Archive for the ‘Becoming a consultant’ Category

Entrepreneurial FOMO: how to deal

Entrepreneurial Fear of Missing Out (FOMO). All those selfies got you down? Here’s how entrepreneurs can cope

Open any social media app and you’re likely to find beautiful images of people living their perfect lives. While many discussions of social media talk about the effect on individuals, entrepreneurs can be just as vulnerable to the effects of social media. Here at Consultant Journal, many of the people who request our tips on building expert status say they feel overwhelmed and need direction.

Fear of missing out – often hashtagged as #FOMO – means “Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media”, according to the Oxford Dictionary.

“FOMO has grown as the presence of social media has developed due to the increased access to people’s everyday lives,” says Lindsay Cooke, LMHC. “

Fear of missing out – the FOMO origin story

First mentioned by Dan Herman in an article on branding tools for The Journal of Brand Management in 2000, FOMO has since made its way into discussions of everything from vacation envy to restaurant meals and from business school parties to awards. In fact, Harvard Business School student Patrick Mcginnis wrote about it in 2004 for The Harbus, detailing how it affected his social life during his time in biz school — Joseph Reagle provides in-depth notes about the etymology, if you’re interested.

Managing FOMO

For entrepreneurs, confronting FOMO can mean hard work. As you interact on social media, you may find yourself surrounded by images, clips and news of people speaking, presenting, attending conferences, working in prestigious locations, receiving certifications, and getting testimonials. Those posting may seem to have perfect hair, stylish clothes, fancy cars, amazing vacations, and a constant stream of business deals.

As with all marketing, entrepreneurs choose their messages carefully. What you see may even have been constructed by a marketing agency, photographed professionally, touched up, staged on a green screen and heavily edited. Entrepreneurs often blur the lines between personal and professional content.

Even experts on media literacy can fall prey to FOMO. “ I am like the doctor who suffers from what he treats,” muses Jim Wasserman, author of a three-book series on media literacy and behavioral economics (aff). After moving from the US to Spain, Wasserman relied on social media to promote his books. “”I was constantly checking and seeing how I could be on social media and interact. The fear of missing an opportunity to promote my books, do a podcast, write an article, or in any way interact became pretty bad. I could almost FEEL my positioning of my books losing ground and slipping spaces.” He notes the process was driving him to burnout and leaving him feeling like he was working harder in retirement than as an employee.

Tips for managing entrepreneurial FOMO

“ Usually when someone is experiencing FOMO it is similar to treating an anxiety issue,” says Cooke, an LMHC counsellor. She says she supports clients by helping them identify options, reflect on their decisions, explore the truth of their thoughts, and distract themselves. “Often times, utilizing these strategies can decease or even eliminate social media FOMO,” notes Cooke.

Distract yourself

“Engage in another activity at home that is distracting,” suggests Cooke. She recommends clients try movies, books, cooking, staying off social media or planning something fun for yourself. And “Give yourself a break for staying in.  

Fact check your FOMO

Sure, your friend, colleague or competitor may look like they’re up to amazing things, but is that the whole story? Entrepreneurs can make themselves look good, regardless of their qualifications, experience or outcomes.

Moreover, with such heavily curated and managed content, you’re only seeing part of the story. Someone may be posting pictures of their latest business deal, but they may not show up 2 months later to say they got stiffed or that they had a falling out.

You may also notice peers and competitors posting a stream of awards. An entire industry supports carefully worded applications, with some awards even representing a business revenue scheme for the awards organization. It’s hard to know what’s real and what’s paid.

Embrace your feelings

Recognize your feelings, says Whitney Hawkins LMHC, a psychotherapist In Miami. “Recognize that you are feeling that way for a reason. Don’t push it away or punish yourself.” But examine whether there’s evidence that your thoughts are true.

Tune into your goals

Revisit your personal plan and see if you’re making steps toward your own goals. “”Focus on gratitude. Did anything else positive happen today? Is there anything that helped you with this situation?” suggests Hawkins “You can even be grateful you’re having this problem in the first place, like if you have the privilege of having a business in the first place.” Once you’ve invested time in the problem, move on, she adds.

Reconnect

And create connections. Wasserman turned to family. Visiting his wife’s family in Asia, where family is first, helped him reconnect face-to-face. “ would go many days without  the ability to check social media, or even the news, and found not much changed, except that I had dricher living and less worry about ‘What will happen?’

Walk away

Upon returning to Spain, Wasserman and his wife hiked El Camino, an ancient pilgrimage route. “We are  not religious, but walking that route, disconnected from news of the world, social media, and really anything but living in the now and having to look people in the face when communicating brought it home for me; when you are stressed about how hitting yourself with a hammer hurts, don’t redesign the hammer or change the frequency of swinging…just put it down.”

Move on

Go back to your own business plan and goals.. Hawkins, a business owner and a psychotherapist, says, “I make a plan for the future and continue to work on the reason I am comparing myself to others online.

 

Struggling with FOMO? Join us for free tips on transforming your expert status. Click here.

Related to FOMO

 

Consulting as a lifestyle business

Maybe you’ve heard it, steeped in scorn. “Oh, you’ve got a lifestyle business”. For whatever reason, some people love to slag entrepreneurs who’ve built out businesses that work with their lifestyle.

The first time I heard this, I was about three years into my practice. I’d built out a solid business plan, brought in – and retained – Fortune 500 and A-list clients and my business was growing. I’d travelled, managed a chronic health condition, and gone back to school for an MBA, all while running my company. Still, some guy felt he needed to tell me I had a lifestyle business, not a real business. Of course, he didn’t even have a business, just a business plan he hoped someone would fund. It was still hard to hear. In fact, when Lauren Bacon posted her fantastic article on the subversion of running a lifestyle business, I had all those same feelings bubble up, all these years later.

Does hearing someone call your practice a “lifestyle business” gut you? It can be pretty hard to take, when you’ve gone to all the effort of building up a business of which you can be proud. 

Realistically, though, people who make those comments are just ticked off that they haven’t found a way to do what you do. It’s easier for them to find fault with you and your values than to questions whether there’s something not quite feeling right about theirs. And it’s a way for them to dismiss and minimize their efforts. I find that people are more likely to make these comments to both women and PoC, which makes me wonder if there’s oppression built right into the idea that people who find balance somehow have businesses that are less worthy.

As for those people ready to lay into consultants as lifestylers, maybe they’re feeling overwhelmed with work, trapped in social and financial obligations, or chained to a need to prove themselves. They may be mad that you found a way to prioritize a variety of values, needs and wants that haven’t worked out for them.

It’s a difficult thing to stand up against in a world that talks up increasing valuation, getting to IPO, improving ROI, reducing churn, climbing sometimes toxic hierarchies, and Leaning In. And you may already be trying to navigate barriers around childcare, caregiving, health or family obligations, not to mention systemic oppression. Figuring out a way to make that work may take business acumen and creativity that goes beyond working any executive track position. Bacon’s right when she calls that an act of subversion. 

Still, people and businesses appear ready to buck the trend. I recall someone saying Millennials aren’t entitled — they’re just the first generation to refuse to accept abuse in the workplace. And that belief is starting to shift entrenched values in business. From the rise of B-Corps to corporate social responsibility, there are signs everywhere that some people want to do business differently.

For me, I’ve struggled with this lifestyle issue too. I look back on a post from a decade a go, where a fellow entrepreneur informed me I was too wrapped up in revenues and growth.  My friend was right. I remember the joys from that time, but not so much my revenues or website traffic.

If you’re struggling with having a lifestyle business, it may help to focus on you, not people trying to offload their own struggles by putting your business down. Take a deep dive into your own reasons for consulting – see our list of reasons to become a consultant. Your own motivations and needs will drive your plan.

In the end, your work, your career, your life and the legacy you leave are about what makes you feel happy and fulfilled. So focus on your own needs and wants and let the naysayers go do their thing. You do you.

FREE – Get 6 Tips for Building Your Expert Status.

CPD for BC CPA accounting members

Continuing Professional Development (CPD) requirements for BC CPA (Chartered Professional Accountants) refer to the annual learning investment these financial professionals need to make every year. As with other chartered, certified and licensed professions, accountants need to maintain their right to practice through ongoing training and learning.

Our discussion of CPD explains both online and offline courses and examples of the kinds of continuing education many professions recognize. More than just British Columbia’s CPAs may find this CPD discussion helpful.

Many professional associations distinguish between verifiable and non-verifiable CPD — in some cases, organizations recognize self-reported learning. After all, members of chartered, licensed and certified professions are required to show good character and professional judgement. So time spent in self study on books and courses counts too. Some professionals from a range of careers – not just accounting — have turned to our books on consulting practice management for CPD course credit.

Verifiable credit usually needs to be supported through proof of attendance, examination or other third-party evidence that you took part. Professional organizations often give more weight or focus more hours on such programs.

CPD for BC CPA Accounting Members

For the specifics of what British Columbia’s CPAs need to meet outcomes, take a look at their CPD page on the professional association site.

CPD online courses – Canada, US & International

CPD online courses – in Canada, US & International – and other offerings for continuing professional development can help busy legal, medical, financial and other professionals meet their annual requirements. In many fields, professionals need to take a minimum number of CPD courses each year to meet requirements for maintaining membership, licenses, certifications or other designations.

Online CPD benefits

Traditionally, many people turned to their professional society or to annual conferences and cruises in warm and sunny climes. But the advent of online CPD course offerings has opened the door to new ways of accessing continuing professional development. With ebooks, videos and online courses, busy practitioners can access CPD online.

For people with busy practices and careers, active family lives, remote locations or just a preference to work on their own or in small groups, online CPD may be the way to go.

Online CPD and Offline Options for Continuing Professional Development

CPD is just one of the many terms for ongoing professional development. Other terms:

  • Continuing Education Units (CEU)
  •  Continuing Renewal Units (CRU)
  • Professional Development Points (PDP)
  • Professional Learning Units (PLU)
  • Continuing Legal Education (CLE)
  • Mandatory Continuing Legal Education(MCLE)
  • Minimum Continuing Legal Education (MCLE)

CPD – online & other formats

Continuing professional development may happen on the job (in-service) or outside the workplace. It might be through formal or informal programs. In some organizations, the Human Resources department may offer programming or there may be dedicated training departments in some firms. Some employers may also include CPD and other professional development courses as part of annual reviews and ongoing workforce planning. In other cases, it’s up to the individual to pursue their CPD.

 

CPD Online & Traditional Formats:

  • Lecture
  • Workshop
  • Academic course
  • Case studies
  • Coaching
  • Small group communities of practice
  • Individual study or reading
  • Mentoring

Some organizations award CPD credit for:

  • Teaching
  • Mentoring
  • Writing and publishing
  • Supervision

Looking for individual study options for you? Take a look at our online CPD resources. We have also partnered with CareQuadrant to offer socially innovative online CPD courses on inclusive language, advocacy, reflective practice and more.

 

Consulting goes mainstream

More and more people are choosing consulting as their primary or secondary mode of income. Consulting as a career has become widely accepted, and more frequently preferred in today’s busy world. There are many reasons why consulting has gone mainstream: do any of them apply to you?

Consulting goes mainstream: what does it mean for you?
 
Career satisfaction
 
Becoming a consultant allows you to pursue your passion and get rewarded for it. Let others pay you for your consulting expertise while you enjoy what you do best. You can also control how busy you want to be; take on as many or as few clients as you want.
 
Convenience
 
As a consultant, you set your own schedule. You don’t have to answer to anyone else. You can work from the comfort of home in a stress-free environment. With today’s technology, keeping in touch with clients and peers has never been easier.
 
Cost-efficient
 
Consulting usually has low start-up costs. If you operate from home, you may write off expenses such as utilities and house insurance. You may also write off a portion of vehicle costs if you use your car for business purposes.
 
Notice the difference
 
When consulting goes mainstream in your life, you will also notice an improvement in your work/life balance. When you work for yourself, you can make the time to have lunch with a friend, visit your mother, or walk your child to school. And if you want to work all night, you can!
 
Make the decision!
 
Don’t get left behind while consulting goes mainstream. Wouldn’t you rather enjoy what you do, and set your own pace? As a consultant, you can have this, and more. There are so many reasons why consulting has become such a popular profession; start planning today for your new consulting career.

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Why starting a side business beats the stock market

Sowing seeds in a side businessStarting a side business may be the best thing you can do to get ahead. As with second jobs, a side business can be a way to generate income on top of your existing work.

Consider this. Let’s say you start consulting as a side business. You manage to average $500 a month. That’s $6,000 per year. To get the same returns from investments, you’d need a 5% return on $120,000 or a 10% return on $60,000. Sure, the investments are passive, but you have to have them to make that money. If you start working on the side, you can start making that money right away.

In fact, because of tax write-offs, you may find out that more of the business income remains in your pocket than the investment income does.

Of course, you don’t want to be scrambling to work when you’re 90 years old. So it makes sense to use your side earnings to pay down debt, save for retirement or meet other financial goals. If you’ve got a nice emergency fund and you’re meeting all your financial goals, you might be able to use your side business to pay for other dreams, such as vacations.

What could you do with an extra $500 a month?

Nobody told me

 

NOBODY TOLD ME

there’d be days like this

where I’d wake up in the morning

feeling like it’s just another day

But then the email piles up

The phone’s ringing

A pile of papers crashes to the floor

I’ve got to schedule 6 appointments

File those darn taxes

Buy more printer toner

Fix that stupid fax machine

Chase down those unpaid invoices

 

Nobody told me

THERE’D BE DAYS LIKE THIS

when I started my business. Or maybe they did but I sure as heck wasn’t going to listen to them. No way, buddy. I’m an entrepreneur. Let’s get this party started. Or at least that’s how I felt at the time.

 

Nobody told me there’d be days like this, where I feel like I’m losing my mind and I can’t believe I’m in charge and there’s no one else to ask. Nobody told me there’d be days like this.

 

But then a client emails and tells me

What an amazing job I did

And a friend asks if I want to go for a long lunch Thursday

AND I CAN

And my kid’s sick but I don’t have to worry about childcare

Because I don’t have to ask anyone but me if I can work from home

And I’ve got dinner cooking on the stove

I just accepted a delivery

Tomorrow’s meeting is over cocktails with a long time friend turned business partner

A dash to the printer’s to pick up business cards means meeting old friends

My best friend and I never know whether to write off dinner
because it’s always business and it’s always pleasure
and we wouldn’t change a thing

And I can’t decide if my friends are
ENTREPRENEURS
because they’re my friends or
if they’re my friends because they’re entrepreneurs
but it doesn’t matter because my entire business world
is made up of my friends

Now the mail is here and

I just picked up a cheque

And it has my name on it

And a note from the client that has such heartfelt thanks that I tear up a bit.

Nobody told me there’d be days like this.

And I wish they had

Because days like this are what makes

being an entrepreneur

So rewarding. So real. So me.

Analysis paralysis cures for small business owners

Analysis paralysis cures for small business owners - don't get hit by the ballYou see the ball flying toward you, but you somehow can’t get out of the way. You’re too busy looking at all the other options – run, jump, dive, heck, even duck. All you need to do is stick your glove in front of the ball, but you can’t even do that. You can’t move a muscle.

And then the ball socks you right in the jaw.

Ouch.

Actually, let’s emphasize that a little. OUCH! (Add !*&#&^ % if it fits, too.)

That sort of paralysis on the playing field can happen in your business too. And, while it may not break your jaw, it can really hurt.

If you’re like a lot of small business owners, you may suffer from analysis paralysis. That’s where you’re so busy analyzing what’s going on and worrying about where to go that you stop making any moves at all.

Perhaps you’ve had one of those mornings where you look at consulting business advice, flip over to the news headlines, panic a little at the economy, hit refresh on your email, Google for marketing tips, log on to Twitte in hopes of finding salvation…you’re thinking a lot, but not much is getting done.

That sort of analysis paralysis can hurt your business.

But there’s help available. Right below here on the same page, in fact.

Six cures for analysis paralysis in small business

1.      Breathe

Take a deep breath. And let it go. Then take another. And let it go. Just simple and focused. It’s the very first thing you ever learned to do after you were born. And going back to it once in a while can help you regain your focus.

2.      Consider the cost of stalling

If you’re stuck, not much is getting done. What’s it costing you to not be moving forward? Start thinking about what it’s costing you to be stuck and you may realize it’s easier to take a step.

3.      Abandon perfection

Few things need to be perfect. Sure, I’m not going to tell you to put bad stuff out into the world. But getting it right doesn’t have to mean getting it perfect. Just get it out there. Refine as you go along.

4.      Define your goal

If you’re stuck, it’s surely on the way to somewhere. Find one goal you want to move toward. Make that your focus, not the analysis leading up to it.

5.      Figure out the steps on the way to that goal – then take a step.

Put together an action plan for meeting your goal. Then choose the first step and go for it. You won’t move forward if you don’t take a step. (Read about SMART goals, if this is new to you.)

6.      Get support

When you’re questioning your every move, sometimes it makes sense to solicit feedback from your inner circle. You’re your own worst critic. So talk to some people who can look at what you’re doing through fresh eyes.

 What’s keeping you from moving ahead?

5 tips from a Vancouver business plan writer

Are you working on a business plan for your business? Are you feeling stuck or having a hard time getting started with your business plan? Here are 5 tips from Vancouver business plan writer Andrea Coutu:

1. Just get started

For many, writing a business plan can feel like a daunting task. All those tables, charts, figures and all that research can feel overwhelming. And what do we tend to do when feeling overwhelmed? Procrastinate! But don’t let your tendency to procrastinate or to strive for perfection get in the way of your business planning.

Not sure how to move forward? Like any large project, a business plan is best tackled in bite-sized chunks.

An effective place to start is with a table-of-contents style outline. Here’s a sample business plan outline that includes 10 sections. 

Start by listing those 10 sections, and then brainstorm whether your unique business plan requires additional specialized sections that pertain to your specific industry. Aim to have twenty sections (or sub-sections) in your outline.  (Don’t worry, you can always cull them later. But it’s great to brainstorm quite a few sections to get your creative juices flowing.)

Once you’ve brainstormed a tentative outline, pick the section that is the most appealing to you (or pick the section that you feel will be the easiest part of the business plan to write). And now you’re on your way to writing your business plan.

Related to business plans:

2. Research is a launching point for networking

When writing a business plan it’s integral to do research. Research can take many forms, including analyzing market research or simply chatting informally with others in your industry. Ideally, your research will include both formal and informal research.

When seeking feedback and doing research, why not enlist some friends, peers or mentors to help answer some of your burning questions? Not only will this help improve your business plan but it will help expand your network at the same time.

3. Know your strengths and weaknesses

Are you a master marketer but couldn’t multiply your way out of a paper bag? Or maybe you are the opposite – are you great with numbers but find networking or selling yourself to be a painful prospect

Get to know yourself. And if there’s an area of your business plan that you know is a weakness for you, consider bringing in extra help from a professional business plan writer in your area.

4. Connect the dots

It’s great to set high financial goals in your business plan. But don’t forget to connect the dots regarding how you are going to reach your goals.

This is why your sales and marketing plan is important. Outline a step-by-step plan regarding the specific actions you are going to take to help achieve and exceed your goals.

5. Get a second set of eyes

Once you’ve got your business plan to a final draft stage, now is the time to enlist someone you trust and who will also provide sound, constructive feedback. And don’t just get feedback from someone who always supports you. You want someone who will help you identify both the strengths and weaknesses in your plan. So choose that second (and third!) pair of eyes wisely.

Writing a business plan is something you can definitely do on your own. However, for an extra leg up or to leverage someone else’s expertise consider hiring a business plan writer to help you put together an effective business plan.

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Last day to get the Consulting Start-up Course for $127

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