You Don't Get To Skip The Hustle

Sorry....not Sorry

If you are not willing to HUSTLE, you don't really have a plan, its just a dream. No true success comes without a willingness to hustle. 

Don't be fooled. The hustle will be HARD. It will hurt. You will fall. You will fail. You will be denied. You will be disregarded. However, all of this is to be expected. In fact, all of this is NECESSARY for success.  

44% of salespeople give up after the first attempt, however 80% of sales require 5 follow ups.

What does this mean? You will hear NO a lot more than you will hear YES. When I first started in sales one of my managers told me, "Every time someone tells you 'no', thank them, because they're helping you get closer to your 'yes'. " In this article, I'm going to focus on a few common mistakes I see in start up businesses.

1. Social media can NOT be your only sales strategy

For the record, social media is an AMAZING way to build your brand and sell your product, but if you are looking for success on Facebook, it is not going to happen. I often see people spend lots of time bombarding social media with promotions and advertisement, then become discouraged, and frustrated when people don't buy. Only 14% of businesses who use social media as a marketing strategy saw results in sales. (The CMO Survey). Other businesses use social media strictly for "vanity metrics" (friends, followers, likes), basically for brand awareness. While social media can generate some traffic, and create some noise for your business, you absolutely have to utilize other sales channels as a means of generating revenue. 

2. Network Marketing works, but only if you WORK

I have a secret to tell you........all network marketing companies work the same way. You can keep spending your $200 entry fee, or whatever it is, for whatever new company comes up, that's sure to make you "fire your boss". But unless you are willing to do the WORK, you might as well take that $200 and feed it to your dog. I don't care what product it is, you are NOT going to make a million dollars simply by selling this product. Successful network marketers know that the key part of making money is the NETWORK. That's why they push so hard to get you to sign up. In order to be successful in that industry you absolutely have to know how (or learn how) to network. (Article coming soon) Furthermore, stop trying to sign your crazy cousins up, who ONLY have $200 period, thinking that will make an impact on your business. Watch successful network marketers, get in the right circles, and let someone mentor you. Selling the product will at best, make your money back. There is money to be made in network marketing but you have to get the networking part down first.

3. Stop waiting!!!

So often I hear people tell me these great business ideas, they have passion, they have drive, they have a prospective plan................................but they're not ready. They're not ready because they don't have a building, or they don't have a sponsor, or whatever other excuse they can come up with. That's called fear. Fear and Hustle can not exist in the same space. Start SOMEWHERE. You don't have a building? Use your house. You need money? Save it yourself. You have to start somewhere.What's the worst that could happen? Thomas Edison said "The value of an idea lies in the using of it". One thing is certain, every day you wait is money lost. If you need help finding ways to start your business send me an email and I can help. The point is, you have to start!

"Skill is only developed by hours and hours of work" - Usain Bolt

GET TO WORK!!!

If My Family and Friends Don't Support My Business, Who Will?

I hate this meme.

First of all, smile is spelled incorrectly. Secondly, WHO CARES? There are several reasons people buy or support a product, and the most important lesson you will learn in business is LEARNING HOW TO ACCEPT A NO. Maybe they found someone who has the same service at a better rate, maybe they just don't like whatever it is you are offering, maybe they don't really like you. SO WHAT? Your family can't be your only prospective support. As a matter of fact, if you are looking for the people you already know, to be the primary source of your support you have it all wrong. 

For the purpose of this lesson we are going to assume that the business you have decided to start that met our Qualifying Questions, provides a product as opposed to a service. In fact, I want this lesson to be as clear as possible so let's pick a product. You make soap. You're great at it, the soaps have all these great qualities for your skin, and on top of that they smell AMAZING. Currently, you don't have the funding to open a soap shop, so your first step in business will be selling your product to gain some startup money. Great idea. 

You went on all of your social media sites and told everyone that you make these amazing, skin healing, smells like heaven soaps. 2 out of the 853 friends you have bought your product. They loved it, they even posted about it. Then you went on all your social media sites again and told everyone how much both of your customers loved their soap, and asked for support . Nobody bought any soap. So then you went to Thanksgiving dinner and made your rounds and told all your aunties, uncles and cousins that you are now in business for yourself and Soap Me Up, is off to a great but slow start and you want them to buy some of your soap. At Thanksgiving dinner you had 4 sales. Then you run across this meme on Facebook. You feel discouraged because if your own family and friends don't support you, then who will? The answer is simple, your Target Market.

Identifying your Target Market

When identifying your Target Market, you need to be as specific as possible. For example, Soap Me Up includes soaps with ingredients that help with aging, soothing aches, and relaxation. Your Target is clearly a woman, concerned about aging, that probably juggles a lot of duties. In short, your Target Market would be "Women 35 to 55". However, in order to really identify and establish a customer base with your Target Market, this description must be taken to the next level. 

Here are some questions that you can start with to really get to know your Target Market. The more segments you can identify, the more potential you have for finding quality prospects. 

*Where does your Target like to shop?

*Where does your Target live? (local, regional, national &/or urban, suburban, rural)

*Marital/ Family status

*Income range

*Education range

*Occupation

*What type of personality does your Target have?

*What are their values?

*Interests/hobbies

*Lifestyles/behaviors

*What needs, pain points, or challenges do they have?

*How does your product/service help?

*What buying drivers do they have?

*What are some of the similar products/service they currently use?

*How are they best reached?

*Where do they hang out?

*What will be their biggest objection to doing business with you?

Once you REALLY know your Target, you can then begin creating a list of prospective clients. Now, it doesn't matter who does or doesn't support you, because you have started to identify the people who will. The next thing we'll talk about is your strategy to get them, and sell it.

Once again, Forbes Tip of the Day is befitting to what we've learned.

"You want to be original, you want to be yourself, and whether that’s accepted or not accepted, that’s not as important as being you."

-Tyler Hubbard

Stay encouraged, stick with me, there's more to come!

I Have a Great Business Idea, Now What??

Well first of all congratulations. You and 10 other people probably have the same REVOLUTIONARY idea, that's going to make all 10 of you millionaires. I wholeheartedly agree with you, it IS a great idea. But what makes it a great business idea? If you can do the work to figure that out, then you are the one with the chance of success. Before you begin drafting your two-weeks notice at your job, and pouring your savings into buying product etc, there are a few things you should consider. We'll call these "Qualifying Questions". If you can answer yes to all of these questions, you are ready for the next step. If you answer no to ANY of these questions, sorry to be the bearer of bad news, but.....you're going back to the drawing board.

Qualifying Questions

1. Is there a market for the product/ service that I am offering?

2. If so, is that market currently saturated with businesses that are offering the same product/service?

3. Do I have a niche in this market, that hasn't currently been saturated by other business owners?

4. Am I willing to lose money?

Notice, these Qualifying Questions have nothing to do with making money, they have nothing to do with finding funding, they have nothing to do with how good or bad your idea is. These questions are the foundation upon which businesses sink or swim.

Those questions seem easy enough to answer right?

No.

Do not look at the Qualifying Questions and answer them based on what you think, or what people have told you. The answer to these questions requires work and research. Lots of it can be found via search engines, some of it will require networking and speaking with business owners for feedback.

Question 1.

To find out if there is a market for the product/service you are selling there are a few things you need to know.

a. Where will this product/service be offered?

b. Why will it be offered in this particular area?

c. What demographic will it be offered to?

d. What kind of success have similar businesses had in that area, with that demographic?

If all of these things align, you can check YES for Qualifying Question 1

Questions 2&3

These questions play hand in hand. If the market you have chosen has 100 businesses that are doing the same thing you are doing, chances are you won't have much success. UNLESS, you find an edge that makes you the competition. For example; it is possible to open a beauty supply store and be successful. However, there are beauty supply stores on every block, so what are YOU going to provide that will draw customers to your store? If you have a niche, then you can check YES for Qualifying Questions 2&3.

Question 4

This is probably the most important question to ask yourself before venturing into becoming a business owner. Here are a few things to consider.

a. 90% of startup business fail 

b. You will spend money LONG before you begin making money. (the time frame depends on growth and position of your business)

c. If you don't have any money saved, you will need investors, meaning you will be starting your business OWING money.

Basically, there is no quick fix, no get rich quick solution to owning a business. So if you are not willing to spend/ invest money and time before you see results, the answer to Qualifying Question 4 is NO.

DO NOT BE AFRAID TO FAIL

The good news in all of this is that you are more likely to succeed if you have failed, than if you never try.

Ironically, Forbes Tip of the Day is

"Determination is the key ingredient for every entrepreneur" - Jason Calacanis 

(and that guy is worth $20 million dollars, so i'll take his word for it)

Stay encouraged, stick with me, there's more to come!