1. Do What You LOVE: If you've chosen your business because you read that this niche was the next hot one, or because your favorite uncle (or your best friend) thinks you'd be well-suited for this business, you may as well pack up now and save yourself some time and money. If you don't love what you do, it will show...potential customers will know it and will go elsewhere. Is it possible to be successful anyway? Sure -- but it won't be easy and it won't be fun...and isn't that why you want to be in business for yourself anyway?
Instead, choose what you love. You'll know what that is when you find yourself being incredibly productive, forgetting the time passing by, and not being able to wait to get up in the morning to do more! At Solo-E we call that being juiced...but whether you call it being in the flow, or the zone, or whatever, FIND IT!
2. WRITE DOWN Your Business Plan: As a small or solo business owner, you still need a business plan. Even if you aren't getting a loan! Would you invest thousands of dollars of your own money buying stock in a company that didn't have a written prospectus? (I hope not!) Then why would you spend thousands of dollars AND hours of your precious time on a business that doesn't have a written plan?
Write your plan, get it critiqued by professionals, and most important, BE READY TO CHANGE IT. This may seem counterintuitive...why bother writing it down if it's just going to change? Because writing it down makes it more clear...and helps you get to the next stage of learning and planning and revising. It's critical--67% of businesses that failed had no written business plan. Want to play the odds?
3. Multiply Your Expected Startup Costs by Two--or Maybe Three: When I started my business, an honors MBA grad with 15 years of solid business experience behind me, I figured I was smart enough to estimate my startup costs accurately. I knew all the things I needed and made conservative estimates and I was still WRONG! That's right, I was still off by a factor of almost three. Don't make this mistake! One of the biggest reasons small businesses fail is because of lack of capital. Give yourself the best possible start by saving or acquiring sufficient startup funds NOW. Before you start!
4. Make Your Market Niche as Small as Possible: Again, this is counterintuitive--shouldn't you try to appeal to as many people as possible? The paradox is that the more you try to appeal to EVERYONE, the less you will appeal to ANYONE. Let's say you are selling your house...would you rather list it with the agent who operates in 14 counties, sells both commercial and residential real estate, and sells everything from cottages to estates? Or would you pick the agent who specializes in your community, selling only houses in a well-defined price range that she knows extremely well? Ruthlessly define your niche, make it as small as possible, and stay true to it. You'll thank me later!
5. Do Marketing Your Way: The temptation is to choose all the marketing methods that the competition uses. To stay with tried-and-true marketing channels. To place advertisements that you know nothing about creating, or make cold calls that give you heartburn. Why? Because (all together now) "that's how it's always been done."
It's difficult to stand out among your competitors when you are doing the same kind of marketing! So instead, look to your strengths. What do you like to do? What are you good at? Then choose three marketing methods that play to those strengths. If you need ideas, check out 136 Ways to Market Your Solo Business, another article at www.Solo-E.com.
6. Remember the Most Important Ingredient in Your Business--YOU: Business-owner: know thyself. Spend some time learning about who you are and how you are unique. Then let that uniqueness shine through in your marketing, in how you run your business, in everything you do. Don't hide your quirks--celebrate them!
Customers go to small and solo businesses primarily because they are looking for a personalized experience. They want a relationship with you as the owner of your business. If you try to come off as who you think they want, they'll smell right through that and not come back. Be who you are, and trust that who YOU are is going to be attractive to the right people.
7. Build Your Business by Building Relationships: Being a small or solo business owner isn't about sitting in the corner alone. Actually it can be--and that isolation is what drives many out of business and back into a "job". Build relationships to survive! Start with your colleagues--others you know who are at the same stage of business as you, or are farther along and willing to mentor you.
Next, build relationships with potential customers. Ask them what they want! Then create products and services based on their input and come back and show them what you have done. Get feedback, tweak, and maybe make your first sale. Stay in touch with your customers even after they leave you.
Last but not least, build relationships with your competitors. You might be able to do this right at the beginning, simply by asking them for their advice. Surprisingly, many ARE willing to share their secrets if you just ask. Later on, build cross-referral relationships, co-marketing alliances, and other relationships that are win-win for you, your competitors, and your customers.
8. Don't Accept a Customer Just For the Money: This is probably the hardest advice for new business owners to apply. Especially when there is a job, a project, a potential client, just outside your niche, that could keep your business solvent for the next six months. Don't do it! Taking on a client outside your niche inevitably results in frustration for you, dissatisfaction on the part of the client, and in the end, usually costs you more than you make. Ask any successful business owner and they'll tell you this is true!
9.. Don't Do Everything Yourself: It's so tempting to fall into the self-deception that "it's cheaper for me to do it myself." IT"S NOT! If you aren't good at something, for instance bookkeeping, it will probably take you 2-3 times as long--time you could be spending doing things that are essential for you to be doing personally, like writing your business plan or deciding your marketing strategy. Put sufficient capital into your business upfront so you CAN hire help right from the start. Your business will get off to a quicker start because you aren't distracted by time-consuming tasks that drain your energy.
10. Assemble Your Support Team: Start with the people who will help you do the things you aren't good at. Some examples: bookkeeper, marketing writer, web designer. Then add the people who give you professional business advice: a lawyer, an accountant, a business coach. Finally, include the people who support you personally: your family, friends, and colleagues.
Don't forget to be part of other's support teams, too. Share your expertise at Solo-E, start a networking group where business owners support each other, share a referral with a colleague. Solo Entrepreneurs supporting other Solo Entrepreneurs is what will make us all successful!
Copyright 2004, Terri Zwierzynski, Accel Innovation, Inc.
Terri Zwierzynski is a coach to small business owners and Solo Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas) at Solo-E.com and the author of 136 Ways To Market Your Small Business. Terri is an MBA honors graduate from UNC-Chapel Hill. Terri has been coaching for over 10 years in a variety of settings, including 6 years as a senior-level coach and consultant for a Fortune 500 company. She opened her private coaching practice in 2001. You can reach Terri at http://www.TerriZ.com.
______________________________________ ______
*********** Find more articles like this at http://www.Solo-E.com ? Keeping Solo Entrepreneurs Juiced in Business and in Life. Our team of Solo Entrepreneurs are comprised of small business experts who support others in finding business success with the flexibility and freedom to have a life, too. Network with other freelancers, self-employed and Solo Entrepreneurs in our forums, enjoy our articles and newsletter.
How long should a business plan be? A business plan... Read More
Want to know why certain people succeed and others don't.... Read More
When it comes to a startup, the luxuries shared with... Read More
Why, exactly, do you want to go into business for... Read More
The first step in deciding whether to start a business... Read More
Living in the twilight zone has its advantages. In the... Read More
Before you decide whether or not running your own business... Read More
Would you like to increase your chances of business success... Read More
The success and failure for the entrepreneur is largely dictated... Read More
I love bargains. And there's no better place to find... Read More
Entrepreneurs know their business. They know their product, their service.... Read More
Many of us slave away for years for one uninspiring... Read More
Great question! Overwhelm is very common even among the most... Read More
Summary: Even with a wide variety of sources available, coming... Read More
"Half of any job is having the right tool" was... Read More
According to the latest edition of Pool and Spa news;... Read More
Are you busy? Everyone's busy! Ask anyone they'll tell you... Read More
Isn't it funny how people think that being self-employed is... Read More
Studying the history of franchise companies is interesting is watching... Read More
So few really understand the drives and motivations of entrepreneurs.... Read More
I just arrived back from the best seminar I have... Read More
Q: I'm thinking about starting a business since that seems... Read More
Any time you make changes in your life you are... Read More
It's not uncommon to reach your 30s, 40s or even... Read More
James had an original concept and he needed an investor.... Read More
Yesterday was a beautiful, sunny day in New York and... Read More
Some would say about certain issues that the means do... Read More
As more and more people start or consider starting their... Read More
How do franchise companies come to be? How do they... Read More
I hear it all the time. "What should I do... Read More
Cash is one of the most important resources to a... Read More
Leadership is based on two words, "pressure and support"and that... Read More
Franchise business is being part of a successfully proven business... Read More
Ray Bradbury's quote, "You've got to jump off cliffs all... Read More
Does A Franchise Meet Your Needs?Do you look forward to... Read More
It's very important to get your business name right. You... Read More
When you buy a business, you should have a plan.... Read More
Jim and Sally run a successful auto business, which they... Read More
Most entrepreneurs constantly come up with new ideas. Whether they... Read More
Almost every day, I talk with people who want to... Read More
I recently conducted a lil' survey asking my colleagues what... Read More
One of the most important management tools a franchised company... Read More
Through just five or six intermediaries, you could be linked... Read More
Entrepreneurs know their business. They know their product, their service.... Read More
Site location analysis of regional service areas and planning for... Read More
This year more than 17 million people will become entrepreneurs,... Read More
1. Why should I not compete with others?The very concept... Read More
They're really are powerful million dollar opportunites everywhere.Ok, let me... Read More
If you have seen me speak you will know that... Read More
More and more corporate workers are leaving their jobs to... Read More
"Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50... Read More
Successful entrepreneurs have many traits in common. Here are ten... Read More
You have decided to strike it out on your own... Read More
Any success you have in life must begin with a... Read More
I am going to begin this article by sharing a... Read More
While it is tempting to just leap into a new... Read More
Mission Viejo, CA - June 14, 2005 - Bob Meyer,... Read More
Use this comprehensive checklist to plan each step of your... Read More
1. Isolating Yourself When setting up a business, you can... Read More
You've seen plenty of articles claiming to offer you the... Read More
1) No Umbrella Business Plan or Strategy -- Without a... Read More
Buying into a franchise is a great way to be... Read More
The most successful entrepreneurs rely on their advisory boards to... Read More
When a company decides that it must raise capital, a... Read More
Habits get a bum rap. When you think about your... Read More
I had a health scare in December.As it turns out,... Read More
Entrepreneur |