Issue #2583
- WEALTHY: Be a "chicken salad" entrepreneur (Don Hauptman)
- HEALTHY: Protect your brain as you age (Jonny Bowden)
- WISE: James Yorke on "Plan B"
ALSO IN THIS ISSUE:
- Will the meek really inherit the Earth? (Jason Holland)
- Encouraging words from Winston Churchill
- It’s Good to Know… about the $1 salary
- Add "quintessential" to your vocabulary
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"The most successful people are those who are good at Plan B."
James Yorke
Get Paid for What You Know: The Perfect "Chicken Entrepreneur" Strategy
By Don Hauptman
Michael Masterson has often written of the benefits of being a "chicken entrepreneur." He uses this tongue-in-cheek expression to describe someone who starts a business or creates a new source of income while remaining at a full-time job or otherwise minimizing the risks.
Today, I want to tell you about a variation of that strategy that has proven successful for me and many others. You might call it being a "chicken salad entrepreneur."
I’m the quintessential business coward. I have no management or leadership skills. Moreover, I never wanted to take on all those challenging business tasks and responsibilities: raising capital, hiring and firing, dealing with suppliers, and so on.
When I was in school, I expected that I would one day get a "real" job with an ad agency. As a result of some fortunate contacts, however, I became a freelancer with my own copywriting practice – for more than 30 years.
I soon discovered that there was a demand for my marketing expertise. So I embarked upon a series of lucrative and enjoyable sidelines: public speaking, corporate training, consulting, and critiquing. In these "presentation activities," as I call them, I share what I know – and I’m paid well for it, between $2,000 and $10,000 per assignment. What’s more, the jobs are often fast, easy, and fun.
While researching my e-book, The Versatile Freelancer,I interviewed numerous other professionals who have double or multiple careers. They range from a career counselor who speaks, consults, and trains… to a book editor who coaches authors and critiques their manuscripts.
The "chicken" factor at work here is evident. For all of us, the risk of diversifying our careers was minimal, requiring a tiny investment of time and money – sometimes none at all.
Now, how about you?
Do people tell you that you’re a natural teacher? Do you possess the necessary skills and enthusiasm? Would you enjoy it? Ask yourself: "In my current job, are there elements of consulting, training, coaching? Are there people and companies that could benefit from what I know? Would they be willing to pay me for that knowledge?"
Do some research and apply some creative thinking. You may be surprised by what you discover.
If you’re hesitant about your presentation skills, fear not! You don’t need to dazzle your clients. You only need to have marketable knowledge and experience, and the ability to communicate it. And keep in mind that, if you have serious stage fright issues, consulting and critiquing can often be done via phone, e-mail, or written reports.
There are other benefits. For example, you can sometimes recycle content from one presentation activity or assignment to another – and get paid for it over and over again!
Let’s say you receive a fee for a corporate training presentation – and then realize that it can be repeated almost verbatim at another company or at an industry conference. This is not unethical as long as you’re not disclosing confidential information or duplicating material to which you’ve sold exclusive rights. Getting paid more than once is an established and accepted practice. It’s simply the adroit use of leverage to expand your time and multiply your earning power.
Despite all the advantages, this sort of career may not be for everyone. I couldn’t do it – until I had reached the point where I had something to say that was of value to others.
How will you know when you’ve achieved a sufficient level of knowledge and expertise? One tip-off is that people will start asking you questions such as, "How much would you charge to come to our company and…?" That’s a clear signal that the market is ready for you.
Caution: If you moonlight, as most chicken entrepreneurs do, be sure you’re not violating the terms of a current employment agreement – a non-compete clause, for example. If you have any doubts, talk to a lawyer. In addition to legal considerations, be aware of possible ethical conflicts.
Now… how do you get your first assignments?
Referrals are always best. A good way to start is by capitalizing on your existing business contacts: co-workers, industry colleagues, friends, online social networks, and so forth.
Beyond direct networking, the next most successful tactics for gaining exposure and building your reputation are writing articles for trade publications and speaking at business events. Both are low-key approaches that promote your services in a professional way. In contrast, cold calling and paid advertising can appear unprofessional – and may not generate enough business to justify the costs.
The late Howard Shenson, renowned as "the consultants’ consultant," wrote: "I have long been an advocate of indirect marketing techniques. … I believe that the direct, hard-sell techniques [cold calls, advertising, direct mail] are not as effective as the indirect strategies, which are more like public relations activities. As an added bonus, these indirect, low-cost/no-cost techniques are much less expensive."
In advocating the indirect approach, Howard wasn’t relying on guesswork. He did periodic surveys and received responses from thousands of consultants about what sorts of marketing efforts they used and what worked. The results? The lowest-paid consultants marketed themselves via cold calls and paid advertising. The most successful and highest-paid used the public relations techniques: writing and speaking.
There are many advantages to diversifying your career into consulting, training, and coaching. One that might be especially appealing to you right now is that it can give you some protection against a weak economy or a recession.
How so? You’ll have a wider portfolio of skills and services to offer. You’ll have not just one source of revenue, but multiple streams of income.
And there’s another reason. In tough times, companies trim their staffs. To fill the gaps, they are likely to hire freelancers.
Many of the people I interviewed for my book told me that their businesses were unaffected by current economic conditions and that they are doing as well as ever, or even better. In most cases, they credited their survival and success to their versatility. Because they have multiple careers and income streams, when demand for one declines another often picks up.
So if you’re looking for a safe, low-risk way to increase your income while keeping your "day job," and which might eventually turn into a full-time career, this might just be your ticket.
[Ed. Note: Don Hauptman writes ETR's Saturday column, "The Language Perfectionist." The above article was adapted from his e-book The Versatile Freelancer: How Writers and Other Creative Professionals Can Generate More Income by Seizing New Opportunities in Critiquing, Consulting, Training, and Presenting. The book comes with a free bonus report and a 100 percent money-back guarantee of satisfaction. Order your copy without risk here.]
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When Being Assertive Goes Too Far
Assertiveness is vital to being successful – not just in business but in life.
Confidently asking for what you want, holding others accountable when things go wrong, and not allowing yourself to be talked into making bad decisions are just a few examples of how being assertive can help you get things done.
But, as Michael Masterson points out, there’s a big difference between being assertive – being what Michael calls a "pusher" – and being a bully.
"A pusher," says Michael, "is someone who does everything he can to get you to do things you might not want to do but know that you should do. When and if the pusher pushes you into doing such things, you feel good about yourself and grateful to him. A pusher – however pushy – has your interests at heart. A bully thinks of nothing but his own."
You want to be a pusher.
Let’s say you have a big sales promotion due in two days, and you find out that one of your co-workers has convinced the graphics department to put your project on the back burner and work on his instead.
You have a right to be angry. But instead of screaming and yelling about it, you should call your co-worker and the designers together and explain why your project has priority. ("It was on the schedule first, and my two-day deadline is more urgent than Marty’s four-day deadline.") Don’t leave until all parties understand and agree. And make it clear that you don’t want to see this happen again.
Here are some techniques you can use to be expertly assertive in almost any situation you’ll encounter at work… or in your personal life:
- Always speak in a civil manner.
- Be specific when asking for deadlines or clarification.
- Be clear when voicing your opinion, and be prepared to explain your reasoning.
- Don’t do anything you don’t agree with just to avoid conflict.
- Disagree with ideas or suggestions, not people. Don’t make it personal.
(Source: Inc.com)
[Ed. Note: Assertiveness is just one way to thrive in the workplace. For more techniques that can help you achieve all your business - and life - goals, check out success mentor Bob Cox's Total Success Achievement Program.]
Worth Quoting: Winston Churchill on Progress
"Every day you may make progress. Every step may be fruitful. Yet there will stretch out before you an ever-lengthening, ever-ascending, ever-improving path. You know you will never get to the end of the journey. But this, so far from discouraging, only adds to the joy and glory of the climb."
Keep Your Brain Young with This Vitamin
If you’ve been reading ETR for any length of time, you probably already know at least a half-dozen reasons why you should be taking a vitamin D supplement. Bone health. Mood improvement. Physical performance. Vitamin D’s demonstrated anti-cancer effects. And if all that weren’t enough, a new study adds another benefit: cognitive performance.
In the study, to be published in the Journal of Geriatric Psychology and Neurology, researchers from the University of Cambridge and the University of Michigan report an association between the risk of cognitive impairment in older folks and low levels of vitamin D.
More than 1,750 men and women 65 years or older were given neurocognitive tests. The testing revealed that 212 of the participants had cognitive impairment. The researchers then compared the vitamin D levels of those without cognitive impairment to those with cognitive impairment – and found that the risk of impairment significantly increased as vitamin D levels declined.
In fact, participants whose vitamin D levels were in the lowest 25 percent of the group had a whopping 2.28 times greater risk of cognitive impairment than those whose levels were in the top 25 percent. Since cognitive impairment is a major risk factor for developing dementia, anything you can do to lower your risk can help protect your brain for the long haul.
The best way to get adequate levels of vitamin D is through sun exposure. That means getting outside for about 10 to 20 minutes a day, three times a week – more often in the winter. I also personally recommend vitamin D supplements, about 1,000 to 2,000 IU daily. You can find vitamin D supplements at any health food store, even at Walmart.
[Ed. Note: For more information about natural methods that can improve your health - and help keep your weight down - check out nutrition expert Jonny Bowden's website, JonnyBowden.com.
Sunshine and vitamin D not only contribute to keeping your brain young, they can have a positive effect on everything from cancer and diabetes to athletic performance and neonatal health. To learn more about the vital connection between sun exposure, vitamin D, and your health, click here.]
It’s Good to Know: The $1 Salary
CEOs often take a symbolic (and well-publicized) $1 per year salary. The heads of the Detroit automakers did it when seeking a bailout. Apple’s Steve Jobs and the founders of Google do it too. Of course, they get other benefits: options, shares, and use of the company jet, to name a few.
It’s paid, as you might expect, in a lump sum. And, just like a regular paycheck, an appropriate amount is taken out for state and federal taxes, usually less than 10 cents.
But guess what? Because of federally mandated minimum wage standards, the $1 per year salary is technically illegal.
(Source: Slate)
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Word to the Wise: Quintessential
Something that’s "quintessential" (kwin-tuh-SEN-shul) – Latin for "fifth essence" – represents the perfect embodiment of a class or quality. (In ancient times, people believed that the world was composed of four elements: air, fire, earth, and water. The fifth element – or essence – was what the heavenly bodies were made of.)
Example (as used by Don Hauptman today): "I’m the quintessential business coward."
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2009
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