MAY 2008

Are you an emerging business owner who chooses to grow her business as smoothly as possible?

Who wouldn’t say yes? While there is no surefire formula for guaranteed success there are well known concepts that you might have heard about that can speed up the learning curve. An excellent resource is Michael Gerber's book, "The E-myth Revisited, why small businesses fail and what can be done about it”

Following are two basic, yet essential myths and tips for you, the emerging business owner.

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Myth #1: I created this business and I can make it work as I’m passionate about what I do.

Although passion for your business is great and needed during the tough times no one can do it all alone and according to Michael Gerber and countless other experts this is why the majority of businesses fail. The owner becomes the technician, manager and entrepreneur all wearing different hats and competing with one another. One person, even if very capable, will not be a genius in all the differing roles that is takes to run a business. So what can you do?

Ask for help as you can’t do this alone. Entrepreneurs are generally highly creative and have plenty of ideas. They also have this flawed idea that they can do everything in their business.

TIP: What you can do now

• Leverage your business by building a team. In fact without a team your business will probably not become successful and you will be working all the time. At first this might just be a referral partner or two or a mastermind partner who understands what you do and gives you encouragement. It might be a mentor coach who helps you as you progress from an emerging business owner to an expert. The idea is to start small and build on your successes.
• Outsource work you are not good at leaving you time to do your genius work. When funds are tight you might hire a college student for a few hours a week to help with mailings, general office work etc. You want to spent time doing what will bring you the greatest return and what you’re the best at.
• You can network to meet others who may eventually play a role in your team. Many feel that networking is essential to getting known and meeting others. You've probably heard of the know, like and trust factor. People do business with you if they know like and trust you. Later, as your business grows, the team may also include office assistants, virtual assistants, accountants, lawyers, etc.

Example: A chiropractor who was struggling with finding the time to write articles for her website hired a college student who had excellent computer and language skills for $10.00 an hour. She was able to get a newsletter and monthly articles up that spoke to her target market (pregnant women or new mothers with back strain) The chiropractor later gave informative talks at birthing classes and at a local hospital by partnering with 2 women who were pediatric nurses she had meet through her networking efforts.

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Myth #2 -Because I love what I do and I’m good at it I can be successful without marketing my business. I’m really not a salesperson.

Absolutely not true. Without consistent marketing efforts their business will not become viable. The experts vary on the percentage of time a person should be marketing. Many state that in the infancy years of a business you need to be marketing anywhere from 50-100% of the time.

TIP: What you can do now

• Start with something you enjoy doing and do it consistently. If you have a website you can market by writing articles, sending out a newsletter and eventually selling products that you create. If you like to talk to groups find organizations that you can speak before. Have a signature speech on a topic that you know well and that helps to establish you as an expert on this topic
• Find opportunities to be around your target market and learn what they need help with and find ways to help them.

Example: An emerging reflexologist was trying to find ways to sign up new clients. She partnered with a local speaker for a non-profit benefit and gave 10 minute complimentary treatments to people who came to the event. She gave out coupons for another complimentary treatment and $10.00 off for the second treatment. She signed up 5 new clients at this event.