Are You Serious About Starting A New Business Venture?
I've noticed something in the last couple of weeks that I find quite striking.
I'm running into a lot of people - a LOT - who have started up their own business ventures. A lot of people have lost their jobs, and a number just got fed up and decided to strike out on their own. As a result, there's a wide range of one-person businesses that have cropped up in the last year or two.
Perhaps it's always been this vibrant - I'm not sure. The point is that I'm seeing a lot of them because I'm out there networking, promoting my own business.
In a matter of just a few minutes' conversation, I tend to classify each person as serious about their business, or not so much.
I'm not talking about whether they're GOOD at their business - we all make plenty of mistakes when we first start out.
I'm noticing whether they're DEDICATED to their venture.
Serious
- Is making the outcome happen
- Is working at it full time
- Makes decisions
- Speeds up
- Self-energizes
- "I am doing, we are doing"
- Obstacles are a way to learn
- Sees positive signs, hopeful
Not Serious
- Is wishing the outcome will happen
- Is working on it as convenient
- Waits for decisions
- Slows down
- Gets discouraged
- "They are (or aren't) doing"
- Obstacles are a reason to stop
- Sees all the negative signs
There's a particular franchise that's become quite popular of late, and I've run across a bunch of people who have signed up as one-person franchisees. When I talk to the 10% who are serious, they:
- Know their products very well
- Are actively seeking customers every day who would like to work with them
- Know exactly how their business is doing
- Envision a future with the company, and are doing things to build it
The other 90% are less serious, it's clear that they're just dabbling and hoping for some income until a "real job" comes along. But they're sabotaging their business success: Nobody but their current family and friends is ever going to become a customer.
Yes, I think the ratio is roughly 90/10. I've seen this pattern enough times now, and have tested my theory with others.
Why do you suppose that the most successful franchises have such high fees? A compelling reason is to weed out the 90%, so the 10% who are serious can join and build a robust business. And the other 90% aren't out there damaging the quality of the brand.
So… Are you putting in the serious effort it’s going to take for your new business to succeed? Or are you just dabbling?
Carl Dierschow
Small Fish Business Coaching Fort Collins
www.smallfish.us
Random Acts Of Marketing
- Put a few ads in the newspaper.
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Send out a mailing to your list of prospects.
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Hand out some coupons.
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Attend a networking function.
I’ve worked with a number of businesses that have marketing programs like this. Is it effective? Likely not. Why?
First, for many of these efforts, the first attempt will have absolutely no impact. In fact, studies have shown that it’s going to take seven tries before that prospect is even aware of you. And it’s going to take perhaps 20 tries before they have any kind of preference to even check you out. I have every reason to believe that these numbers have increased, as we’ve become more and more deluged with information and advertising.
Second, you need to be reaching the right audience. Let’s say that you have a pizza joint that serves students at the university. Will coupons in the newspaper work? If it’s the school daily, perhaps. If it’s the community paper, no way. And you may get a lot more traction handing out coupons at the student commons than by assuming that anybody is reading newspapers anymore.
Third, your message needs to be consistent for any particular prospect. If your pitch at the networking function is about cheap and easy, and in the advertisement is about slow and high quality, you’re going to confuse people. And people don’t buy when they’re confused.
Here’s the key principles of a productive marketing strategy:
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Invest in the methods which actually reach the right people and have impact
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Do it repeatedly, so you can get people to recognize, remember, and prefer your company
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Be consistent, so that each prospect is hearing reinforcing messages through different media
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And measure results!
Carl Dierschow
Small Fish Business Coaching Fort Collins
www.smallfish.us
