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Secrets of a Solo Business Owner

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I had a chance to interview, Solo Business Coach and Entrepreneur, Trish Lambert recently. Trish has decades of experience as an entrepreneur and was leveraging remote and distributed work teams long before it became the new work model. She has a particular passion for solo business owners to which she devotes, Success in Sweatpants a division of her long standing business, 4R Marketing. In this 2-part interview Trish shares her passion for solos and offers some words of wisdom for solo business owners.

Your practice focuses on solo business owners, what drew you to this segment of the business community?

A mix of things. For one thing, I became a solo business owner for the second time in 2005, having finally run metaphorically screaming from the corporate world. I know I’m not alone in finding corporate life stifling and unsatisfying, and I have great empathy with other “defectors.” Second, I have probably hit every pitfall and pothole in the process of building my business, and I would like to help other solo business owners avoid at least some of those as a result of my coaching. Another thing is that I think solo business owners are taken advantage of, whether unintentionally or on purpose, by a lot of business experts who are more interested in their own fame and wealth than in following through on the claims they make to attract clients. I want to offer an alternative that delivers on its promises.

What are the key differences between solo business owners and other small business owners?

I think that the key difference is in their objectives. The solo business owners I work with intend to stay solo. They will certainly delegate parts of the business to subcontractors, but they have no desire to hire employees, have a big office, or stockpile inventory. They want to stay solo and maintain a lot of agility in their businesses. They want to have what I call a 360-degree life—that is, they want their businesses to fold seamlessly into the other parts of their lives. Small business owners, for the most part, have different objectives. They may be building something to pass along to the next generation, for example. Small businesses are not as agile as solo businesses because they have an infrastructure with employees, capital equipment, business loans and other things that limit their range of movement in the marketplace.

What do you think 2011 holds in store for small and solo business owners?

I wish I could say that I think we are going to get out of the hole we’ve been in. After all, “they” have said that the recession is over. If that is true, that’s great, but I think it will take some time to trickle down to us. I think the best approach to 2011 for small and solo businesses is to expect another year of the same, and take the right actions to stay in business. If things get better, that is excellent, but I think we need to err on the conservative side.

What are the key things that solos can do right now to prepare for a strong 2011?

This is the time of year when I encourage people to look really closely at their books. What can they do now to ensure that there won’t be a revenue dip in the holiday season or a lull in January? What expenses can they pare down or eliminate so that they are more streamlined financially?

I also encourage people to review their marketing activities. How effective are they? What needs to be changed or dumped? What needs to be added? Can you get more creative in your marketing? Put plans in place to have a big marketing push after the holidays, because people are in “renewal” mode then and  they may be more likely to purchase products and services that they would either not buy or would waffle about at other times of the year.

Do you have questions for Trish? Please  ask away or add to the discussion in the comments. Trish is currently running  a contest for solo business owners and in part II she will share the behind the scenes experience and the lessons learned from developing and executing a contest. I hope that you’ll not only enter the contest but come back and read part II of the interview.

Trish Lambert is a solo business coach and entrepreneur. Her coaching helps solo business owners to stop spinning their wheels and produce the right results in  their business. A fervent believer in no gimmicks, just RESULTS, she helps solos to move  forward toward their goals.

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Blog Action Day – and the Age of Conversation – Servant of Chaos

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The Age of Conversation Official Charity – Charity Water

The first piece of news is to confirm that the charity that benefits from each and every sale of each and every book, is Charity Water. Charity Water is a non-profit organization bringing clean and safe drinking water to people in developing nations. 100% of public donations directly fund water projects.

Amazingly, just $20 can give one person clean water for 20 years. An average water project costs $5,000 and can serve 250 people with clean, safe water – so purchasing a copy of the Age of Conversation 3 really can make a difference to someone’s life!

via servantofchaos.com

October 15th is Blog Action Day and this year’s focus is water. Many of us may take it for granted but many around the world do not have clean and safe drinking water, something vital to human survival. Charity:Water is also the official charity for The Age of Conversation 3, so we’re asking that you support both Blog Action Day and Charity;Water by tweeting, sharing and blogging about the topic and buying a copy of The Age of Conversation 3 on October 15th.

Read Gavin Heaton’s full post here: http://www.servantofchaos.com/2010/10/blog-action-day-and-the-age-of-conversa…

Posted via email from Marketing, Musings and More from Karen Swim

In Defense of Selling

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No Soliciting
Image by paganites via Flickr

There is a growing movement of people that seem to believe that selling is equivalent to the old style peep shows frequented by dirty old men. They’d rather we all hold hands and sing songs around the campfire. I love a good round of Kumbaya as much as the next person but campfire songs don’t pay my bills. Crude of me to say I know, but I am rather fond of the basics of life such as shelter, electricity, indoor plumbing and at least one meal a day.

I am all for engagement, and authenticity but wonder if we have gone overboard. While the way we market and sell continues to evolve, the activities cannot be eliminated. If I listen to this growing contingent, I am never to ask for business and when I do receive it because I played nicely with the kids at camp, I am to perform the work and then apologize profusely for charging for it.

Hogwash.  While I am not a fan of ONLY talking about yourself, and pushing your products like a crack dealer on a street corner I am quite passionate about my work. I have clients who are doing amazing things. I love sharing their successes and am honored to play a tiny role in their business. Sometimes I will talk about that. And by golly while we’re singing if you express a need I am going to speak up! (Truthfully, I am more apt to recommend someone else because it’s not all about me!) Conversely, when you speak you can count on me to really listen and hear you.

Where on earth did we get the idea that we should be ashamed to be in business? The energy company never apologizes to me for taking my money, nor do any of the other vendors I pay monthly. Many make me feel good about CHOOSING them and express their delight I am a customer, but apologies? Never. And why should they? These vendors are providing something I want or need. I pay them in exchange for their products and services. We’re all happy even without the campfire songs. The songs are a bonus, either an entry or deepening of the relationship but not required for me to choose to do business with you. What is required is you delivering on the promise, you can sing all you want but in the end if you don’t do what you say it really won’t matter.

I’m cool with not being Facebook friends with my OB/Gyn. We’re quite personal enough, thank you very much. I don’t need my grocery store to follow me on Twitter and tweet me inspirational messages (although I do love coupons and sale alerts).

I love the conversations and friendships that develop via social media but I also have a responsibility to be a faithful steward to my business. This means I have to tell people I exist. I have to make money so that I can keep my economic ecosystem in balance. When I do the work, I also have to charge for it. I will not apologize for billing you but I will work my tail off to exceed your expectations. I will treat your business with respect and look for ways to add value, and I will let you know how much I appreciate you choosing me. I may even sing a song or two with you but I will not disrespect you by apologizing for the transaction.

So yes, let’s keep the engagement, bring it on! However, let us not hang our heads in shame or fear at respectfully engaging in marketing.

What are your thoughts? Is there a happy middle ground? Dissenting opinions are welcomed, disrespect is not so be nice to me and each other. 🙂

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Mid-life Crisis Number 122 and What You Can Learn From It

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When I was 29, I had a full on midlife crisis sans the red convertible. I engaged in endless self reflection and mourned that my 20s were gone. I changed my hair and considered jumping from a plane but I was too busy with work to schedule it. I turned 30 and realized I had wasted the real last year of my 20s being stupid. I patted myself on the back for completing yet another milestone ahead of the norm. One midlife crisis down and I could cruise until menopause, or so I thought.

At 46 I seem to have a midlife crisis every week. I often resemble a deer caught in the headlights as I yet again question my purpose, value and my bathroom scale. And yes, even as I write this I am checking the mirror to see if I now have the acne (or worse chin hair of the later years) to accompany my unexplainable teenage like angst. Oh no, what will the cool kids think?

Unlike the teen years, I don’t have to wonder about the cool kids thanks to social media.

Judging from the tweets, updates and emails I could conclude that the cool kids are stress and problem free. But I am not 16 and now know with certainty that no one is perfect.

So what on earth does this have to do with business? A fair question given that this is a very official “business” blog. Social media has a way of distorting reality. Viewing the world through 140 characters or more can lead you to draw conclusions that are riddled with gaps. Even in the age of transparency, it’s impossible to get the whole story in the time and space allotted.

Rather than using social media as a barometer by which you measure your success or failure, use it to ferret out ideas, challenges or insights for deeper exploration. What worked for another business may not work for you but when ideas or approaches resonate it is worth the time to examine them closer.

When possible reach out to those that have presented something of interest and ask if they’d be willing to share more – what were the challenges, what led to the decision about the strategy – get the story behind the story. I have discovered that with the right approach people are willing to be helpful. Be respectful and don’t abuse their time, or cloak your questions as an opportunity to get free services.

As for me, I have decided that my ongoing crisis is actually a good thing. I am constantly questioning and challenging my own beliefs because I care deeply about my life and place in it. (That’s my story and I’m sticking to it!)

There is an abundance of information available but we still get to choose what we allow in and what we ignore and most importantly how we allow it to impact us. The upside is that every day we have opportunities to expand our perspective and learn from others. Remember the cool kids really are just like us, albeit with better hair.

What about you, any midlife or other stories to share? Does social media ever make you feel overwhelmed or question whether you measure up? Add your comments, this is a no judgment zone.

Photo Credit: © Youths | Dreamstime.com

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Groupon Not Such a Bargain for One Business Owner

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Groupon logo.
Image via Wikipedia

I have been a huge fan of Groupon, a coupon system for local merchants, since I first heard about it last year. The site provides consumers with a way to tap into group bargains without  a group, and local merchants with a way to gain new customers and increase store traffic. Strategically deployed it can enhance visibility for local merchants. One business owner, however, has shared her story of how offering a deal nearly sunk her business.

Cafe owner, Julie Burke used Groupon to offer a deal of $13 of product for $7. More than 1000 consumers bought the deal and the amount of consumers coupled with the failure to account for costs left Burke $8,000 in the red and having to withdraw from personal savings to cover payroll for the month.

According to Burke, she was hesitant about the deal and the revenue share (Groupon would keep 50% of the revenues) but against her husband’s advice decided to do it. Burke does not blame Groupon for her bad experience but shares her experience so that other business owners can learn.

Below are 5 quick takeaways from this business case:

  • Know your cost to provide your product/service. If you  do not have the in-house capability to develop cost data it is worth it to hire an accounting  or financial professional to do this for you. VA Firms or Accounting Agencies can provide you with project based help.
  • Know your capacity. Promotions when successful will result in an influx of business. Do you have the infrastructure, staffing and supplies needed to manage an increase in business.
  • Never let someone else override your instinct about your business. Burke was hesitant to do the deal but moved forward because other trusted businesses had done it successfully. This is a classic lesson. Just because a bigger, higher visibility, or longer established business does something does not mean that it is right for you and your business. Trust your instincts and judgment.
  • If you don’t like the terms, ask for new ones. Burke indicates that she was told that the deals could not be capped. The Groupon CEO indicates that is incorrect. People can be wrong. The sales person may have been new, overly eager to sell a deal, or just misinformed. Even if the sales person has the information correct ask for different terms. If you really want to move forward in a deal, negotiate the sticking points even if means pushing to a higher level.
  • Discount carefully. Discounting to drive traffic seems like a low cost and effective solution but as Burke’s case highlights it may not make sense for every business owner. Discounts may bring in new customers but they may also bring in bargain addicts who will never support your business long term.

To their credit, Groupon’s  CEO left a comment on Burke’s post with an apology, explanation and  promise to “make things right.” Groupon has done a nice job of leveraging social media for marketing and it’s nice to see that they are also actively listening and responding.

I encourage you to read Burke’s account and see what other lessons you gain from her experience. Please do share your insights in the comments so that we can all learn and grow together.

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Why Writing for Your Readers is a Bad Idea

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John Steinbeck on Writing...
Image by Jill Clardy via Flickr

In online publishing there is an oft repeated mantra about writing for your readers. While it is true that you should write for your readers rather than search engines, there is a gaping hole in the advice.  When you face the blank page to tell your story, the last thing you need is an audience, even when the audience is only in your head.

Even the most experienced writer often faces the nasty inner critic, who shows up to heckle and deter you from your writing process. If you allow readers into the room you can guarantee that at least one of them will be a critic. In his book On Writing: A Memoir of the Craft , author Stephen King advises that you tell the story to yourself first. It is advice that helped me get my first novel onto paper. I had to shut the door and lock out the readers, and the critics in order to first tell the story.

Writing is one of the few tasks in which focusing on the end result can hinder rather than help. You cannot sit down to write a New York Times bestseller or a viral blog post. Initially it is you and the story, whatever that story may be. When you have told the story then you allow the readers to help you refine and polish it.

Writing without an audience can yield surprising results. You may discover stories or storytelling elements that never would have blossomed without creative freedom.

Whether or not you are a writer, we all have to write – reports, presentations, correspondence  – and we have all faced the critic that makes us anxious about the end result. How would you apply King’s advice in your writing? Would it ease the task of writing if you did it without thought about the end result?

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