Secrets for Doing well in Hard Times
Self-help guide to Being successful in Tough Times
"Success is not final, failure is not fatal: it is the courage to continue that counts." (Winston Churchill)
I couldn't have put it better Winston. When examining how to go about making money in the worst economic slump since Churchill's era, determination is just one factor you need to consider.
And if you keep reading you'll soon find out what skills you will need to start earning money in the economic downturn. (As that lady in Allo Allo says, "I shall say this only once!")
Firstly let's paint the picture of how hard it is out there. As budgets and companies are continuously curtailing costs this means inevitably that there is not enough work available for everyone.
Staff cuts have to be made as a prerequisite in order to reduce costs accordingly. The financial area has been the worst sector affected since the start of the downturn with jobs going by the hundred including the recent spate of job cuts at the Royal Bank of Scotland.
It's like a snowball effect that keeps on spinning out of control. Furthermore as the volume of jobs available become less, the number of prospective applications grows at a rapid rate. In many sectors you'll be lucky enough to just make tea as the job market is now saturated.
People are so anxious for work they will do anything (even for free) just to gain that vital work experience. However it's a different story if you do have bills and a mortgage to pay!
However if you do have enough to cover urgent payments you still can't afford to chill, especially if you have just been made redundant or have been looking for work in the worst economic climate in post war Britain.
You should also consider the number of graduates qualifying on a yearly basis which just adds to the countless piles of CV's, employers have to sift through due to the UK's saturated job market.
For instance just to give you some rough results there are at least 20 applications for every role in big financial firms which include Accenture and Deloitte.
The media industry is extremely brutal with up to two or three hundred applications for every role (I have even heard stories of a mammoth seven hundred applicants for just one position!)
Some jobs don't even get publicised so you really have to be quick off the mark when sending off to a prospective employer.
Yet don't let this deter you. Maybe you have had numerous applications ignored? Been to interviews and not quite making the cut? As Winston once wisely said failure is normally not fatal!
One skill you should possess in order to succeed is courage - to carry on in the face of adversity, if you already have exhausted all avenues because ultimately you'll make it.
In spite of the current economic slump you will find things you can do to achieve that ideal role or make serious capital. Now I've grabbed your attention listed here my pointers to have success in the current climate.
Be Determined
Now I'm sure you have all heard the phrase "if at first you don't succeed try, try and try again..." This will serve you well here.
Do a list of the companies you intend to target and ensure you obtain the most relevant contact name in each company.
Send a speculative email. Besides what have you got to lose! They can either respond or not. After you have achieved the direct link follow up with as much correspondence as is possible.
This may lead you to arranging an informal meeting. They may not have anything presently but at least they can put a name to a face so they know if something comes up.
The alternative route is to push down as many doors as you can, well not literally. Put yourself about, go into places with your details and enquire about job openings. Seek to get yourself out there and sell yourself. This is what the books don't teach you.
If you have the vital skills and believe in your own ability, (if you don't who else will?!) then business opportunities will come your way. Put into practice what you have done previously and most importantly what you have achieved and how you can add value.
People at the moment are more concerned with the practical experience instead of qualifications in some industries.
Use this to your advantage and most importantly have a positive mental attitude (PMA). This is aspect is particularly key as a recent Metro article cited negative body language as an undesirable quality for likely employers.
Network
This is the current buzzword that's sweeping through various UK sectors. After all it's not what you know it's who you know! This is even truer with the current economic situation where there is a scarcity of jobs.
People in reality want to do business with people who they have met and most importantly like. It's just a simple fact.
The surprising burst of networking companies, breakfast get togethers and evenings is no surprise in the downturn. People want to find more ways of doing business and winning new clients. To do this get yourself along to as many meetings and events as you can and...Network!
The so called elevator pitch is also essential in winning potential new business. Imagine yourself going up in a very quick lift.
As people have limited time you should get across what you're about, what you're really offering and how other people might benefit by the time they reach the top floor. Got it?
A short sharp personal introduction will go a long way. I hate to coin another phrase (Well I am anyway) but first impressions do count. Business is not simply about transactions but instead is more focused on building relations.
This will stand you in good stead especially if you have been personally endorsed. If you have performed well for an employer then the chances are they will speak highly of you to other everyday people.
Accordingly this will create lots more opportunities to win clients and earn new business. In essence, the more people you speak to the more likelihood you will have of attracting new work. Check out 4Networking who run over 250 networking groups through the UK and currently has more than 25,000 members!
Entrepreneurial Spirit:
If you really want to make some serious dosh then there has never been a better time to start your individual business. Quite a few people say starting up in a recession has only benefitted them.
There are more bargains to be had especially if you are thinking of buying commercial office space. As asset prices have decreased buildings and properties can sometimes be obtained at a knockdown price.
Since the market is saturated and over qualified people out there become more and more available, you can get highly talented workers at very reasonable rates.
Worried no-one will take you seriously as you are a start-up? Alleviate those fears right now. Despite the fact that the market place is amazingly competitive there are always companies looking for new and exciting partnerships, so it's no harm to be the new kid on the block.
As long as you can approach people with your product or service, show that it's distinctive and innovative and why you believe it has remarkable potential the probabilities are endless.
By also slightly undercutting your competition but making sure the service or product you offer is still high quality, people will begin to be very interested in you as companies are always after a good price. Plus you don't need any swanky transparent glass office to get started on making your fortune from.
Take for example the fire breathing dragon James Caan who started off in Mayfair out of a room the size of a shoebox. He then went on to form Alexander Mann one of the leading HR outsourcing companies in the UK with a turnover of 130m. It can be done!
Back to School:
Knowing a new skill is crucial to the volume of possibilities you may have in earning money and finding potential business opportunities. The more strings you have to your bow the better chance of succeeding.
If you are finding it demanding to land that role for the time being then honing your computer skills or learning a language can do wonders for your job prospects.
Individuals with IT skills can make some serious capital as with modern technology evolving these workers are becoming more in demand and can charge high consultancy fees to boot!
Employers are looking for people who are really motivated and can add several strings to their bow by way of incorporating several skills. By acquiring new abilities this will make you even more appealing to potential people.
From City Boy to Del Boy
You can always start selling tons of stuff on eBay! It worked out rather well for one chap who didn't turn out to be such a plonker!
Anthony Ponsford aged 40 agreed to quit his 55,000-a-year job to become an eBay trader and is now set to make his first 1million as a modern day Del Boy.
You see what just a bit of courage does?! It has proven extremely rewarding for the former lawyer after becoming disenchanted with the tough working hours and corporate lifestyle.
The fact is he rejected the chance of becoming a law firm partner which would have netted him a cool half a million pounds.
As an alternative he began selling camera and phone memory cards from his bedroom. He then made this into a business with former university friend Marcus Caston and started importing bric-a-brac items such as like desks and even pet furniture from the Far East.
He turned himself into a present day Del Boy by purchasing anything and everything from gazebos to cat scratchers.
His company, Piranha Trading - which sells on both Amazon and eBay, is set to make 1.3million in sales this coming year alone.
'When the value of the pound dropped 40 per cent against the dollar I was fully expecting this business to fold. But weirdly, I think it actually helped because people were still thinking to purchase things like computer desks and office furniture but were now after more of a good deal." He said
So basically the credit crunch significantly helped Ponsford as a new start up. He found his niche and differentiated himself from the market.
And with bags of dedication he set up his company which is now reaping the financial rewards. Do you think he has the complete Only Fools and Horses box set on offer?
To conclude if you want to start making money in this financial turmoil then look at my handy pointers previously which I am sure will help you on the way to achieving some of your desired goals.
There are numerous underlying factors which of course we can't control luck and timing being two of them.
If you still find it hard going and times are still really hard out there you do have additional options available to acquire some instant cash. I'd advocate checking out Payday Power, one of the leading payday loans companies on the market. They can help with short term cash flow problems and better yet you could possibly borrow anything up to 800 to keep you going!
However if you keep persisting, talk to ample people and ensure you distinguish yourself from the pack then chances will come your way eventually. So what are you waiting for?!
Secrets for Doing well in Hard Times
By: thomthom101
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