A Small Business World – Reviewing Your Working Life

There are now more options than ever and the paradigm has been shifting in terms of how we define “work” or “career”.

Many people go through much angst when weighing up the big decision – to take the plunge and start up a small business.

The fact of the matter is – it does not have to be a black and white decision.
Taking the plunge doesn’t necessarily mean rolling the dice and risking everything.

The opportunity exists to strike a balance between what you are comfortable with in terms of a working environment (a routine) and branching out, trying new things, learning new skills and developing another business interest or career path.

Many employers today are more flexible in their approach – open to the concept of fewer working hours. The bottom line is – you will probably be more productive with the hours that you do work because you will have rekindled energy thanks to your other new business interests.

We all know that the internet has opened up many opportunities in terms of career and business paths and the flexibility it provides in terms of a business framework is a huge advantage. Your physical location is irrelevant and your potential customer base is global.

The key to all new ventures is to take a planned and focussed approach. You may only be spending limited, pre-allocated time on your new business so that time has to be treated like gold.

Researching an intended market is paramount – as is tapping into the ocean of resource that is available to you. Business Mentors, Business Networks and educational facilities are invaluable resources.

Always research the support people and groups you plan to engage with. Ensure they are experienced and reputable – talk to those people and businesses which have benefited from their help.

Developing relationships with successful business people who are working in your market of interest is also beneficial. Find people who have similar values and personality traits to you. Don’t believe that all successful business people are from the same mould. Sure, there are certain personality attributes that are common, such as determination however it makes it much easier to emulate role models if you feel comfortable with the core values that they live by.

A really important point to consider relates to “sticking to your knitting”. Once you have decided on your new business venture, make sure you focus on your core competency – the key aspect of your business that will determine your success.

Outsourcing non-core competencies such as financial and IT can help save time – and in the long run, money. It can be a false economy to take on all parts of your business single-handedly. The money you save short term can be easily eaten up if you ultimately have to employ experts to fix mistakes due to wrong decisions or solutions being implemented early on.

To end on a positive note, many believe there has never been a better time to look at starting a small business. Be planned and prepared, use the resources available to you and there is a good chance that a small business world could be your oyster.

Way too many small business owners rush into doing things without adequately planning and preparing. And marketing is a great case in point.

You set up shop and then hurry to get the word out about your business and services. You rush to get a brochure made up, develop a web site, and get out and start networking without much planning or preparation. And then you wonder why your results are so poor.

If you do nothing else from a marketing preparation standpoint, I suggest you spend some time thinking about your best clients. Your best clients aren’t simply the ones who pay the most money, but also the ones you enjoy working with the most. Spend some time to create a profile.

1. Define Your Target. How do you describe your ideal target market demographically and characteristically? Demographics are the basic facts like the kind of industry they’re in, size of company, revenues, geographic location, etc. If your target is individuals, then it means income levels, age, gender, education, etc. Characteristics deal more with things like the style, philosophy, and approach to business of your targets.

2. What’s The Problem? What are the problems, issues, challenges, or predicaments you’re trying to help your target customers and prospects with? Every product or service is designed to address some sort of issue or challenge for your client. What is your target market dealing with and what’s the potential impact of not being able to address those problems?

3. What Do They Get From Working With You? What are the solutions you provide? What benefits do you offer? What results do you produce? Note that this isn’t “what you do” or a list of services you provide, but what your clients actually get from you.

4. What’s It Like Working With Them? What is it about working with your best clients that makes them your best clients? What is the relationship like? How do things work? What is it that you’re able to uniquely do for them that makes it a great working relationship?

You’ll be amazed at what it can mean for your business when you spend some time preparing a profile of your best clients (and potential clients). If you know exactly who your potential clients are, then you can more effectively focus on them in your marketing efforts.

So now that you’ve defined your best clients, do your current marketing efforts really reach these folks and others like them?