Redundancy: Fairplace Helped Me Launch My Company

I don't wish redundancy on anyone but I can honestly say I am very happy how things have transpired since I lost my job.  If it wasn't for that, I would have never gone on the Talent Management programme at Fairplace.  I would have never met all the wonderful staff and consultants who work there, and I would have never had the courage, inspiration and motivation to pursue my passion - that is to start my own business and be my own boss.

Looking for a job

For those who are looking to stay in the same industry or perhaps re-train and be employed in a different industry, Fairplace has an online service called eFairplace that allows members to access jobs database and register your CV via their "Bank CV" service. This is where your CV can be registered for viewing by potential employers.

Seminars & Workshops

The programme offers daily seminars and workshops that book up a week ahead.  Their library on Level 5 is packed with useful information such as The Executive Grapevine (only one copy is available) where you can find information on Headhunters and Recruiters with different areas of expertise.  There is also a variety of industry related newspapers, magazines, and reference books available.

Fairplace encourages all members to take personal responsibility for shaping their own future with the help of their professional consultants with business and HR background.

Fairplace has many offices.  The one I went to is in the city at 32-36 Cornhill.  You can find more information about Fairplace's services by clicking here. 

Thank you to all the staff at Fairplace for making my transition period a productive and positive one following redundancy.  I am truly grateful.

Q & A with Faraday's Law

What does your company do?   

Faraday’s Law offers practical legal advice on a wide range of issues to businesses large and small. Our low overheads are reflected in very competitive and flexible charging arrangements, making us an attractive proposition to start ups and young growing companies.   

What were you doing before becoming your own boss?   

Before becoming my own boss I was …. working as an in house lawyer for a large corporate: bored, unfulfilled, frustrated, etc. etc.    

What one general legal advice or tip would you give to those thinking of starting their own business?   

My one piece of legal advice for someone thinking of starting their own business: get your customer terms and conditions right: understand what you are committed to provide; what other obligations you are taking on; how you can bring a relationship with a customer to an end; and make sure your liability is limited if things go wrong.  

What are your plans for the business in 2009? 

2009 promises to be an exciting time for me as I plan to merge my practice with another lawyer’s. Under our new brand of The Legal Director we will build a network of experienced in house lawyers who want to be their own boss and work on a flexible basis with a number of clients. To businesses we offer the opportunity to have their own legal director on a flexible and cost effective basis.  

What are some essentials for the home office?   

Reliable, high speed broadband; a separate room to work where you can shut the door at the end of the day.    

What couldn’t I do without?  

Mobile phone.   

Christine talks to Ed Simpson

Faraday's Law

 

Improve Your Marketing Skills

You've got a product or service to sell.  Now you just need to somehow connect with your target customer.  

There is a fantastic Advanced Marketing Course at The City University that gets your marketing creativity bubbling out of your head.  It's amazing how joining a class such as this one can give you the competitive advantage you need to make your product or business launch a success!

Create your marketing plan and see if they reach the following four objectives of the marketing golden concept.

• Awareness
  
• Interest
  
• Desire
  
• Action
  

Recommended reading

Smith, P.R. Marketing Communications (5th edition) by Kogan Page Ltd. London

Everyone Needs A Mentor by David Clutterbuck

Marketing as Strategy by Nirmalya Kumar

Tip:  

Order books online from Waterstone's to get up to 40% off books delivered to your home FREE within days.  Don't forget to earn points with your Waterstone's loyalty card.

'Advanced Marketing Course' - City University

Redundancy: Career Change/ Re-training

Perhaps you may be taking this opportunity to re-examine whether or not you should stay in the same industry.  

Changing your career can be a huge step that requires much research before investing time and money in pursuing new training courses.

However, having an open mind can also lead you to many exciting career opportunities you never thought of before having been caught up with the corporate race in the corporate machine, climbing the corporate ladder.

There are many successful stories of professionals who re-trained and moved onto bigger and better things such as a former Commodity Trader who used to work at JP Morgan. After five years living a very hectic, time-starved, stressful lifestyle, she opted to leave banking and took 8 months off to attend design school.  She became a fully qualified professional Interior Designer.  She immediately found an entry level position at a designing firm in the west-end, made valuable contacts and launched her own Interior Design Company two years later.  With her banking background, she's able to address the financial aspect of running a business with help from a few professionals.  She's now a happily self employed interior designer based in Wimbledon.

For helpful tips and advice of whether a career change is suitable for you, contact 'Fairplace' for a list of comprehensive services.

Fairplace

Turn Your Business Idea Into Action - Part I

Thinking of starting your own business?  Have you got a business idea but need a plan to turn it into reality? Here are some tips & ideas in how to get started.

Know your customer
It is very important to understand where your customers are. Where do they spend most of their time doing? What do they enjoy? What do they dislike? You need to describe them and create a profile of your target customer.  Are they a business? What kind of business? Are they male, female, young or old? Try to get into the heads of your target customer and research on what they might buy. 

Find a mentor

There are huge advantages of having a mentor to offer expertise, advice and his/her experience.  They also offer a great ‘sounding board’ for you to bounce ideas off them and learn their thoughts and constructive feedback.  Try to find a mentor who is able and willing to devote an hour or two a month to discuss your ideas and questions.  Usually, mentors are people with motivation, encouragement, and have a bit more experience than you in your industry.

Speak to your indirect competitors 

Let’s say ABC Ltd targets the same customers as you, but sells a non competitive product. This will serve as a great comparison. Take a look at their website.  See if they have any press releases in their news pages. Search for them on internet search engines. Look for what type of media channels they had been featured in – magazine, news journals, exhibition, etc. 

Try connecting with the owner at ABC Ltd. The worst that could happen is he or she refuses to talk to you. Simply introduce yourself and tell them what you sell. For example, you are not a competitor, but you target similar clientele. Ask if they would share how their journey was when they first started their business. Which trade magazines do they advertise in, what exhibitions or trade shows they attend. Also ask if there is a community/ network or trade association that directly relates to your specific industry.

For example, a virtual assistant company may belong to The International Virtual Assistant Association.

continued...

Turn Your Business Idea Into Action - Part II

...continued

Research your market
Defining your market is so important to get it right before launching your product or service. By defining your market, you can then determine what type of promotion is appropriate and where to promote your goods to ensure maximum exposure and impact of your launch. 

Find the contact details of trade magazines (in my case, lifestyle magazines and financial newspapers) and ask for their media pack. Find out the cost of advertising (sometimes it’s pennies per word or depending on the dimension of your advert) and also distribution details such as: Where are the readers based? What type of jobs do they have? What is their average household income, etc. Determine whether they are the right magazine for your market your business.

Go to Trade Shows and Exhibitions
Going to trade shows can help find out details of your target market. Generally first days are the quietest, and exhibitors are enthusiastic. Find someone who sells something similar but not identical to you and explain that you’re here to see if becoming an exhibitor is right for your business. Don’t expect to take an enormous amount of their time from a busy stand. Listen to their opinion. Keep asking more stands. You may even find someone who would like to distribute your products, or become a supplier offering services as an extension to yours, but let them raise the possibility as most shows don’t allow you to sell to the exhibitors. 

Plan before you arrive

Do some research on which Exhibitors will be there before arriving. The venue is often very large and you will want to be more efficient with your time, visiting stands that relate to your industry first. Find trade bodies that are at the exhibition. They will be more than happy to discuss their industry with a newcomer. You will also find information about industry trends, which may help you determine the route you take to market your business. 

Be approachable

Speak to other business entrepreneurs who may be sitting next to you during a workshop. They may also furnish you with facts about the show and it’s always good to grow your business network. 

Organise your research

Now you are another step closer to creating your marketing plan and put your business idea into action. Organise your findings into a marketing plan with the following categories:

Where are we now?

Where do we want to be?

How are we going to get there?

How will we know we got there?

Free stuff

Often times, you can find tickets to trade shows absolutely FREE by entering online draws or simply requesting for tickets.  I've recently won tickets to the Ideal Home Show at Earls Court from http://www.free-stuff.co.uk/ 

My fiance also won a brand new iphone from the Metro newspaper online. 

Redundancy: Time To Freshen Up Your CV?

In today's highly competitive job market, your application is in competition with many job seekers and its common for most positions to attract multiple candidates. Make sure you stand out from the crowd!

Create an Impact
Did you know that on average your CV will have less than 15 seconds to make an impact? A professional, interview-winning CV is an absolute necessity to secure the job of your dreams. Your CV is your 'sales pitch' and potentially your only opportunity to sell yourself to an employer. Don't waste your chance, it may be the only chance you get.

Exceed Expectations

ConceptCV believe in exceeding expectations. We are devoted to the expert creation of compelling, persuasive, powerful CVs and career management tools. As a market leader we ensure that, following a comprehensive interview with an experienced, industry specific consultant, your CV is uniquely written and designed to demonstrate your true potential.                                                                                  

One Size Does Not Fit All
We don't believe in stereotypes or 'one size fits all' philosophies. Our 1-2-1 approach is an absolute necessity in the conception and construction of a dynamic, impactful and tailored solution.

Libby speaks to Christine Yuen

For more information on how to effectively freshen up your CV, contact Libby Calaby.

ConceptCV

Redundancy: Cut Down Monthly Expenses

Whether you may be used to maintaining a certain level of lifestyle or thinking to reduce some of your monthly expenses until you find another job, below are some things that serve as a checklist to help better manage your monthly expenses:

Contact your bank

If you have a mortgage, you may consider asking whether you can defer your mortgage payments for a couple of months until your income resumes. If you are renting your property, dig up your lease and see when you may be allowed to renegotiate the rental amount with your landlord.

Most banks offer the option to defer payment if you have paid over and above your required mortgage amount leading up to this point.  Speak to a financial adviser and review your portfolio now that your income is interrupted.  All it takes if your time to make an appointment to see them and ensure your finances are at tip top shape for this transition period.

Review your health policy

Some firms offer private health schemes during your employment and some even offer the option to carry on as an individual policy holder even if you leave the company.  

Some insurance companies offer the same level of coverage at a monthly premium that normally is cheaper than if you were to go out and buy a new insurance health policy.  Do your research. Ask your HR department prior to your termination date information or contact numbers, and get in touch with BUPA, AXA or whichever health care provider you currently have.  There may be a time window where you are allowed to carry-on with the health scheme before that option expires.

Review or renegotiate your mobile phone plan

You can review your current phone plan and switch to a more suitable one for you.  Visit impartial information websites such as onecompare.com and find a plan that's best for you. There is no reason to be paying more than you need, especially when your income is interrupted.

Review all your Direct Debits

This is a great way to trim the excess spending that are 'wants' instead of 'needs'.  Check your monthly bank statements and see if you can trim some of that spending down.  Items such as magazine or newspaper subscriptions.  Maybe you could adjust your gym membership now that you can hit the gym during the day instead of in the evenings.  Most gym memberships are cheaper if you go between 9am-5pm but always read the fine print before signing any amendments to any contracts.

Useful links

http://www.moneysupermarket.com/mortgages/

http://www.bupa.co.uk/

http://www.axa.co.uk/

http://www.onecompare.com/about-us.htm

TAKE INSPIRATION is launched!

TAKE INSPIRATION is finally here! - UK's free online resource and network for professionals and executives facing redundancy.

You've just been served your 'Job At Risk' letter, the next steps you are about to take may crucial and can be turning point in your life.  

Whether you have experienced redundancy before, or you are experiencing it for the first time, the process and road ahead can be difficult.

I've personally experienced redundancy myself and wish I had access to a supporting network such as this one to give me the much needed motivation, encouragement and inspiration to push on.  More importantly, this is a great networking platform for professionals, executives, entrepreneurs and recruiters to connect and exchange valuable experiences and ideas.

Regardless of which stage of the redundancy phase you find yourself, hopefully this site will help.

Are you considering:

-to stay in the same field or industry?

-to re-train for a job in a different industry?

-to invest some of your severance money to start your own business?

Whatever you decide, TAKE INSPIRATION will help you in this transition period.

Please email Christine Yuen at takeinspiration@gmail.com to get in touch.  I'd like to encourage all our online readers to post your questions, comments;  Share your ideas, lessons learned, tips & experiences along the way.  

Thank you to all for your inspiring stories!