Are you thinking about starting your own business?

 

According to the US Census Bureau, more than 18 million people in the US are self-employed.  But the SBA reports that only about 44% of new businesses survive four years.  Why do most people take the leap into business ownership?  

Given the state of the current employment situation in our country, people who have lost their jobs often feel they would create a better situation for themselves if they were in control.  They are burned out on the restrictions and lack of freedom that most traditional jobs offer.  And the illusion of security, that exists when you work for someone else, is just that…an illusion.  There are no commitments in the “at will” employment community, and benefits that companies once considered a cornerstone of their cultures, are disappearing because of rising costs. Aside from freedom and control, probably the number one reason people decide to start their own business is because they offer a service, or they’ve invented a product that they’re passionate about.  And the only way they can engage in their craft is if they’re independent. Our economy and our psyche are totally ready for the courageous individuals who take the plunge to bring to market their unique take on a service or a new product that could potentially create more revenue to pump up our local larders.

How can they prepare themselves?  They may make the best product, or have the most innovative service and of course, they know their product or service inside out and backwards.  But if they don’t know the business basics, they will end of up part of the 56% that don’t make it beyond four years.  A must read for anyone contemplating starting their own business is The E-Myth Revisited.  Author Michael Gerber explores the difference between working in your business – what you do.  And working ON your business – how you do what you do.  This is the information that not enough of the 18 million take the time to check out, and contemplate, and incorporate into their business plans. 

Yes, you may have invented the next best thing to sliced bread, but if you don’t have systems to run your business…if you don’t have a marketing plan and a method for executing it…if you don’t have a clue how to sell (and the thought of selling makes you feel geechy…), recognize that if you want to be one of the elite 56%, you should first assemble a team of professionals who have the experience and passion to do the things you aren’t trained to do or interested in doing.  So you can continue to invent the next best thing…and the next…and the next.

If You Build It, They Will Come

We’ve all experienced this dilemma. You have a new prospect for your product or service, and you’ve had an initial meeting. Hopefully you learned something about your prospect’s problem and the perceived consequences to him or her if the problem isn’t solved. You believe you can solve it.

Now what do you do? You don’t want to annoy them by calling everyday, but if you don’t stay in contact on some regular basis, you don’t stand a chance of earning their business. So, what do you do?

First of all, don’t give up. Most people do after reaching out to their prospect only one to three times. The fact is, 50-80% of all new business is developed after the fifth, sixth or seventh contact. The key is to make the right kinds of contact with your prospect that focus on building your relationship with them.

Think of ways you can provide value to your potential client. Have you read an article that is related to their problem? Share it. Maybe you know of another business that needs your prospect’s product or service. Introduce them. Know of a networking event that would expose them to business opportunities? Invite them.

Focusing on the relationship with your prospect will position you as their business partner and a perfect fit when they need a solution that you can provide.

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Rest, Recharge, Revitalize!

I am so fortunate to be able to spend my days doing work that doesn't feel like work. Connecting with and helping other people is as natural to me as breathing, and I couldn't survive without it. I'm grateful for this passion I was given, and for the wonderful people that come into my life on a daily basis.

I am guilty, however...sometimes those closest to me...those who most feel the repercussions when I get so deep into a project that I forget to eat...have to take me by the shoulders and lovingly remind me to "stop now" and take a break already. Reluctantly at first, I heed the message. Then my logic of course kicks in and I remember that I'm really not going to give my best to anyone else unless I give to myself first. Ah, thank goodness it was a wonderfully productive week and it's Friday!

Seize the weekend, my colleagues! Take care of you so you're ready for another round come Monday. Whatever you find restful, do it. Whatever recharges your batteries, plug into it. Whatever revitalizes your passion for your work, reconnect with it!

You bring the spark to what you do like no other person in the world. Stay fired up!

Photo by Bill Longshaw:
http://www.freedigitalphotos.net/images/view_photog.php?photogid=341

Go Ahead...Jump Into the Fishbowl!

If you haven’t started using social media to market your business, don’t wait another day. Even Facebook has evolved from a way to connect with old friends and collect farm animals to a dynamic business-to-business marketing tool, a way to announce new service offerings with lightning speed, see what your competition is up to in real time, and research prospects and potential employees at virtually no cost to you, except for your investment of time. We’ll discuss that in a minute…

Social media guru, Jeff Bullas, has amassed some staggering statistics on the use of various social media platforms. Would you believe…

• One in every nine people on Earth is on Facebook ( This number is calculated by dividing the planets 6.94 billion people by Facebook’s 750 million users).
• More than 250 million people access Facebook through their mobile devices.
• More than 2.5 million websites have integrated with Facebook.
• 30 billion pieces of content are shared on Facebook each month.
• YouTube has 490 million unique users who visit every month (as of February 2011).
• If Facebook were a country, it would be the world’s 3rd largest (after China and India) and 2x the size of the US population.
• 80% of companies use social media for recruitment. 95% of them use LinkedIn.
• 71% of all companies use Facebook for their businesses. 39% of all companies use blogs for marketing.

(For more, read Jeff’s entire article here.

LinkedIn is a must do for businesses and is typically viewed as the ‘professional’ social media site, although Facebook is becoming more of a player with the advent of ‘brands’ and ‘companies’. YouTube allows you to produce your own video marketing messages and Twitter is like a mini-blog…you share what’s on your mind (hopefully, pertinent information) 140 characters at a time (that should keep you focused!). Personally, I'm not a huge fan of Twitter, and haven't found it to be as effective for businesses as blogging and keeping an updated LinkedIn presence.

Now...back to the time element involved in all of this. While social media should be a component of your marketing strategy, be careful not to make a career of it. Just like surfing the net, it can be addictive and time-sucking if you don’t manage yourself appropriately. The point of using social media, as with any other marketing tool, is to create interest in your business...leave your prospects wanting to know more about your company and what you do. You want your profiles and postings on the sites you use to drive traffic to your web site and entice people to contact you.

So, if you’ve resisted jumping into this 21st century practice which I like to call ‘fishbowl marketing’, think again. How else can you potentially reach a Super Bowl- sized audience with the click of a mouse and not spend a dime? Have fun, make it count and let us know how it works for you!

Slaying the Social Media Dragon

Where on your schedule does is say update blog, create a business Facebook and check LinkedIn updates? If you are like most businesses who have just ventured into the social network maze or have been struggling with it for a while, finding the time and the topics to keep up can be a challenge. At Open Lines Training we have recruited an expert to get us up to speed and make sense of the current social media highway madness. Patricia Geesaman, Marketing and Content Specialist has taken on the challenge to keep the flow of information coming out to you in short and concise bytes. She is also offering her expertise as a content specialist consultant to help businesses get up to speed on this crazy mass media train ride. Look for fresh new postings every week. Watch for news of how to be a member of the boardroom, upcoming training workshops and helpful tips to help keep your customers interested. If you are ready to slay the social media dragon, email  patricia@openlinestraining.com to request information and share your social media stories. Since social media is here to stay, we just as well get good at it!