Small business | Words For Hire

Secrets of a Solo Business Owner

October 10, 2010 by Karen Swim

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.

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

September 22, 2010 by Karen Swim

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

5 Reasons Your Business Needs An Exit Strategy

August 23, 2010 by Karen Swim

: Image by David Paul Ohmer via Flickr

Business owners carefully plot their entry into the market but few spend as much time planning their exit. An exit strategy is as essential to your business plan as knowing what you offer and to whom.

“Every exit is an entrance somewhere else.” — Tom Stoppard

Your exit strategy can impact all of your business decisions. Knowing your destination will help you plot the course. Service providers and creative professionals especially those with a virtual business very often do not have a good exit strategy particularly at the inception of their business. Yet it is this group that should give even more thought to planning their own exit.

Not everyone desires to build a business empire. There are small businesses and solo professionals that have created their own job and that is more than enough for them. However, a job is simply that and if you don’t plan for the day when you no longer can or want to be your own boss you may find your options limited.

An exit strategy can help you define:

Your branding – are you creating a brand that can be transferred or is it so personalized that it can never be sold or operated by others?
Your operations- Do you have systems and processes that allow you to outsource or expand? Are you creating a scalable business?
Your offerings – Will all of your business income depend on your labor or will you create secondary revenue streams?
Your investment strategy – Are you creating a lifestyle business or a business with equity that you can liquidate, sale, merge or sell stock? If you’re making 7-figures from your lifestyle business you can choose not to grow and invest your money in other vehicles. This however requires long term financial and tax planning.
Your personal financial plan – Knowing when and how you will exit will drive your personal financial decisions. For example, a doctor’s exit plan may result in paying off their primary home, and buying their practice building.

Don’t allow a lack of planning to limit your choices. Make a conscious, well thought out decision that is right for you, your business and your circumstances. And remember the best journeys have a destination but allow for flexibility in how you get there.

Do you have an exit plan? If so, how has it impacted your business? If not, what would help you to formulate one?
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Think Small to Go Big

July 26, 2010 by Karen Swim

Sales for the Small Business Professional

Self-promotion and networking can be overwhelming for small practice professionals. Most would rather focus on delivery of their services than developing business. Many do well developing and executing marketing strategies but when it comes time to “sell” they feel out of their element. In my work with clients, particularly service and creative professionals selling is a common barrier. They would rather send an email, or find a technological shortcut than to interact with a prospect in a “sales” situation.

Last week a client and friend confessed her tortured feelings about self-promotion. “I feel like I am walking into a room of 1500 people and it’s overwhelming to figure out what to do,” she remarked. “Great!” I said. “You don’t need 1500 people you just need to make your way through the crowd to the intimate table of 10.”

Any process can be intimidating and overwhelming if you look at it in its entirety. Whether you are a business owner, a job seeker or someone returning to dating, you only need to take it one step at a time. The mental image of a small intimate table helped my client to ditch the willies and focus on a smaller, more manageable task. Giving her the visual of ignoring the larger crowd for the small tribe made the process much more friendly.

The job seeker who is overwhelmed by the unemployment numbers need only focus on their need for one job. They only need an offer from one company. The small practice professional does not need to reach 100,000 people, many would in fact be overwhelmed if their regular client list was more than 50.

If you find yourself getting overwhelmed, do the math. I am sure that like my client you will discover that the way to go big is to think small.

How about you? Does self-promotion freak you out? What tips have helped you overcome the fear?

10 Do It Yourself Marketing Ideas for Entrepreneurs

June 14, 2010 by Karen Swim

: Image by iamPatrick via Flickr

June is Entrepreneurs Do It Yourself Marketing Month. Many small to medium sized businesses do most or all of their marketing in house. We all need a mix of methods and channels to leverage our marketing efforts. Below are 10 ideas that you may not have tried that you can do completely on your own or you can outsource components of it if you choose.

Why not go out on a limb. Isn’t that where the fruit is? ~Mahatma Gandhi

Let your customers get their deal on with Groupon. Groupon, currently in more than 80 cities offers daily deals from local businesses. Each day the site offers a featured deal of the day. The deal is only valid if enough people buy it. There is no up front cost to your business, Groupon collects all the payments, issues a coupon and sends you a check minus their fee.
Give an award. A great way to connect with your community is to recognize the efforts of others. Honor an individual or business for service to the community or give a Hero’s Award to someone who did something special. Don’t forget to send out a press release about the award. You may even be able to secure prizes from sponsors.
Create a tips booklet. You don’t have to write a best selling book to take advantage of the written word. Tips booklets are a great way to market your business by sharing ideas. You can give the booklets away to customers and prospects or sell them. Sell single copies for digital download only and offer hard copies in bulk to organizations or businesses.
Do a free makeover. Makeovers are not just for those in the health and beauty biz. You can makeover careers, finances, media plans and more. To add buzz, have people submit an essay or video on why they should be selected for a free makeover. Choose the winner and then chronicle the before and after. The results will stand as a testimony to your services and the contest can boost your brand visibility.
Sponsor a local youth team. We talk a great deal about community online but offline community is equally important. This is a great way to give back and market your business.
Host a round table. This can be a physical or virtual event. Gather local business owners together to creatively collaborate on solving a local issue. Invite your local press to moderate. Or host a virtual event with other industry leaders to provide your audience with solutions to their problems. You will establish thought leadership and by partnering with others will also gain visibility with their audience.
Remember your current customers. Send cards to former or recent customers. Celebrate customer successes or milestones in your newsletter. Surprise a customer once per month with a free gift or discounted service.
Do a survey and share the results in a press release. Surveys can be an effective way to generate media coverage. You can hire a company to conduct the survey for you or do it yourself using online survey tools. Get ides on questions by researching other surveys. Creative questions can make great headlines.
Market through video. If you are not a fan of being on camera there are many other ways to use video to market your business. Do “man-on-the-street” videos asking random strangers funny questions that relate to your business. How to videos are very popular. People search online to find out how to do everything from using chopsticks to stopping the hiccups. Video is a great medium for showing others how to do something. If you have a budget you can hire a company to do an online commercial for your business.
Share your expertise with others. Pitch on and offline publications with an article idea (be sure to research the publication and guidelines), get interviewed by others in your areas of expertise, speak at workshops, events or even webinars. There is no shortage of opportunities if you are willing to do the work.

Integrating new ideas and approaches into your marketing strategies is a great way to get your brand in front of a different audience and revitalize your brand. Develop a plan and execute it consistently.

Resources:

Groupon
Tips Booklets (Affiliate link)
Co-op Online Commercials
Online surveys – Zommerang, Survey Monkey
Low cost printing services

Hit and Run Marketing

June 1, 2010 by Karen Swim

: Image by Creativity+ Timothy K Hamilton via Flickr

You know that you must promote your business to succeed. After all if no one knows you exist, you kind of don’t. You read in a forum post that Facebook has millions of users and that every business should have a presence. You create a fan page and write updates for a week. Five people like your site.

The next week you see an article that talks about the value of article marketing. The author shares her success with article marketing and how it drove traffic to her site. You write and upload ten articles to article directories.

You receive an email from a well known marketer that shares the value of press releases. You hire a freelancer to write a press release and upload it to press release distribution sites.

Later that day, you read a forum posting touting the value of twitter for small business marketing. Eager to succeed you immediately sign up for twitter and write your first update – “Trying out twitter.”

At the end of three months, your traffic is stagnant, and you have signed up for so many sites you have lost track of where you’ve been. Yet, the only business you have is the result of old fashioned networking and meeting. You go back to one of the online forums and declare that online marketing and social media do not work. You join the ranks of those who profess that this “social media thing” is nothing more than hype that will soon be exposed for a lack of results.

I tried Twitter but it did not work.

I sent a press release but they didn’t respond.

Social media is nothing more than a time suck.

If you have ever uttered any of the above phrases you may be among the hit and run drivers. None of the above tactics are bad but the only results you will get from a hit and run strategy is a pile of bodies in your wake so deep that you will not even remember the roads you traveled.

The best marketing tactic is the one that you do consistently. You do the work in advance to develop a strategy. Where is your target audience? What is the best distribution channel to reach them? What are you goals? What will you measure? How will you measure it?

You plan, implement, monitor, test, tweak and repeat. You refine your approach but you do not give up.

Social media and digital marketing strategies are not a replacement for all other strategies but another tactic for your marketing toolbox. Decide how and where it fits into your business and then choose a tactic that you can sustain.

When you commit to a marketing tactic, give it your best. Do it well and do it consistently. A self promotional update on Twitter every 5 days is not a strategy. Think a self promotional piece of drivel labeled a press release uploaded to a free site is going to land you on the pages of the Wall Street Journal? Think again.

You can market your business successfully using the telephone. If that’s your thing and you commit time to do it consistently, it will work.

If you are looking for a magic bullet that will cost you neither time nor money, then you should pack up your marbles and go back to the ranks of the employed. There is always a cost to marketing even when it’s free. However, if you do the work, you will get the results and with more business you can enhance your marketing even more.

How about you? Have you tried and abandoned techniques believing that they did not work? What marketing do you do consistently?