Check Your Market First

"New business? Check your market first"
by Cathy Goodwin

You've held a job for ten, fifteen even 20 years. But now you're ready to make a change. Or maybe your company has changed and you no longer feel you belong comfortably.

So you explore the option of a Second (or third or fourth) career..., which means upgrading your resume, making the interview rounds, and finding a new cubicle with another corporate title.

Right?

Maybe not.

For many readers, a Second Career turns out to be a business. Going solo can make more sense than mailing a new round of resumes. If your industry disappears, you're leaving a high-profile job, or you've risen through the ranks, self-employment can be your most realistic option. If you're working for an organization, it's never too early to start asking, "What will I if my job goes away - or I decide to run away from my job?" Once you begin moving in this direction - even in a small way - you'll most likely develop momentum and become really creative. But - what can you do? That's the Number 1 Challenge, my clients tell me.

1. Find a need. As you move through your day, listen for comments like, "I wish I had . . ." Or, "I wish I could find . . ."

Many business writers believe your first step should be finding a need -- not listing your own skills. Marsha Sinetar talks about a man who started a roommate-matching service - after searching for his own roommate to share a nice but expensive house. And according to Tom Stanley, one entrepreneur found success when he realized he could make a lot more money selling truck parts than selling used trucks.

2. Look for opportunities when a marketplace changes.

In Silver City, New Mexico, where I spent several years, some old-timers can't bring themselves to pay three dollars for coffee "with stuff in it." Ten years ago, they tell me, they washed their own dogs and mowed their own lawns. Today, people from New York, California and Chicago want double-shot lattes, dog groomers and lawn care services - and they expect to pay.

Nationally, the career marketplace has changed, as displaced executives recognize that career change skills differ from career growth skills. I find senior managers increasingly seek career consulting - and they're very direct about what they want.

And some companies have moved their writing in-house, adding jobs for writers. Others have cut back on permanent staff and now use more freelancers.

3. Focus on delivery and demand.

When clients consider starting a business - even going into freelancing - they begin with, "Where do I get startup capital?" and "What kind of licenses and insurance will I need?"

These questions are critical - but the answers will be straightforward.

Your real challenge is to identify a market that will pay for what you have to offer.

For example, one client wanted to target medium-sized businesses with a service that would save millions of dollars. Almost any company would benefit, she said. "As soon as they see the numbers, they'll get really excited."

But would they? It's tough to sell yourself in a crowded niche market - but if nobody's interested, you're facing an uphill battle. Convincing customers they have a need can be harder than demonstrating that you fill a need more effectively than the competition.

Once you've identified the market, you have to decide how you'll build relationships and deliver services. You may have a brilliant idea that uses your unique skills - but nobody wants to pay.

Or you may find a creative way to deliver a mundane service. Malcolm Gladwell describes an accountant who found financial success selling donuts to offices, collecting money through an honor system.

In my experience, when clients get excited about reaching a market, the insurance, taxes and licensing chores begin to seem manageable - even effortless.

The big challenge lies in identifying customers who will pay for what you have to offer.

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Cathy Goodwin, Ph.D., helps midlife professionals create small, medium and huge career changes, start a business or start over.

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Contact cathy@cathygoodwin.com or call 206-819-0989

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