Discovering and uncovering the market value of your strengths at halftime is extremely helpful when deciding what to do next. One of the key principles in evaluating stocks and bonds is always trying to figure out their real market value. The same principle is true at halftime. Many women transitioning to start their own entrepreneurial endeavor realize that a lot of their skills came from their experience, their specialized study and their wisdom and abilities they’ve developed over the years. Those things by themselves have market value and that is we're going to approach here. However, the value should packaged right before being offered to the marketplace. It may surprise many as to what the value of those abilities are worth.
Market value usually comes down to what people are willing to pay for. You can have an artist mindset that says, I’ve got this great project…I’ve got this great album! But what is it really worth? Many people have great ideas…but for a nonprofit! If we want to make money, we have to uncover the market value. I have definitely been in this loop of creating great projects a number of times so I’m speaking to the choir here!
What are People Looking For?
It’s also helpful to see what people are looking for. Google AdWords is a great place to see what keywords (searchable terms) people are searching for. As far as our own skills, we need to spend enough time evaluating our own skills to discover what is truly searchable, then transferable in those searches.
Knowledge and expertise are heavily marketed. Take a moment to do a Google search on the word expert. My search uncovered over four Trillion responses! How does one cut through in that flooded marketplace? To drill down on this a bit further, let’s approach a marketable skill that doesn’t get talked about as much: relational skills. If you talk to any person running a business, what they would probably tell you is that 20 or 30% of their problems have to do with sales, manufacturing and marketing and about 70% of their problems have to do with people.
What are Your Skills?
Individuals, who over the course of their career have developed relational skills have a value, if packaged correctly, that can be marketed in a tremendous way. This is a soft skill that is not merely knowledge based. You won’t go to a university to get a certificate and it’s not a retail product you can purchase. However, it’s a very real and valuable skill the marketplace is more and more willing to pay for.
A growing need for this skill is especially apparent in family owned businesses. Many of those businesses are falling apart because of diverse personalities. This makes creating an exit-plan extremely difficult. Bringing in an outside person with relational soft skills, along with mediating tools, is of extreme value and has the power to save the company. This is not to discount the value of also hiring an attorney, but if there is no effective communication, there is no workable plan.
Research is another valuable skill that has huge market value in today’s entrepreneurial society. As aspiring authors write books, they need research. As speakers craft speeches, they need research. A typical researcher has the capacity to sit, study and put together disjointed facts into a coherent train of thought. The whole medical insurance industry needs help communicating to corporations the best plan for them. This takes research and interpretation of the laws. As we know, even Congress doesn’t understand them! As artificial intelligence is growing by leaps and bounds, business applications, along with research is extremely valuable and something a corporation will pay pretty big dollars for.
Here are Four Short Takeaways
Takeaway One: Define a Unique Strength of Yours that Others aren’t using yet, or good at. If you can figure out how to make money at it, you’ve got an opportunity to create a stand-alone business.
Takeaway Two: Put transferrable Skills into a System that can help Others. Put it together in a process. (Like Hero Mountain®) Selling a one-off product is great for cash flow, but creating a system is sustainable for the long-term benefits and will pay off.
Takeaway Three: Use Automation. Figure out how to automate part of your business with a structure that will help you manage not only your business, but your life. Also, don’t back off from technology. Learn enough to be able to hire and manage the right people.
Takeaway Four: Determine Your R.O.I. This may feel impossible at first if you are starting a new side business or even launching a startup. It usually takes money to make money, although not always a huge amount! Look at the numbers and see where you are, but don’t get stuck there. Give yourself some time and a little grace to build! I just know you can do this! Invest in yourself enough to create leverage for a greater R.O.I.
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