchise again if they "had it to do over."
• The U.S. Department of Commerce states that 90% of franchises are still in operation after 10 years, compared to just 18% for other forms of small business.
• Franchise businesses employ more than 8.5 million Americans.
• A 1999 study by The United States Chamber of Commerce found that 86% of franchises opened within the last five years were still under the same ownership and 97% of them were still open for business.
• A U.S. Department of Commerce study conducted from 1971 to 1997 showed that less than 5% of franchise businesses were closed each year.
• A U.S. Small Business Administration study conducted between 1978 to 1998 found that 62% of non-franchisedbusinesses closed within the first 6 years of their existence due to failure, bankruptcy, etc.
• USA Today recently reported that franchised businesses in the U.S. generate almost $1 trillion each year.
• 1 out of every 12 businesses is a franchised business.
• More than 300 franchises are sold every week in the U.S., which translates into one franchise business opening every 8 minutes in a typical business week.
• In 2000, the median gross annual income, before taxes, of franchisees was in the $75,000 to $124,000 range,with over 30% of franchisees earning over $150,000 per year.

Common Characteristics of Successful Franchise Owners

1. Low tolerance for risk 
Many people think that to buy a franchisee, you need to be a gambler. Nothing could be farther from the truth. Successful franchisees — especially those recently downsized from corporate careers — like to avoid risk! Any business start-up involves some risk of failure. But a strong franchise with a proven track record offers the highest likelihood of success (90%+ success rate), compared to all other business models. Successful franchisees do their homework, so they know what they're getting into.

2. System orientation 
People coming from a corporate background are used to working within a formal structure and are familiar with organizational policies and procedures. Successful franchisees also have the ability and desire to follow a proven system. They don't want to "re-invent the wheel," or have to figure-out the best way to do something. They want a system of operation that tells them the best way to do everything associated with the business.

3. Strong Work Ethic 
Successful franchisees are highly motivated, and are willing to work hard to achieve success in their new business. This characteristic shows in their every action — putting in long hours, handling multiple tasks, taking pride in a job done right. The best franchisees know and accept this fact, and are happy to do what it takes to create success, especially in the first few years while they're "getting their business off the ground."

4. Well funded
Investing severance pay in yourself, instead of the unpredictable stock market, is a great way to start a franchise. The franchisee must have enough liquid capital, as well as total net worth, to meet the franchisor's requirements. A good franchisor will not allow the potential franchisee to enter into the business without proper level of initial investment. The franchisee must also have good credit, which is essential in qualifying for a loan, if necessary.

5. Positive attitude 
Franchisors always look closely at the prospective franchisees attitude. Are they asking a lot of questions about failure in the business, or do they focus on how to succeed? Do they genuinely want to learn everything they can about the opportunity? Do they follow-through on their commitments, and are they strongly motivated? Are they resourceful, consistent, self-directed and professional in their approach? Are they "team players" who will work to make not only their own business successful, but will they also contribute to the continuing success of the whole franchise system?

6. Interpersonal skills 
Though this characteristic is listed last, it's probably the most important of all. Successful franchisees always have strong interpersonal skills — developed from years of working with a variety of people in various positions. Franchisees need to enjoy spending time with other people. If they do not enjoy a lot of human interaction, they will tend to become stressed, which can decrease their chances of success over time.

Conclusion

If you've been laid-off, or have always yearned to own your own business, or just want to escape the "corporate rat race," consider the entrepreneurial alternative! Of course, this path is not for everyone. But franchising has never been more popular, and the range of opportunities has never been broader than it is right now. With so many exciting businesses to choose from, there's a franchise well-suited to almost any person or situation.

Ask yourself if you possess the qualities, desires and goals outlined above. If the answer is "yes," then franchising could very well be the solution you've been looking for! If you'd like to explore this option in your own career, contact Career Potential any time.

To read the entire post, click here.

 

 

Here at Career Potential, it seems like we hear about businesses merging, plants closing or production facilities moving overseas on a daily basis. These "business transitions" force out valuable employees — the very same people who often wind-up in our office seeking career help. Some of these "ex-employees" — tired of riding the corporate roller coaster — are finding professional and personal success as entrepreneurs.

There are only four paths toward business ownership: (1) Start a business "from scratch;" (2) Buy a franchise; (3) Buy a non-franchise business; (4) Become a consultant. Of these options, the most popular choice by far has been to buy a franchise.

Why Franchising is so Popular

With the increasing instability and uncertainty in Corporate America, and with a stock market that no longer offers the attractiveinvestment opportunities it once did, franchising represents a great way to gain more control of your career and achieve your financial goals.

Business success requires going through a learning curve for the type of business you're in. With franchising, the franchisor has already gone through that process and is highly motivated to share with you everything that has been learned. Franchises succeed because the franchisor has invested the resources to truly understand the business. There is a proven formula for success ready and waiting to be adopted by the new entrepreneur. How many non-franchise, independent businesses can say that?

And, because a franchise represents a large number of units with established track records, the buyer has access to much more of the data required for sound investment decisions than would be available with a non-franchise start-up.

Being able to study the actual performance of identical business entities is invaluable! And so is the contact you'll have with other franchisees, who can provide real-world insights into what it takes to succeed in the specific business you've selected.

 

To read the entire article, click here.

 

 

Letters of Recommendation: Guidelines for the Writer

Provide these instructions to your “letter writers:”

• Print the final letter on your company letterhead. If your employer does not permit you to write such letters on company letterhead, then please use your personal letterhead. NOTE: you could create a simple letterhead for them (name, address, phone, e-mail at top of the sheet).
• Do not date the letter, and do not include any salutation (there should be no “Dear _____”). Also, do not write, “To Whom it May Concern,” or “Dear Sir/Madam.”
• Keep the letter fairly brief, and never more than one page.

Also give the following instructions to the people who will be writing your letters of recommendation (adapted to your own name/situation/ background):

1.  The first paragraph should say something like:
“I am writing to you on behalf of my former colleague, Sally M. Smith. I had the privilege of working with her from 19XX to 20XX when she was the (title) of (company XYZ).” Use your own words.

2.  In the 2nd paragraph, mention some specifics that you recall about me:
“As the (title/company), Sally directed the strategic planning process for our division and led the economic and market forecasting. Her forecasts were instrumental in a number of projects. She actively contributed to the composites industry by doing (A, B and C). Sally consistently demonstrated (words such as leadership, problem-solving, communication, follow-through, analysis, organization are good to use). Throughout her tenure with company XYZ, she proved herself to be _______ and a _________ team player.” (Or something along these lines. Focus your attention on my contributions to the company as much as possible). Again, use your own words.

3.  For paragraph 3, you may wish to mention some personal traits/values of mine: 
What was it like to work with me, how did I measure-up as a team member compared with others? What contributions was I known for? What was I particularly good at? What positive recollections of working with me do you have? Use whatever adjectives come to mind.

4.  The last paragraph should reiterate how you feel about me as a professional: 
“I feel strongly that Sally would bring A, B and C to any organization and prove to be a valuable, contributing member,” (or something similar). End with a sentence that says something like, “I would be happy to talk with you if you have any questions about Sally,” or “Please feel free to contact me directly if you would like to know more about Sally’s work.” Use your own words.

Telephone References: Whom to Ask and How to Ask

When you create your list of Professional References, be sure to include the following elements for each individual:

- Name
- Title
- Company
- Street Address
- Phone Number
- E-Mail Address
- The person’s relationship to you (Example: As the Senior Scientist in charge of all research projects, Terry can attest to my technical and analytical skills.)

Also, always use the prefixes Mr., Ms., or Dr. before each name on your list of Professional References.

Conclusion

You’ll need to go through the necessary steps to get these tools together – and it may take some time. But as a result, your “Job Search Portfolio” will be much stronger. When used properly, your Telephone References and Letters of Recommendation will distinguish you from the other candidates, and ensure that you’ll get more offers!

 

To read the entire article, click here.

 

 

Most people already know that they need a list of Professional References. But you might be asking, “Why do I need Letters of Recommendation at this point in my career?”

The answer is simple. You don’t NEED them … but you should WANT them. Why? Because when you find yourself in a competitive interviewing situation (and what interviewing situation is NOT competitive?), the letters of recommendation can really “give you an edge.”

In other words, when two or more candidates are equally qualified, the one who provides strong letters of recommendation at the later stages of the interview process will get the offer! So why not have this “extra ammunition” in your arsenal?

The recommended number of “phone reference people” is between 4 and 6; and you should secure at least 3 or 4 solid Letters of Recommendation.

Here’s how to get your “Phone Reference People” on board and generate your Letters of Recommendation.

1. Make a list of all the people you want to ask for help.
2. Separate them into two categories – one group to write Letters of Recommendation; the other to serve as phone references.
3. Call and ask them all for their help, stating exactly what you want them to do, and soliciting their participation.
4. Send them each a packet, including these four items: Cover Letter, Professional Biography, Resume and List of Targeted Companies. Your cover letter will include a bullet list of the specific attributes or experiences you want them to focus on in their letter or phone call. NOTE: the cover letter you send to the “letter writers” will be slightly different from the letter you send to the “phone reference people.”
5. Follow-up to be sure they received everything and that they fully understand your documents.
6. Tell the “phone reference people” to inform you immediately when they receive any calls from prospective employers. (This information will be very valuable to you!)
7. Tell the “letter writers” that you want to review their “rough drafts” and “check them for accuracy.” Later, instruct them to print-out the final letters on company letterhead (after you have edited the text, as needed).
8. Offer to help each of these participants in a similar capacity, should the need ever arise in their own careers.

To read the entire article, click here.

 

 

Items You Can Negotiate:

• SALARY (always finalize this one first!)
• Job Title
• Job Responsibilities
• Insurance (life, medical, dental, disability)
• Vacation Time
• Office Location
• Retirement Plans
• Parking
• Relocation Assistance
• Training Allowances
• Work Space
• Bonuses (sign-on and performance)
• Commission Rates
• Expense Accounts
• Memberships and Dues
• Accelerated Reviews
• Stock Options
• Profit Sharing
• Company Car or Auto Allowance
• Home Purchase or Mortgage Assistance
• Tuition Reimbursement
• Non-Compete agreements
• Outplacement Assistance
• Consultant vs. Employee Status
• Flex-Time
• Commuting
• Job-Sharing
• Free Lunches (meals)
• Company-Sponsored Child Care
• Severance Settlement Package
• Legal, Tax, or Financial Assistance
• Discount on Purchases
• Computer Equipment, Laptop, etc.
• On-premises Health Club
• And whatever else is important to YOU!

Obviously, you would not attempt to negotiate ALL these items – only the ones that are of most importance to you! Most candidates will select 3 to 5 items to negotiate.

The Real Value of an Offer

Before you can begin negotiating the elements of any offer, you must first determine the REAL VALUE of that offer. To make an accurate assessment, don’t forget to factor-in the non-salary dollars that go into a compensation package! Take a look at this sample chart:

At first, the offer above seems to simply be a $50,000 base salary. But when you incorporate all the “extras,” you quickly see that it’s actually a much more attractive offer, totaling $75,000!

Remember to get the whole story before you judge the compensation! There may be much more to the offer than meets the eye.

Once you understand the scope of the entire offer, you can go back to the hiring manager and negotiate those items that are most important to you. Enjoy the process!

 

To read the entire article, click here.

 

 

Most job-seekers get into a “locked mindset” about compensation negotiation, with all sorts of assumptions, pre-formed notions and “myths.” The truth is that everything is negotiable. Yes, EVERYTHING! There are four things I know about salary negotiation, from all my years of experience in career consulting:

1. The first salary offer the employer makes is usually the LOWEST offer they can mention without feeling embarrassed.
2. The employer is fully expecting candidates to negotiate the offer, and will think twice about making you an offer if you DON’T know how to “play the game” of negotiation.
3. 80% of the outcome of your negotiation will be determined by your attitude and assumptions about this subject.
4. Anyone can learn to negotiate compensation effectively! You just need to learn a specific set of behaviors and phrases.

Items You Can Negotiate:

• SALARY (always finalize this one first!)
• Job Title
• Job Responsibilities
• Insurance (life, medical, dental, disability)
• Vacation Time
• Office Location
• Retirement Plans
• Parking
• Relocation Assistance
• Training Allowances
• Work Space
• Bonuses (sign-on and performance)

To read the entire article - click here.