The Way to Wealth (10 page)
Authors: Steve Shipside
For every corporate raider there are hundreds of Dilbert drones whiling away their days in the bowels of big business dreaming of better things. So get out there and work for yourself. As the man said:
‘if you would have a faithful servant, and one that you like, serve yourself.’
DEFINING IDEA
…Sexual harassment at work…is it a problem for the self-employed?
~
VICTORIA WOOD, COMEDIAN AND WRITER
Working for yourself is something everyone has daydreamed about.
Well, everyone with a boss, anyway.
In our dreams it is the perfect way to wealth—a path uncluttered with office politics and the blinkers of others. As self-employed people, we picture ourselves as the ideal combination of worker and employer rolled into one, free at last to work how we like and achieve our goals.
The reality isn’t always so sweet. Self-employment often means working much longer hours and with little or no guarantee of regular income. You’re also going to have to sort out your own sick pay, pension, tax and probably VAT. Because if you don’t then you have a rude awakening coming your way.
If you can possibly manage it, then the best way of setting yourself up in business is to start from a position of employment. All too often people try to start up on their own as a result of being made redundant or failing to get a job they applied for, and while a lot of these are successes it’s not the easiest route. Instead test the waters before you make the leap and prepare for your new life financially and mentally.
Sort your finances out first. There are no businesses free from overheads and it pays to find out what your outgoings are and what can legitimately be claimed back from tax. Which brings us to point two—get an accountant if you haven’t already. If you’re thinking of trading as a limited company then you have no choice on the issue but even if you aim to be a sole trader you’ll find that an accountant is a good idea because:
• They have an unbiased, unemotional view of your finances.
• They have more experience than you.
• They provide a first line of protection between you and the tax authorities.
• They, unlike you, won’t be surprised when the tax bill arrives.
That last point is worth mentioning twice. You will be liable for tax, and just about everything else, so plan for it in advance and put aside money as you earn it. That takes real discipline, but if you don’t then you will have palpitations when the taxman demands his cut.
Finally, do your research. Whether you’re forming a co-operative, opening a franchise or setting up a partnership make sure that there is a market for what you have to offer. If you’re already in employment in the same field then discreetly sort out your first clients—but be very careful not to put yourself in a position where your current employer can legitimately claim that you have stolen business from them.
HERE’S AN IDEA FOR YOU
…If you’re in the UK and want to get a handle on your tax liability and what you can claim there is a helpline run by the Inland Revenue for the newly self employed. In the US try tax advice at Self Employed Web—
www.selfemployedweb.com/last-minute-tax-filers.htm
. An online search will bring up other relevant options.
You are your own brand. The only difference between your brand and those of the big multinationals is that the only person marketing yourself is you, or as Benjamin put it,
‘a man’s own care is profitable’.
DEFINING IDEA
…To be in business today, our most important job is to be head marketer for the brand called You.
~
TOM PETERS, AUTHOR OF IN SEARCH OF EXCELLENCE
Whether employed, self-employed or working on that big break as a beach bum, you are a brand with recognised values and selling points. People who are self-employed usually recognise that they are a brand; so do some others. For example, if you’re a consultant or a knowledge worker you will already be familiar with the idea that your marketability is not simply the skill you offer but a whole suite of attributes including your social skills, appearance, associates, availability and pricing.
If you haven’t thought of yourself in that way then you can start by asking yourself the following questions:
• What five words would other people use to describe me professionally?
• What are my best attributes as other people see them?
• Who is my target market? My boss? A new boss? My clients? New clients?
• What have I done in the last three months that has raised my profile with my target market?
• What do I plan on doing in the next three months that will raise my profile with my target market?
Don’t confuse building a brand with doing your job. The work you do is a crucial part of the brand, but the brand goes well beyond what you deliver. For example, a lot of smart business people raise their visibility through activities such as volunteering, lecturing, working with mentors or being interviewed by analysts or journalists. Few of these things earn money directly and most don’t fall under the heading of ‘the day job’, but they all build profile, recognition and what marketing people would dub ‘brand equity’.
Think carefully about how to go above and beyond delivering on your job by being seen to excel and stand out. That doesn’t necessarily mean doing the best job—those quiet, self-effacing workers who get everything done and take no credit themselves may get their reward in heaven but it’s the self-marketers who reap the crops here on earth.
Consider how your current work project tallies with your perceived (or hoped for) branding. Does it challenge you? Does it highlight your best points? Will that come to the attention of those people you’d like to impress? If not, are you really sure that you are expending your efforts in the right direction? If you have the luxury of including self-branding as one of your criteria when taking on work, then that’s great—but if you don’t determine your own role so clearly, you can still use the idea to help decide where to really push for it and where to simply get by.
HERE’S AN IDEA FOR YOU
…Networking is key to brand development. Online networking sites like Linked In (
www.linkedin.com
) are obvious tools here but don’t forget the power of Facebook (
www.facebook.com
). Time to remove that pic of you puking at the party and start marketing yourself more slickly.
36
THE KIND OF CREDIT THAT DOESN’T COME WITH APRS
Your chief job is marketing the brand that is you. But what if someone else is reaping the benefit of your branding efforts?
‘Trusting too much to others’ care is the ruin of many,’
as Franklin put it—and in this case trusting others to give you your due could be the ruin of your brand.
DEFINING IDEA
…PLAGIARIZE, v. To take the thought or style of another writer whom one has never, never read.
~
AMBROSE BIERCE, THE DEVIL’S DICTIONARY
In the world of brands there is such a thing as ‘ambush marketing’ in which one brand relies on the equity built up by another, then steals its thunder. A classic example is the major sporting event where one shoe brand sponsors the whole shebang, only for its rival to park a truck right outside with a vast, unmissable LED screen showing its own adverts. In the business of me-branding the ambush comes when a colleague coolly claims credit for the fruits of your labour.
Since this is your brand at stake here, you can’t take that sitting down—but nor do you want to appear too precious and whiny about the issue. Somehow you need to come out on top and smelling of roses, which can be tricky if the person claiming your credit happens to be your boss.
The first thing to consider is Franklin’s own warning that trouble comes from trusting too much to the care of others. Undoubtedly praise from others carries more weight than blowing your own trumpet, but it is your job to ensure that you are getting noticed by other people. If someone else is getting credit you have to ask yourself whether you are being deliberately pushed out of praise’s way or whether you have been too backward in coming forward.
• Has someone knowingly taken credit for your work or is it a misunderstanding?
Before you even think of mentioning your grievance consider the following:
• Has a manager simply taken credit for team leading or are they overstepping that line and specifically usurping your role?
If there is even the shadow of a doubt about the answer to either of these questions, then throwing your toys out of the pram at this stage is going to be counterproductive.
The best policy, certainly the first time it happens, is to give them the benefit of the doubt. If it happens again then put away your personal feelings of being wronged and instead see it as an opportunity to approach the purloiner of praise and express how happy you are to see that person drawing attention to the quality of your work. Maybe there’s a way you can work together here…As with any negotiating position, the key is deciding what it is you want. Is it recognition, or are you prepared to put aside your branding issues with others, at this point, in return for the credit-taker’s appreciation of what you do and the possibility that together you could go further?
HERE’S AN IDEA FOR YOU
…Plagiarising is a dangerous game with a double-edged blade, so if you are going to insinuate that it’s happening, make sure you’ve already consulted with a third party beforehand about your position. This also gives you the benefit of an independent viewpoint about whether you are making an inappropriate fuss.
37
DON’T SELL YOURSELF SHORT—GET THAT RISE
Though a religious man, Franklin was clear that if you want to prosper you shouldn’t be asking for divine help all the time.
‘God helps them that help themselves,’
he insists, and oddly enough so do employers. If you don’t take steps to get what you want then nobody else will do it for you.
DEFINING IDEA
…Man is an animal that makes bargains: no other animal does this—no dog exchanges bones with another.
~
ADAM SMITH, 18TH CENTURY ECONOMIST
Whilst there are many reasons why we seek employment (the challenge, the fulfilment, the kudos), and many things we appreciate (the environment, the social company, the free coffee), the heart of the employer/employee relationship is still the salary cheque. For all the challenge—and no matter how good the office banter and free drinks—there is little doubt that the size of that monthly figure is what makes most of us turn up on Monday mornings. So are you sure that you’re being paid your worth? And what can you do about it if you’re not?
Unless you’re in a heavily-unionised or public-sector job with fixed pay levels the chances are that you and your colleagues remain firmly in the dark about each other’s salaries—and the company is more than happy for it to stay that way.
To get an idea of what you should be paid you may have to look outside your own company. The first place to start is job adverts, but these can be misleading due to different packages of bonuses, compensation for stress or weighting for living in a more expensive part of the country.
Do your research carefully before walking into the boss’s office—the fact that you know of another person in the company who earns more for the same job is not enough. Instead, see if you can point to a general industry standard of reward which you don’t seem to be getting. Inflation is currently too low to be a major factor (though this may change), so unless you can bring absolute proof that fuel/food prices are hitting you more than others you must be prepared to show that you are underpaid for your market worth. Be aware that if you are a woman this is most likely the case anyway. Even so, prepare your argument—there is nothing worse than triumphantly pointing to a male co-worker who is earning more only to be told that they have a qualification or speciality known to your boss but not to you.
Finally, don’t start questioning the level of your pay rise just when you’ve been told what it is, as a fait accomplish hard to overturn. Instead think about what you rightly deserve months before pay negotiations come around. The exception to that rule is if you feel you have just been personally key in a major coup for the company. Then it’s time to strike while the iron is hot but—again—be sure to do your homework and not just make up a number.
HERE’S AN IDEA FOR YOU
…Instead of scouring the job adverts and sidling up to colleagues to ask their salaries, try an online salary checker. There are plenty of these for specific industries, roles and physical locations. One good example is
www.worksmart.org.uk/tools/paywizard.php
but they exist for pretty much any job and geographical area.
