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2009-11-01
Your four-week guide to starting a business after being retrenched
by Staff Journalist

Being retrenched does not mean that you have to put your career on hold. In fact, retrenchment could be the stimulus needed to start your own business.
Published in:  Succeed in business
Week 1
Analyse your competencies and skills. Do this by listing the  roles and tasks that you undertook in your job. This could include project supervision or even using particular software programs. In the same way list your strengths and your passions.

Analysing these core areas will help you to determine the business you should start.

Week 2

Plan how your business is going to work. Outline your products or services and your target market. 

Reflect on your financial procedures and hiring policies. Choose a company name and branding.

Once this is in place create business cards to hand out to prospective clients.

Week 3

Make a concerted effort to attend as many networking events as possible. This allows you to connect with people and form relationships that can help drive the success of your business.

This will also be a good time to compile a list of potential clients. Doing this will allow you to focus your efforts and create customised gain strategies for each new lead.

Week 4

Create a competency showcase to demonstrate the benefits of your skills to your customers. This could be case studies of past work, testimonials and demonstrations.

A concrete plan to starting a business will help you prioritise your time and keep your thoughts on success instead of retrenchment. 
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