Attract Customers and Make Yourself Famous
One of the questions I get a lot goes something like this, “How do I get customers for my business? I don’t have an advertising budget, an email list, a popular web site or any other way to reach an audience. How can I start making money without those things?”
Here’s how… [Read more…]
I got an email recently asking for some advice. The question is one that I think all of us face from time to time, especially with a new business or during lean times, so I thought it would be a good idea to share the question and my response with you. Details have been changed for privacy reasons, but the problem is universal.
I am feeling so discouraged right now. I spent a lot of time over the past month trying to sign a new client. There was a proposal followed by questions, meetings, emails, conference calls and more questions. Just when I thought I had the job, I found out it went to someone else.
I was counting on this work and really put everything I had into it. I really need the money I would have made. What do I do now? I don’t have any other prospects. I feel frustrated and sad and I just want to quit.
Wow. Been there, done that. We have all had times when things didn’t go our way. Sometimes big things, like this. Rejection at any time can feel like you were punched in the stomach, and it is especially hard to take when you really need the work (and the money–mostly the money!).
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Recently, a client told me that she is worried her husband will lose his job. Although her business is profitable, they depend on both incomes and couldn’t get by on her current income alone.
As we talked about what actions she could take to prepare for this possibility, she mentioned a few things she believes she could easily do to dramatically increase her income if her husband is laid off. This caused me to ask, “Why aren’t you doing those things now?” She didn’t have an answer at first, and finally said, “Well, I guess because I don’t have to do them. We make enough money right now.”
It is easy to get comfortable with where you are, and not make improvements until an outside force pushes us into it. That doesn’t mean that you have to do anything and everything to chase the almighty dollar, but if there are things you can do to make yourself and your family more financially secure, shouldn’t you at least consider doing them? Maybe some of them aren’t right or will overwhelm you, but even if there are just a few things you can do that will increase your income without messing up your life, shouldn’t you do them?
Pay special attention to things you can do that will generate recurring income. If there is something you can do once and get paid again and again, why not start there? Examples might include publishing a book or ebook, setting up a membership site, or licensing something you created.
Don’t wait for a crisis to strike before you step up and start doing the things you should be doing now.
Marketers are a dime a dozen. There are so many people flooding onto the Internet to try to make money – and the poor economy only increased the flow. Too many people see the Internet as the path to easy riches, and the desperation makes them rush into a sloppy bid to make money.
They aren’t thinking about longevity – they’ll think about that later. Unfortunately, their reputation will be carved in stone by that time – sometimes with plenty of blemishes to ensure no one will ever trust them – or that they will simply be ignored.
If you go into business, do it with a promise to yourself that you’ll make a splash. That you’ll set out to be known for something. What that “something” is will be different to everyone.
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You’ve got a huge pile of money and you are looking to make it grow by investing in a business. There are hundreds of thousands of potential businesses that you could invest in. Think about the return that you would like to get on that money. A percentage dividends annually? Double the value of your equity in 3 years? Whatever it may be, you will be considering whether or not a potential business is going to reach that financial goal you have with your pile of money.
Now, forget about all your hard work and attachments: Would you buy your own business? The weeks and months following my experience on Shark Tank, I realized that I would NOT buy my own business. Why? Because the return wasn’t there. At least, how it was at the time.
That hard reality completely changed the way I viewed my business and set fire to a growth pattern that is making it a worthwhile investment.
The first things an investor will look for are profit and growth. They should go hand in hand. The more you grow, the more units you sell, the higher your volumes, the greater your economies of scale and thus the higher the profits.
Then they’ll ask, is the growth sustained? This is where time plays a key role. Have your sales grown year over year? If the answer is “No” you have a lot of work to do and some time to put in before you are attractive enough for an investor or for a buyout. No amount of excuses are applicable here. Put in the time and make it happen.
Is the operation turn-key? Can your buyer walk into your business and run it without you? If this idea is foreign to you, I highly recommend reading The E-Myth by Michael Gerber. This book is all about making your business be able to run like a well oiled machine WITHOUT YOU. Set your ego aside, this is business.
When I used to run track, I would prepare for the day so that when I crossed that finish line there were no excuses as to why I couldn’t run my very best race that day. In business it’s very much the same. I regularly stop and ask myself, “What can we be doing better?” If there is an area of weakness (an excuse for stagnation), I eliminate it. That simple question will help differentiate yourself from your competition and make your business attractive.
Viewing your business from the perspective of a buyer will change the way your operate your business and how you grow it. Who knows, maybe you’ll make your business so attractive and profitable; your best investment is to keep it!
Kelly Costello is the owner and founder of Puppy Cake LLC. She appeared on ABC’s Shark Tank and guest blogs for topics regarding business and dogs. Hailing from Pittsburgh, PA, where she currently lives with her two rescued terriers, you can regularly find Kelly creating a new dog product or sharing her passion for business with other entrepreneurs.