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Add You - One Product - Service - Client Does NOT Make A Business
Have you ever wondered why some business owners seem so calm and steady, while others are in a constant state of worry and panic?Surprisingly, the difference between these two scenarios has nothing to do with the operation of the business-it is the vision of the owner.Your vision for your business provides the foundation for its success, or failure.Without a strong vision, your business will be buffeted by the winds and storms of life, and end up either precariously perched, or crashing down.So, how can vision have such a profound effec
She had also not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cover both the costs of production, and the money she needed to cover her living expenses.
An undoable plan!
The answers to her dilemma were the strategies
One of the biggest challenges for Canadian company owners is obtaining business financing. As a first instinct, owners usually try to go to the bank hoping for a business loan or line of credit. They soon find that qualifying for bank financing is hard, as the bank will demand collateral and three years worth of financial statements. Although large companies can qualify for bank funding, most small and midsized companies can’t. However, small companies are not out of options. There are two alternatives.If the business sells goods or services to other busine
This talented and skilled professional was on a slippery slope to a failed business. She was using one of the most enticing and dangerous models for the direction of her business: Offering just one service to just one market.
One service, one big client, one product, does not make a one-person business that can thrive. And, it can get you in hot water if your one client with your one product or service is corporate: you start to look too much like an employee to keep the IRS happy.
So, what's the answer? For this new client, my first question was "Have you done the numbers?"
Her blank look was enough of an answer. So, we walked through the numbers process:
how many contacts she needed to generate a lead
how many leads to make a sale
how long the sales process took in both hours and days
how much it cost out of pocket to develop a paying customer
how long to deliver the service
how much she needed to sell to cover her expenses, to generate enough to get by, and provide a quality life for herself, and
how long before the customer was ready for the next service session.
The answer to her problems was very clear. She needed to sell six new clients a week to get by in order to pay her bare living expenses. But, it took significantly more time than 40 hours per week to generate the leads, close the sales, and deliver the service. More like 80 hours per week.
She had also not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cover both the costs of production, and the money she needed to cover her living expenses.
An undoable plan!
The answers to her dilemma were the strategies
As we all work hard to grow in our careers, we must not lose sight of what is most important in life. Sure, it's great to drive a great car, live in a comfortable neighborhood and "keep up with the Joneses," but there is more to it all than that. At the root of everything is providing for our families, which are there for us through thick and thin. They are the real reason for our hard work and sacrifice.When you see wealthy neighborhoods, they are impressive. Big homes, well manicured lawns with gardeners to tend to them, and usually, an expensive car in t
One service, one big client, one product, does not make a one-person business that can thrive. And, it can get you in hot water if your one client with your one product or service is corporate: you start to look too much like an employee to keep the IRS happy.
So, what's the answer? For this new client, my first question was "Have you done the numbers?"
Her blank look was enough of an answer. So, we walked through the numbers process:
how many contacts she needed to generate a lead
how many leads to make a sale
how long the sales process took in both hours and days
how much it cost out of pocket to develop a paying customer
how long to deliver the service
how much she needed to sell to cover her expenses, to generate enough to get by, and provide a quality life for herself, and
how long before the customer was ready for the next service session.
The answer to her problems was very clear. She needed to sell six new clients a week to get by in order to pay her bare living expenses. But, it took significantly more time than 40 hours per week to generate the leads, close the sales, and deliver the service. More like 80 hours per week.
She had also not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cover both the costs of production, and the money she needed to cover her living expenses.
An undoable plan!
The answers to her dilemma were the strategies
Several free business grants are provided by the government for the business-minded person. If you think you have a profitable business or that your business needs additional funding for expansion then several free business grants are available to cater to your financial needs.One of these free business grants is the program of The Department of Homeland Security (DHS). This free business grants program by DHS seeks innovative ideas and inventions on security-related products. The award for those who will successfully hurdle the competition is $100,000 f
Her blank look was enough of an answer. So, we walked through the numbers process:
how many contacts she needed to generate a lead
how many leads to make a sale
how long the sales process took in both hours and days
how much it cost out of pocket to develop a paying customer
how long to deliver the service
how much she needed to sell to cover her expenses, to generate enough to get by, and provide a quality life for herself, and
how long before the customer was ready for the next service session.
The answer to her problems was very clear. She needed to sell six new clients a week to get by in order to pay her bare living expenses. But, it took significantly more time than 40 hours per week to generate the leads, close the sales, and deliver the service. More like 80 hours per week.
She had also not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cover both the costs of production, and the money she needed to cover her living expenses.
An undoable plan!
The answers to her dilemma were the strategies
If you are a small business owner and have been putting off getting adequate security coverage, then you are not just putting your business at risk from unwanted intruders but could be costing yourself valuable dollars in lost productivity and fraud.Okay, you completely trust your small number of staff and that's admirable but it seems many business owners are of the opinion it costs a small fortune to set up a complete video surveillance system on their premises. It doesn't!The business security camera has evolved with technology. It's smaller, less
how long before the customer was ready for the next service session.
The answer to her problems was very clear. She needed to sell six new clients a week to get by in order to pay her bare living expenses. But, it took significantly more time than 40 hours per week to generate the leads, close the sales, and deliver the service. More like 80 hours per week.
She had also not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cover both the costs of production, and the money she needed to cover her living expenses.
An undoable plan!
The answers to her dilemma were the strategies
Put many different people together in one place, day after day after day, and conflicts are bound to happen. Most people work them out on their own, but what happens when the conflict doesn't go away and threatens the productivity of your entire staff or team?We've all seen it – Mary isn't speaking to Susan; Ted and Tom can't be put on the same project; Bill goes behind Karen's back and "forgets" to include her in project discussions. Some days, it's like working in a kindergarten. As the manager, what is your role in resolving workplace conflicts?Th
She had also not taken into account the amount of money her marketing and sales was taking, as well as the money needed to produce the service. So, although her target was 6 sales a week, she really needed to make at least 7 to cover both the costs of production, and the money she needed to cover her living expenses.
An undoable plan!
The answers to her dilemma were the strategies one-person business owners need to consider for themselves. What kind of multipliers can you implement so you can provide for yourself in a manner to which you would like to become accustomed, and at the same time provide quality products and services to your target market.
Start with a commitment to yourself that you will never again have just one service or product for one market. Aim for at least 3 service/product offerings in 2 - 3 markets. (I know when you are just starting out, it is hard to develop all three at the same time. Just make sure it is in your plan, and then work your plan.)
Devote your next executive meeting with yourself to reviewing your product/service packages. Look for ways you can multiply your efforts, or transfer your current offerings to another market. Ask yourself:
Is it time to make one of your service packages into a stand alone product you can make once and sell, sell, sell? Consider ebooks, workbooks, resource guides, quick start guides to using a product or service. Plus with add on's, hard to source supplies, and specific tools.
Can you bundle stand alone, or individual services into an ongoing coaching, consulting retainer agreement with your existing or new clients?
Can you service a number of clients at the same time? They can get the benefit of learning from one another, and lower individual fees while still increasing your total income/time. Consider teleseminars, group coaching, group counseling or therapy, seminars, workshops or training classes.
You can also look at unserved potential clients in the work you are already doing. Many professional speakers develop products or services so their audience members can take a part of the speaker home with them, or continue learning mor
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Four Brand Identity Myths That Will Hurt A Small Business
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