Takin' Care of Business

This song by Bachman Turner Overdrive is the definitive song about entrepreneurship. It's about the lure of owning your own business, where you can “work at nothing all day.” For many, that lure means setting your own hours, only doing the things you enjoy doing and leaving the rest of the work behind. 

How realistic is that though? If you're in business for yourself, you know (or should know) that the work involved in the daily ventures is harder than it ever was when you worked for "the man". Not only are you in charge of the creative processes, but the bookkeeping, the sales, the marketing, the admin work -- you truly are the Chief Cook and Bottle Washer. 

I think this is one of the reasons why small businesses don't grow like we hope they will. We don't take them seriously enough. We didn't get into business to work; we got into it to have more time, more money and more freedom. Yet, we find ourselves working harder and longer than we ever did when we had a J.O.B.

One of the most important things I believe that you can do for your business is something that I talk about all the time -- and that is to have a plan, a goal, a mission. When you work ON your business, not just IN your business, you give yourself a target -- something to work towards and actually helps you figure out who and what you're doing. So often, when I ask someone who their ideal client is, they tell me "Well, anyone can buy my product or service." Yet, that's not really true. 

If you take the time to figure out who you enjoy working with -- their demographics of age, gender, financial levels -- along with what you actually are selling that they want to buy -- then you have the mix that will get you to where you want to be. As an example, you sell expensive cars like Mercedes, Lamborghinis, and Jaguars. Who buys those? the factory worker who just needs something to get him to and from work? The teenager who is buying his first car so that he can take his date out after the football game? Or, are you selling to someone that has lots of money, owns multimillion dollar businesses, and wants to show off all his wealth? You have to figure out your market. Then, what exactly are you selling them? Are you selling a car? Yes, but ... actually you're selling prestige, speed and the ability to "show off" to others. See what I'm getting at?

Then, you have to figure out what you need to do to get that type of person in the door. What do you have to do to get that person to buy from you and thus build your business to the next level. See how all of this is important and much more than just selling a car. If you go in to work every day to sell a car, then you might as well be working for someone else who has the vision and mission. Take the time to figure this stuff out. It really is important.

I believe, depending on your goals, that by joining me, I can help you reach your targets. Once you have those goals in mind, your next step should be to become part of the Success Happens Peer Advisory Mastermind Group that is starting in October. I'll be sharing info on that exciting program in the next few days. Stick around or if you want to know NOW, send me a message atnancy@success4biz.biz.

Do You Take Time to Smell the Roses?

I've talked about ups and downs in business many times before, but it has never hit me more than it is right now. This is definitely not my normal rant or suggestions about what to do if you really want to grow your business. This is my heart breaking. And I hope that it gives you some encouragement as well.

Many of you know that I have been an entrepreneur (and doing things long before they were called what they are called today) since I was 12 years old. I was an administrative management company -- now called VA while the industry still had secretaries. I owned a cowork/incubator while they were still called executive suites, and I ran referral groups before anyne had ever heard of the BNIs of the world. That makes me OLD, I know. But it also tells people that I lived and breathed business most of my life. The most important thing to me was helping my customers with their businesses, supporting my employees and myself as well.  

I worked 7 days a week and only took off the week between Christmas and New Year to be with family for more years than I can imagine. In fact, for quite a while my mom and dad worked with me in the admin business where we had 6 offices in 6 cities between Michigan, Virginia and Washington, DC. My first two offices in DC were first, in a closet space not big enough for both me and the client -- we met in the hall outside my office door (but it WAS in the National Press Building, downtown DC). And then my second office was in a refurbished funeral home on 13th Stree (hooker heaven). We were in the baseement where they still did embalming and my employees wouldn't work after dark as they were afraid the ghosts would jump out and "GET" them. 

Life throughout all these times were certainly interesting. Business was good, business was bad. I worked at a J.O.B. to help me keep my business alive. I had 10 contractors working for me at other times business was so good. I was offered great exposure to clients, and then the rug was pulled out from under my feet. Those are just the ups and downs of being in business. And for over 30 years I went with the flow -- never thinking abou doing anything else. 

Then about 11 years ago (Geez, was it really that long ago), I woke up one night and it was like I was standing in the shower with my eyes open and the water pouring in. Bright halos of color surrounded everything. I was scared to death and for the first time in a long time, I wasn't thinking about what was on my schedule for the next day. Instead, I asked my then-husband to ge me to the hospital ASAP. That was a big thing, by the way, as we didn't have health insurance at the time. I had never bothered to worry about such insignificant things before.

Well, the verdict came in that I had a very serious case of Glaucoma, and for the next two years, I laid on either my left side or my right side, visited the eye doctor 3 times a day (testing pressures) and had four surgeries. Work went right out the window. Turning my business over to my office manager, aka friend, I learned the hard way that as a small business owner, no one cares about your business as much as you do, and by the time I was able to see and move again, my business was in the pits. It was shortly after that that I divorced my husband, moved back home to help take care of my aging parents and remarried.

Again, I was back to business. About three years in, I had a minor heart attack, and was told I should not work again. Three days later I was signing a lease on a new office. Getting a theme here? And life as a business owner went on. However, here's where I really want you to pay attention -- life (and God) has had other ideas for me. Two years ago, I was in a bad hit and run car accident which left me without the benefit of the full use of my left leg. As well, my parents started going down hill and as I write this we are worried if my mom is going to make it through the day. My business is suffering and you know what, I don't have any idea of what to do to resuscitate it. Unfortunately, I have a big event coming up in just a couple of weeks, and I really don't care -- well,  I do, but don't know which way to turn at the moment. 

I guess what I'm sharing here is that business owners are people first and foremost. We all need to figure out where our businesses lie in relationship to our lives. Do we have plans for the what ifs and the I hope not. It can be a fire, a burglary, an illness, a downfall in the eocnomy. You never know what might be just around the corner. So don't wait til it happens. But at the same time, don't let your business become your life. Make time for things that you'll want to remember when looking back. 

When you're starting your business, it's important to focus on that -- it's like a baby and needs lots of care and love. Yet, you need to take time for family and friends as well. Today, my wish is for you all to find a happy medium in there where you have a growing healthy company AND time for family and friends.

Take care all.

Nancy

Are You a Wannapreneur?

1. a person who talks about organizing and managing enterprises, esp. businesses, usually with considerable initiative and risk, but never actually does it. He was a wannapreneur who liked to hang around with entrepreneurs but would never take the plunge.

Another term for this is hobbyist: someone who is satisfied by an activity or interest pursued for pleasure or relaxation and not as a main occupation. The IRS defines business for purposes of tax deductions as one that has made a profit for three of the past five years. There's a lot more to it, of course. It IS the IRS afterall. But for this article that definition will suffice. 

I do a lot of networking, and talking with people who consider themselves business owners. While chatting I often hear them say that they are not satisfied with how well their companies are doing (either money wise or customer numbers). Everyone (me included) is looking for more of something. In fact I am amazed at times when I hear someone say they have as much business as they want and don't want to grow. That's great! Good for them. But, if you're like me, There's always more people to support and help. 

So, if you want to grow your business, my question to you is: what are you willing to do about it? For those that really don't want to grow, I ask is it because you just really want a hobby? Or are you totally satisfied with the money you have coming in? You have the lifestyle you want? All the money you need (and want)? Or is there something else out there that is holding you back? 

For those that want to grow their businesses, my question to you is: are you doing everything that you possibly can to move yourself forward? Do you know who your target market is? Are you putting in time each and every week towards marketing, towards production, towards figuring out your goals and your vision? 

I get really frustrated with people that call me telling me they want to be successful, but they don't have a clue of what that means to them. they are not willing to do the work that they know -- deep down -- they have to do to put in to get success out. 

At this point is where we have to start the process. What really is their goal? What do they want to create? Do they think it's exciting to say "Hey, I'm an entrepreneur. I own my own business", yet they're afraid to truly step out into the unknown. "What if I fail? What if I succeed? Will I be laughed at? Will no one take me seriously?" These are all things that go on in peoples' minds when they are starting businesses. These are the wannapreneurs. 

What does it take to turn that sort of whiny, I wish but everyone/thing seems to be against me, type of mentality around into the spot where you can say my business is doubling, or tripling in income each month. I have so many clients and so much work that I have to find help to get it all done? First and foremost, you have to face that fear head on and say, I think I can, I think I can. Dang I did it.

There's a lot of work involved in getting to the level where you want to be if you want to be a successful entrepreneur. Start with the first step and decide: am I an entrepreneur or a wannapreneur. That will tell you where to head next.

Are You Providing Value?

What is your business? Who are your clients? What do you sell and they buy? Is your marketing compelling, intriguing and persuasive? How do you get that message out to your public? And do you believe that anyone is your ideal client, or do you have an understanding of just who wants what you sell?

It's not easy to answer this questions; you have to really sit down and spend time figuring out your mission and your vision. I was watching an episode of Kitchen Nightmares this morning where a mom and her two sons were running an Italian restaurant is small town Pennsylvania. The one son had a dream to be a chef, had spent time in Italy learning from chefs there and had then come back where mom bought him a restaurant. His dream had been fulfilled. Right? Well ---- the story continues.

Mom was adamant that they only served fresh ingredients: yet, Chef Ramsey found bag after bag and box on top of box of frozen food in the freezer. But, mom argued, it was fresh when we froze it. So, when they cooked it, it was using fresh ingredients. Ok. I guess there's some reasoning here!!?!? Yet, they couldn't understand why nobody was coming into the restaurant. It was definitely NOT the food; it had to be the community didn't understand the difference between fresh and not fresh. What?

The point of this story for me is that the owner was totally unaware of her customer, her message and how it was being portrayed. Rather than understanding that she was saying something and providing something totally different was not only a turn off but to the people of the community a dishonest restaurateur who was pulling the wool over their eyes and making fun of them. I wouldn't go into that place would you?

So, I'm back again to asking you, who do you serve and what do you sell? This mom thought she was selling fresh, reminder of home, the ability to travel to Italy without having to leave their home. A great experience. She wasn't selling food. Does that make sense? And her target market was someone who wanted to taste the true cooking of Italy. Someone who wanted to have a good meal that they didn't have to cook themselves. Someone who was willing to pay for the experience without complaint or negative emotion. Was she getting that customer? No, but that wasn't the customer's fault. It was her's. 

What does that mean for the business owner reading this blog? I ask the question again, Who is your ideal customer? What is it that you sell? Are you providing the value that the customer is looking for? If you want help figuring this all out, YOU are my ideal customer. What value do I provide? Increased revenues, happy customers, dreams fulfilled, and more success in your business. Are you ready to provide your customers with the value they are looking for? Give me a call, or check out my website at Executive Coaching - Business Success Unlimited.

I've been in business for x years. You can't help me.

As small businesses we all think that what we have to offer the world is unique, and that anyone and everyone should rush right out and buy it. I mean, come on, my upcoming retreat/conference is right for EVERYONE isn't it? You do want to come don't you?

Yet, we know, through the logical side of our brain, that we absolutely cannot (nor do we really want) to sell to everyone. We have a type of person that we are drawn to, people that seem to just get us and get what we do. They are the ones that really, truly want what we offer. 

I am constantly amazed when I watch the business reality shows like Bar Rescue, Kitchen Nightmares, Restaurant Impossible, and The Profit. While these each of these shows has a bit of a different focus, they all are similar in that there are business experts who get called on to help get a business owner out of the deep dark hole (some owing more than $1 million dollars -- wow). These owners are desperate and ready to close down if these experts don't come and bail them out. And to my knowledge, it doesn't cost the business anything to have them come.

But (of course this IS television) almost inevitably, once the expert has come in to the rescue, there is a major confrontation, and the owner puts down their foot saying, "I do it right. It's not my fault that I don't have customers. I don't have to listen to you. Go away." There have even been a few times when the expert walks away from the business, saying I can't help. You just don't get it.

Well, I've seen this in reality -- not just on TV. It amazes me that people come looking for help and guidance, and then say, no. I'm not going to do that. I actually had one person that had asked for my help, but then told me "I've been in business for over 18 years. I can't possibly think of anything you can tell me that I don't already know or do." Ok. That's fine. You're not MY Ideal Client. Moving on. But guess what? Two weeks later, there was a sign on the front door of this person's business: Going Out Of Business Sale. Oh well.

Sometimes, as the expert, we have to show our value to the potential clients. Yet, in these tv situations, the clients already KNEW the value of what they were getting; however, they still chose to allow ego to come in and hurt them. So, from the standpoint of the "expert", make sure that you show them what value they get from you. (I don't mean here, necessarily the "I've been in business..." but perhaps, "I've helped so and so increase revenues by 25%" or "such and such has gone from 0 employees to 3 while maintaining a profit margin of X%). This is true value, given by the expert to the client so that they can see what could be in their future.

From the standpoint of the client, I suggest you make sure that you're not looking at things through ego, but through rational eyes. Do you really want to change the situation? What is causing it? Listen to the consultant, as they are the expert and you have asked for their help. The old saying "don't bite the hand that feeds you" is true here. This is not to say that if you absolutely believe what they're saying is wrong, you don't have to blindly agree. Yet, once you take your self-interest out of the picture, does it make sense?

I wish you luck and great success with your businesses. And if I can be of any help, check out Executive Coaching - Business Success Unlimited. I'd love to help and promise I'll listen and work WITH you.