We can be employed or we can employ ourselves. As American companies continue to seek increasing revenues from emerging markets and global economies, many Americans (well over 11%) are faced with the reality of unemployment and may be faced with that reality for months.

If self-employment is what you are looking do, this is a very good time to start.

The resources for starting a business are limitless. That’s the good news. The bad news is these same resources can be overwhelming if you haven’t established what your values are and what you want your direction to be. It is so important to start there first. Look at what motivates you, what drives you and what you wouldn’t mind spending the next 5 years doing. Start there first, because starting anywhere else may cause delays in your action that you can’t afford.

Being an entrepreneur is much like “finding your voice” in the world. The more you define the business and what you want to do with it, the more you are likely to define who you are and what you want from life. It is difficult to separate the two as they are so intricately intertwined, at least initially. As the business grows, it takes on its own energy and will bring to itself what it needs.

If you live your voice through your work, you may find it strenghtens you. The challenges of self-employment are many, and so are the rewards. Both challenges and rewards, when met with a calm mind, resolve and critical thought, are essentially the same – an opportunity to explore and expand your understanding of your direction and your objectives.

Starting the journey to self-employment

Weeks 1 and 2:

• Read one book on self-employment, one on simple or peaceful living (there is a connection)
• Brainstorm ideas – write down key thoughts as they come to you
• Consolidate your thoughts into keywords or phrases
• Search the popularity of those keywords using GOOGLE Keyword Tool (https://adwords.google.com/select/KeywordTool)
• Using this same tool, look at the competition and take notes on what they are doing
• Write a paragraph or two on your findings, keywords and why you chose them, competiton and size of monthly and global searches on those words. This forms the basis for your business plan
• Develop phrases and sentences using the keywords – this will help later in development of  your website or blog and SEO

Start getting your creative thoughts energized by reading: How to Create a Million-Dollar Business This Weekend . Tim Ferris gives some great ideas on how to research your business ideas and potential markets using free tools from GOOGLE.

Being an entrepreneur is much like “finding your voice” in the world. The more you define the business and what you want to do with it, the more you are likely to define who you are and what you want from life. It is difficult to separate the two as they are so intricately intertwined, at least initially. As the business grows, it takes on its own energy and will bring to itself what it needs. In this light, I don’t think it is beyond reason to view the “corporation” as an individual.

In one of his most popular and prolific essays, “Self Reliance”, Ralph Waldo Emerson extols the virtues of speaking your voice.

“A man should learn to detect and watch that gleam of light which flashes across his mind from within. Yet he dismisses without notice his thought, because it is his. Great works of art teach us to abide by our spontaneous impression else a stranger will say precisely what we have thought and felt all the time, and we shall be forced to take our own opinion from another. “- Ralph Waldo Emerson

About the only person who doesn’t need a business plan is one who’s not going into business. You don’t need a plan to start a hobby or to moonlight from your regular job. But anybody beginning or extending a venture that will consume significant resources of money, energy or time, and that is expected to return a profit, should take the time to draft some kind of plan.

• Startups. The classic business plan writer is an entrepreneur seeking funds to help start a new venture. Many, many great companies had their starts on paper, in the form of a plan that was used to convince investors to put up the capital necessary to get them under way.Most books on business planning seem to be aimed at these startup business owners. There’s one good reason for that: As the least experienced of the potential plan writers, they’re probably most appreciative of the guidance. However, it’s a mistake to think that only cash-starved startups need business plans. Business owners find plans useful at all stages of their companies’ existence, whether they’re seeking financing or trying to figure out how to invest a surplus.
• Established firms seeking help. Not all business plans are written by starry-eyed entrepreneurs. Many are written by and for companies that are long past the startup stage. WalkerGroup/Designs, for instance, was already well-established as a designer of stores for major retailers when founder Ken Walker got the idea of trademarking and licensing to apparel makers and others the symbols 01-01-00 as a sort of numeric shorthand for the approaching millennium. Before beginning the arduous and costly task of trademarking it worldwide, Walker used a business plan complete with sales forecasts to convince big retailers it would be a good idea to promise to carry the 01-01-00 goods. It helped make the new venture a winner long before the big day arrived. “As a result of the retail support up front,” Walker says, “we had over 45 licensees running the gamut of product lines almost from the beginning.”

These middle-stage enterprises may draft plans to help them find funding for growth just as the startups do, although the amounts they seek may be larger and the investors more willing. They may feel the need for a written plan to help manage an already rapidly growing business. Or a plan may be seen as a valuable tool to be used to convey the mission and prospects of the business to customers, suppliers or others.

Plan an Updating Checklist
Here are seven reasons to think about updating your business plan. If even just one applies to you, it’s time for an update.

1. A new financial period is about to begin. You may update your plan annually, quarterly or even monthly if your industry is a fast-changing one.
2. You need financing, or additional financing. Lenders and other financiers need an updated plan to help them make financing decisions.
3. There’s been a significant market change. Shifting client tastes, consolidation trends among customers and altered regulatory climates can trigger a need for plan updates.
4. Your firm develops or is about to develop a new product, technology, service or skill. If your business has changed a lot since you wrote your plan the first time around, it’s time for an update.
5. You have had a change in management. New managers should get fresh information about your business and your goals.
6. Your company has crossed a threshold, such as moving out of your home office, crossing the $1 million sales mark or employing your 100th employee.
7. Your old plan doesn’t seem to reflect reality any more. Maybe you did a poor job last time; maybe things have just changed faster than you expected. But if your plan seems irrelevant, redo it.

Source: http://www.entrepreneur.com/article/38290-2

However, according the Legatum Institute, there is reason to believe that U.S. businesses may not be maximizing their full potential. The organization’s annual report on world prosperity revealed that America had dropped out of the top 10 rankings for the first time since its inception. Although entrepreneurship and opportunity accounts for only a small section of the overall report, it is fair to surmise that U.S. small businesses are struggling to drive the economy’s growth. 

The Importance of Determining a Target Market

Given this failure and the state of the current economy, it is crucial that businesses strive to afford themselves every possible market advantage. This is especially important for independent ventures, which face a difficult challenge to compete with large corporations and well-resourced companies. One of the ways in which small businesses can optimize their performance is to determine a well-defined target market, as this enables them to focus their efforts and achieve a high rate of sales conversions.

Entrepreneurs and small business owners often resist the need to define a core target market in the mistaken belief that this will limit their sales prospects. This is a huge misconception, however, as by marketing your product to a general and poorly-defined audience you are likely to waste valuable money and dilute your fundamental business message. If you consider marketing as a financial investment, then developing a targeted marketing strategy will allow you to achieve the best possible return over time.

How to Determine a Core Target Market

With this in mind, the challenge facing small businesses owners is how to determine a viable target market for their venture. If this matter is not addressed, then even the most innovative of concepts can be rendered redundant without ever seeing the light of the consumer market.

Consider Who is Likely to Purchase Your Product
Once you have a viable and functional product, it is crucial that you consider the demographic most likely to purchase it. This can be determined by gathering information from a range of online and trade resources, although it is wise to understand your target consumers’ fundamental characteristics before creating a more detailed profile. Consider the age, gender and annual income of your potential consumers as a starting point while also paying attention to their marital status and employment circumstances. This will afford you a basic understanding of your potential target market and its typical spending habits.

Evaluate Your Consumers’ Values and Lifestyle Characteristics
Once you have identified a consumer demographic and its earning potential, the next step is to comprehend how and why your customers spend their hard earned money. This will require you to undertake more detailed research, while paying particular attention to your targeted customers’ activities, interestes and opinions (AIO). As the explosion of the organic food and produce market proves, consumers are increasingly influenced by their social values and a desire to effect change. So should your target market boast strong environmental values, for example. Then you will need to tailor the packaging and material of your product to suit this burgeoning demand. This is often referred to as psychographic profiling, and it helps small business owners to garner a detailed picture of their ideal consumer.

Interact with Your Customers Through a Targeted Marketing Strategy
Armed with a clear comprehension of your target consumer and its motivation, the final step is to effectively interact with them through a defined marketing strategy. It is not enough simply adopt a broad use of social media, for example, as research suggests that up to 70% of Facebook users who ‘like’ a page would not qualify as part of that brand’s target demographic. Given this, it is important to monitor your consumer’s social media usage and ascertain the individual sites that they frequent, before looking to engage them through real time interaction and emotive conversations.

The Bottom Line

If you have or are thinking of starting a small business, in order to thrive in the current economic climate, it is crucial to determine a well-defined target market. While it may be extremely tempting to market a product towards a broad and diverse audience, this is often a futile practice that wastes time and money without ever appealing to a specific consumer demographic.

By Lewis Humphries:  Lewis Humphries resides in the city of Birmingham, UK, and is a freelance blogger and writer who produces content for Reve News, Chillisauce, DigitalAge Consulting, Carfinance247, Time Square Limousine, SJ Innovation, Netcars.com and many other outlets.

You might be thinking it’s too risky. Well, that used to be true about ten years ago, but frankly, it’s risky now working for someone else. The economic landscape is changing and will likely continue to change as the world changes. But that shouldn’t be a deterrent.  It may be a bit scary but it can be fortuitous.

Now, you may need some hand-holding and encouragement along the way. I certainly did. But great friends and family, persistence, commitment, and a little resourcefulness can go a long, long way in helping you become successful in your own business endeavor.

Your Umbrella for the Rainy Days of Unemployment

You know, it never hurts to have a backup plan. It is like an umbrella shielding you from the rain.  It never hurts to keep one around.  Even when I was working full time for a Fortune 1000 company, I was designing websites and brochures in my spare time for friends.  When I was “in transition” I started designing websites for money.  In fact, it was in doing some marketing work for one of  my clients that led me to the business I am in today.

Does the plan have to be extensive? That depends. If you need investors or a loan, your plan needs to contain a substantial amount of business, operational and financial information.

But if you are looking to start a small venture requiring very little capital, your plan needs to represent what you want to achieve and how you plan to achieve it.  Of course, it is important to know that there is a market for your service or product and that market is willing to pay what you need earn.

Here are some other things to remember:

Step 1:  Who Are You?

And why is this important?  The more you know about your particular strengths and traits, the better your chances of identifying a business that fits you, your goals and your direction.

Step 2:  What Do You Want Do?

Don’t panic if you’re not sure. Some of us are still trying to figure out what we want to be when we grow up.  Here is a good way to start. Write down some things you think you want to do, or you know you’re good at.

Then use Google Keyword Tool to help you see what people are searching for and what services or products are being offered (under the “Competition” heading). This tool tells you what people are searching for monthly both locally and globally. It also shows you websites of businesses and individuals offering services and products under specific keywords.

Step 3:  Write a Brief Plan

The purpose of the plan is to keep you focused and on course. It is a written reminder of the commitment you are making to yourself to build a successful business. I like to say, it keeps you moving “in the direction of your intent.”

It doesn’t have to be lengthy but it does need to reflect what you want from life and how you want to pursue it. Visualize your goals. Look at them at least once a month to remind you of your vision and your direction. Keep the plan flexible but don’t lose site of the end result.

Step 4:  Work Your Plan

Talk up your business. Attend some networking meetings in the area. Use social media to network and to research what people are thinking and talking about. You may not be able to rely on some of your friends and family to encourage you in this area if they are employees and have been most of their adult lives. You will want to talk to other entrepreneurs and join groups that support startup endeavors.

For the first two months, do what you commit to in your plan.  Definitely tweak it as you go along but don’t make drastic changes until and unless you are convinced your current course is not the right one. Remember, you won’t really know if you have a workable plan until you work it.

Step 5:  Be Resolute

Stay focused, committed and adaptable.  Resolve each day to do all you can do that day and know that how you think about what you can achieve is what you will achieve. Procrastination will not be your friend. Moving in the direction of your intent each day and committing to that direction is critical.

Excerpt from The Business Bootcamp and the 2-Hour Biz Flash Course created by Diane Pruitt, Founder and President of “a peaceful space inc.”

According to his research, millionaires “think of success, not of failure.”  Okay, I thought, I”ve heard that one before.  I also knew that millionaires have fears and worries, much like the rest of us.  The difference is, they “practice believing in themselves and hard work.”  According to Stanley, millionaires offset fears and certain limitations through mental and physical toughness, tenacity and courage.  Some call on their religious faith and those who do, “have a higher propensity to take financial risk than others.”

So what does this have to do with clutter?  

Clutter is a physical manifestation of  accumulated behaviors and the way we think about things. Clutter is ”mind chatter” . . . distractions that lead us away from purposeful activities.  Clutter is evidence that the discipline, focus and tenacity required to be truly successful is lacking. When self help speakers talk about wealth and prosperity, they speak of a prosperous ”state of mind” as well as the condition of prosperity.  Clutter is no different.  It is a deficient state of mind and a deficient condition.

Overcoming the deficiency takes mental and physical toughness, tenacity and discipline. When we commit to conquering  our “clutter” and lack of order, to tackling it fervently and consistently, we take steps toward greater self-awareness, assuredness and focus. These are the qualities that are the backbone to successful living and economic prosperity.

Just because “your stuff” is organized or stored away, doesn’t  mean it’s not clutter. Closets of clothes and shoes that will never be worn – that’s clutter. Neatly stacked magazines from years past that you’ll never read - clutter. Things in your storage unit that have been there for years with little hope of ever being retrieved – more clutter. Mind chatter that occurs silently and relentlessly – nothing but clutter. There is a simplicity to life that’s waiting for those who want it but that life begins with eliminating everything that contributes to cluttered spaces, cluttered minds and unfocused, undisciplined spirits.

Becoming “uncluttered” requires patience, perseverance, discipline and courage. It is a series of journeys, each with it’s own revelation about how you live, how you process information and what you think about your interior space. It is about practice, hard work and a belief in self – all of the qualities exemplified in the millionaires in Stanley’s book. Know that economic success is there, for you . . . beyond the clutter.