The First Year as a Corporation
The day we received the money to incorporate, I called the lawyer and made the arrangements. Later that day, I went to visit my husband at work, to let him know the money was coming in. I met him coming from the office, carrying his toolbox. He greeted me with, “I’ve been laid off, indefinitely.”
My first reaction was one of panic. Pull BACK! Keep the money! The safety net of one steady income was gone, how could we justify the $500 for the incorporation?
In the next instant, a calm settled over me. I felt strongly that the Lord had planned it that way – the money first, then the lay-off. That if we went forward, it would be ok.
It is one of the best decisions we have ever made. Kevin came home for good. Incorporation has been good for our business also – it makes us take it more seriously. It makes others take us more seriously also.
If you are a sole proprietorship that operates from a home, it is hard to get people to see you as a going concern. The failure rates for home businesses are very high, and part of that has to do with the fact that everybody and their dog claims to have one nowdays. Before, they’d ask us, “What is your business structure?”, we’d tell them “Sole Proprietor”, then they’d ask us “Are you a home business?” and that would be the end of the conversation. But a corporation means something different – they don’t even ask you anymore if you operate your business from home. I guess the statistics for home businesses that are incorporated are not so dismal!
We survived the first year. At a loss, but with paychecks. Sometimes I wondered how we would survive – and now that we are into the second year, I still wonder. But this time this year is better than this time last year. So growth is happening. I can live with that.
I don’t regret that choice to incorporate. I believe it has helped us to grow at a rate we could not have grown at if we had chosen to pull back.
Walking Away from Fragmentation
My imagination is so fertile, I have to reign myself in all the time. I run the risk of fragmentation on a perpetual basis! If I cut a bunch of things out so life seems more manageable, something seems to compel me to fill it up again.
But one thing I can absolutely recognize is fragmentation in other business owners lives! I think it may always be easier to see that in someone else than in ourselves.
One key is to fill a void – and I don’t mean that in the way it sounds! What I mean is we often consolidate, and declutter our lives, and then neglect to fill the time we just cleared with the stuff we intended to fill it with. We say we are so busy, we have so many things to do, we have to cut back. So we cut back, and instead of taking more time on the things we thought we needed more time for, we feel instead that we can just plop something else in its place!
Part of that is because sometimes we do some of the things we do for the purpose of procrastination, not accomplishment. I’d rather take on a new class, and complain that I have no time to meet both the needs of the clients and the need to prepare the curriculum, than to just focus on doing the yucky part of taking care of the jobs I already have. Not that those classes are a bad thing! They are great! But I’d rather prep curriculum than have to recode a template or troubleshoot a recalcitrant shopping cart any day!
I don’t know that the struggle to keep my tasks manageable will ever be easier. I do know that I learn as I go, and that the process of prioritizing is always a challenge – but that life is also incredibly rich and fulfilling. Feeling overwhelmed now and again seems a small price to pay!
Keeping Your Focus in Expansion
In the process of expanding a business, we sometimes decide to go in more directions, when what we really needed to do is more in the same direction.
Business growth can get sidetracked if you try to do too much in too many things. Sometimes we also feel that we need to reach all markets – that if someone says they got good results here, that we have to do it too.
Business can get fragmented in two ways:
- When we take on additional lines before we are solid in the ones we are already running.
- When we try to market in too many directions or venues.
You can’t do everything. It pays to focus on what is going to make the most difference, and let the rest go.
You may find that a Ryze Network helps to bring traffic. So you may think that a Yahoo Group, a FastPitch Group, and a Google Group will help you too. Pretty soon you are pushed to keep up with them all, you cannot promote all so some flounder, and you are stretched. It is often better to focus on one successful method over five halfway methods.
Some people do this with blogging, websites, and article writing as well. Those things are all time intensive. Managing one blog, one website, and promoting one thing through article marketing is one thing – doubling, tripling, or quadrupling that effort is quite a different picture. You can lose your ability to keep up really fast.
Consider the time investment before you commit to a new thing. If you feel the desire to do more, find out what you can do within what you are already successfully doing – build on success, instead of dividing and floundering.
The “Ah-Ha” Factor in Business
She had an idea. She also had competitors. They had money. She did not. The website would be expensive, and then it would only do something close to what the custom programmed solutions that her competition was using could do.
I know from observing small businesses that a shoestring startup CAN compete with a big business, even when the way in which they do it is not as convenient. But it can only happen if the business has the “ah-ha” factor.
This is the thing that makes it desirable – something that the other businesses do not, or cannot do. Something you do that is unique.
In our business, it is the way we work with our clients, and the fact that we understand their needs in a way that larger companies do not.
For some, it is a unique product that cannot be found elsewhere.
For others it is a specialized service that no one else provides.
I didn’t know what it would be for her. I asked her what she could do differently to set herself apart. She thought about it overnight.
The next day she said, almost apologetically, “The only thing I could think of was this…” She then explained that there was an age factor in the equation, and that she wanted to target a different age group. The concept was perfect. The little idea she was not sure had merit was the key she needed to turn a hopeless quest into an achievable goal.
She now had something that the others not only did not do, but COULD not do without breaking their business model. She had something that every person in her target market wanted, but was afraid to SAY they wanted – but which, once they found it, they would share with their friends. She had a powerful “ah-ha” factor that would open the door to success for her.
Sometimes we miss that key point in our business, because it seems so common or ordinary to us. We take for granted the very thing that makes us different and salable. When we learn to identify it and leverage it for the real benefit that it is, our business becomes something unique and unmatchable.
In effect, we have dealt with the competition by crafting our business in such a way that they are no longer the competition. Short term, it is always hard to get started in anything new. But long term, that difference is what will propel us to the top, and which will help our business to grow beyond the power of our own marketing reach.
Teaching Enrichment Courses
I have to say that teaching classes through the University of Wyoming Enrichment Program has been one of the most rewarding things I’ve ever done. Frankly, I have to state right here that I could not do it on a daily basis – it would make me nuts! But teaching a major course each quarter and a handful of smaller ones suits me to a T.
The benefit to our business has been wide and long. Here are some of the things it has given us:
- I am far more comfortable doing public speaking. To the point that I can speak in front of almost any group, train virtually anyone, and have a great time doing it.
- Our business credibility rises each time we inform someone that we also teach enrichment courses on our business specialty.
- We are now getting other speaking and presentation opportunities.
- We have received referrals from the Enrichment Department for work in our specialty, not just for presentations.
- My husband, Kevin, has gained confidence within our profession by being with me when I teach. He has learned more of our business this way, and he has gained the ability to help the students as well.
- It has given us a peripheral product to sell, since we create our own curriculum (it does not exist for what we teach), so the curriculum becomes a secondary product.
As far as endeavors we have pursued, this has been one of the best. It is something that I recommend wholeheartedly to anyone who feels they have the capacity to teach topics related to their profession.
How did I stumble into this? Really, I did sort of stumble into it. I mean, it was something I WANTED to do, and had a good deal of curriculum prepared for. I began by asking a regional educational organization. They could not provide me with a sufficient student base, so I dropped that. I sounded out another. They also could not provide a reasonable student base at that time. Finally, one day, while on the phone with a staff member at the local Chamber (of which we are a member), I asked how one went about finding teaching and presentation opportunities. She suggested the University, but I did not know how to contact them.
One week later, I got a call from the University. Turns out, THEY had called HER, asking for someone to teach Web Development! I sat down with them and discussed possibilities. That fall, I taught my first class… a 12 week, 2 hour per week class. It was an amazing experience.
It does not pay well enough to do full time. Last winter, due to getting stuck in town overnight for TWO nights, due to closed roads, we lost money on a set of four classes. We will make a little on the one we are doing now – but not enough to fully compensate for weeks of preparation and three Saturdays teaching from 9:00 to 4:00. But the fringe benefits make it all worth it.
Besides just the ways it has benefited our business, I must say, the students are the greatest. They are dedicated, smart, and enjoyable people – the same kind of people I get for clients. Associating with them has been priceless – and they are honest with me about helping me improve myself as an instructor.
If this is something that you have a desire to do, I highly recommend it. Go and find an organization that can help you become an instructor – and then do it, even if you have only one student sign up. Because the things you will gain will be immeasurable, and will impact your business long term in ways that go far beyond the money the individual class pays.
The Fire of Enthusiasm
I read an article recently that talked about the Open Source movement, and why it managed to create such good software. The author said that MicroSoft could not pay people enough to produce stuff as good as a bunch of guys could produce who really believed in the project – or words to that effect.
There is a good deal of truth to that, and an application where business is concerned. The lesson we get from it is, that pay does not determine our output. We work hardest for what we believe in most. We will stick something out if we love it and want it badly enough, even when it isn’t paying off like we want. But we won’t keep doing something, no matter how much it pays, if we can’t stand to get up in the morning and face it.
Quality of life is a term that is bandied about a lot lately. Most people translate that to mean money, but it doesn’t. Why do you think people give it all up to go homestead in Alaska? That isn’t about money!
When you love something, you can also become a powerful persuader – without even trying to be a salesperson. People tell me over and over that they can see that I am very passionate about what I do – usually they tell me that when I am not even aware that I am waxing enthusiastic about a topic. My interest in what I do compels me to both learn about it, and share it. That is more powerful than any trained salesperson, because it is real, and anyone can see that.
Combine that kind of enthusiasm with an equal degree of enthusiasm for caring about others, and you have an elixir that works better than any other marketing brew. Not that you don’t have to learn how to market well, or do the right things when you market, but just that when you top it off with a dollop of that kind of fire, you become unstoppable.
Look at the people who you know that are great business people, who had to sell their business to others early on. They have energy, enthusiasm, drive, and are perceived as an unstoppable force. It started with them having a dream to do something they felt really needed to be done.
Is your business that, to you? If it is, then keep working and learning, and the fire of your enthusiasm will eventually consume the obstacles in your path. If it is not, then figure out why, and make the adjustments so you can get up every morning with that excitement to get to work on changing your corner of the world.
Choosing Offline Networking Venues
Offline networking is the traditional way of doing business. Some people assume that because the net is newer, that it is better. While you CAN network successfully online, and it does have its benefits, you’ll find that you can often gain more power, faster, offline. This is especially true for service businesses, and local businesses.
Offline networking has two principle benefits:
- By bringing you into contact with your prospective customers. Trade shows, fairs, or B2B events are good places for this if they fit your target market.
- By bringing you into association with your competitors and collaborators. This helps you develop greater expertise, gives you people to draw knowledge from, and helps you find people to work alongside. It is valuable, but only if you understand how to use it. Chamber membership, and other business groups are good places for this.
You’ll want to select a venue to meet your goals – don’t choose a business to business venue if you sell retail products for end consumers. It won’t be a good match.
In order to network effectively offline, you have to consider two basic factors:
- Where is your target market hanging out – in other words, what kinds of events and meetings can you participate in where you’ll naturally meet your target market?
- What kinds of networking are you comfortable with, and which ones allow you to market through your strengths?
You CAN learn to be comfortable with new types of marketing. But you’ll do best, especially to start with, if you build on your strengths first.
Offline networking can be done in some of the following ways:
- Chamber membership – you have to BE THERE. Show up to events, get to know other people, pay to be at trade shows.
- Business events, expos, and fairs. Choose those that bring in your target market, and that you can afford to attend.
- Host events, throw a party, etc.
- Volunteer to make presentations or training seminars, look for teaching opportunities, etc.
- Beat the streets – if you do this, build relationships, do NOT go to sell!
- Attend classes and citizen’s groups where you are likely to meet people.
One of the more important aspects of networking offline is just getting your name out there, and letting people know what you do. You have to tell them over and over, they don’t remember the first time. And you have to do it without pushing.
So look for places where you can hand out your business card, or events where you can send people home with something.
Offline networking still takes time and persistence, but has the potential to be much more powerful than online networking because it is more personal. Choose a venue that brings people to you, and you are well into the process.
If you want to build a network of friends, and if your target market haunts MySpace or FaceBook, they might work for you – but remember, these are primarily social, secondarily business, so they absolutely do not work for some kinds of businesses.
Ryze, Merchant Circle, or FastPitch might work for you if you like how they work, and if you can regularly check in and participate in forums or browse profiles for connections. They have a distinctly business focus, which works very well for B2B businesses.
One of the keys to choosing networking venues, is to choose things you enjoy doing. If you like it, you’ll do it more regularly. At the same time though, you MUST balance your day! You have to know when to read the posts, and when to skip them, and how to put business first when necessary.
Many venues offer chances for event participation. Choose the events by the same criteria – by whether your target market is likely to be there, and whether you can communicate effectively with them there.
Look for Trade Associations also – many have networking options available. Some of them do a better job of reaching CUSTOMERS, others do a better job of reaching associates. Each has its value, just make sure you are choosing it for the value that you want!
Don’t just join a bunch of groups – each takes time to set up a profile and make it work for you. You need to look them over and make sure they have a good chance of benefiting you, and chose those that will help you do so effectively. If they have a lot of fluff, and take a lot of your time, you’ll burn out. They need to be fairly efficient to use, and allow you good tools for doing what you need to do in a successful manner.
If you join a group, and it does not give you what you need, OR, you end up not using it, drop it. Otherwise it is dead weight. In order to make them work, you have to WORK them. Select carefully, between 2 and 10 venues, and then get to work.
Selling Them on the Freebie
“Internet marketers” tout the efficacy of freebies as a means of attracting people to your business. Not only is the theory flawed, but it is, in fact, far more complex than they make it sound.
If you give a “meaningless” freebie, you’ll attract freebie seekers, who want the goods, but don’t want to buy anything. So you have to choose a freebie more carefully, making sure it brings in interested people.
One of my clients told me that she felt that our free website assessment was the most valuable thing we could offer, because it helped her see that we really could help her. In fact, 50% of the people who we give a free assessment to DO hire us. It also gets us some decent referrals from people who do not buy.
But the problem is, it is VERY hard to even give that away! The same is true of a marketing consultation. Both services are very valuable. They give someone the benefit of our knowledge, with no strings attached.
People don’t ask for it though. We can go to a trade show, and BEG people to fill out a card for a free assessment, and if we have built a relationship with them, they will. But if we advertise that free assessment as our front line approach, nobody calls. They are afraid to commit.
When a prospect calls for other reasons, the first thing we offer is the free assessment, and they take it. But they already decided to act to improve their site, and they already decided to ask us to do it.
Otherwise, we have to sell them on US, before we can even get them to take the freebie. Not too efficient!
People are scared to commit to even a free service. I think it says a lot about the state of the internet now that the word “free” has such negative connotations to honest business people. Makes me wonder if I shouldn’t put a token fee on it, just to remove that feeling of mistrust! Sad, because I’d gladly give that to any business owner who needed it, because it helps them, and it helps us.
Freebies only work if you are going after gamblers, or the inexperienced. When your target market is smart people, they mistrust freebies, even when they are good ones. If you want to use one, you have to find an effective way of selling them on the freebie before you can use the freebie to sell them on your service.
Steps to Offline Networking Success
The second in the pair of articles on Networking Success, this article will cover the basic steps in offline networking success. Offline networking is faster than online networking, but takes more from you in some ways. This list does not need to be completed all at once, in fact, some tasks are periodic. If your time is lmited, then work through the list a little at a time.
- Choose an offline venue – this may be an ongoing organization, or a one time event. A future article will go into this in more detail.
- Sign up, register, or join. Select what you can realistically afford – offline, a little money will get results, and more money will get more results. This means you can select a lower cost option – half size booth, limited membership, etc, and still gain from it while staying within your budget.
- Get to know the organizers – do this in an unselfish manner, offering to help, or just introducing yourself to them.
- Prepare good marketing materials – this is especially important for events. Print business cards, brochures if appropriate, get promos if you can afford them (choose wisely). Be prepared at all times when networking opportunities present, so that you can leave someone with something to remember you by.
- Get to know others around you – in a group, get to know the members. At an event, get to know the other vendors.
- Learn about what the venue offers. Take the time to invest in gaining the benefits. Go to meetings, work the events, put out your brochures, etc. Make the effort to USE the resources offered.
- Step outside your comfort zone, a little at a time. There is no need to do it all at once, just stretch a little each time. It gets easier with practice.
- Find ways to help people. Helpful people get more business.
- Remember, your goal is to build personal relationships that can help you succeed. Relationships come first, both for customers, and associates.
Assemble good resources, and choose good outlets, and it becomes more effective. It still takes time, but you’ll see results after you give it a sincere effort. Be willing to show up – and keep showing up. Set aside the time for regular appearances, and the benefits will come.
How Does Self Image Affect Business Success?
I’m writing this in response to one of the searches listed in my stats tracking, which lead them to this site. It is not a question I have answered before, but I feel a desire to do so, by way of encouraging people who see themselves as physically unimpressive, or worse, unappealing. I’ve been there, but no longer am, so I speak from a position of identification with that feeling.
First of all, let’s clarify what a good self-image IS, and what it is NOT:
- It is who you feel you are, at a deep down level.
- It is your estimation of your worth, to God and Man.
- It is NOT your wardrobe.
- It is NOT how you look.
- It is NOT whether you wear makeup, have your hair professionally styled, or whether you use electrolysis.
- It is NOT how much you weight.
- It is NOT how old you are!
- It has nothing to do with your physical capabilities or limitations.
- It has less to do with talent than it has to do with effort.
Someone with a good sense of self-worth may put on make-up every morning before they go out into the world, but if they had to rush a child to the ER in the middle of the night, they’d not stand around fussing about having not had time to brush their hair. A jewelry store owner might wear jewelry because they enjoy it, and in that sense, it is part of who they are, but they’d never feel the need to apologize for their sense of style if they had good self-worth.
When you have a good sense of self-worth, you are accepting, first of all, of yourself. You have confidence in what you give to the world, even if it is just a smile or kindness.
In business, you have to have confidence in your skills. Of course, you also have to understand where the limits to your skills are, so that you offer good value, and do not get in over your head, or get a client into trouble due to your inexperience. But you have to feel that you are good at what you do.
If you know that, and can confidently present it to prospective clients or customers, the rest does not matter one bit!
Ok, so there ARE some people who judge me initially by my appearance. I am very casual, my hair is graying, I’m overweight, and I drive an old car. But it is also true that I really do not want to work with people who judge me because of those things – I would not be able to market their product well, and a business relationship would not be a good match. My clients are the greatest people in the world, and they DON’T judge me for anything but my ability to help them in a professional manner. Most of them become good friends. My down to earth image is actually part of my marketing advantage!
I work in a personalized service arena. It is also one where artistic ability is important, so I cannot wear torn or unkempt clothing. But casual is fine, as long as it is neat and tidy.
But the arena I work in is also often presented as expensive, and technically complex. When I show up in jogging shoes and jeans, it helps my clients to feel that I’ll be straight with them, and that I am very approachable when they have questions.
I’ve turned any disadvantages of my appearance into advantages for the clientele we want to work with. I could not have done that if I did not have a good concept of who I am, what I am capable of, and what I am worth both as a human being, and monetarily as a professional.
And that is what I mean when I tell people that business success is about true professionalism in your work, rather than what you look like. It doesn’t mean being a slob. It just means putting the effort and attention where it matters most – in your work, and in your relationship with your clients or customers.
Now here is what I feel the key is: If you are working for someone else, doing something you do not fit very well, then you have to fuss over appearing to be something you are not comfortable with. And that is not the best course to success! When you are doing something you truly love, within your real strengths, you don’t have to fuss, because it is enough to be yourself. Sure, you’ll have to develop new skills and learn new things, but the biggest selling point you’ll have is you!
Make your strengths your greatest advantage. And turn your disadvantages into advantages by choosing to work at things that suit you, and in a way that minimizes the disadvantages or makes them a positive thing.
Life’s Little Luxuries No More
When both parents work from home, reality changes. Some things get quite a bit harder. Little things that we took for granted are no longer possible.
- When we want to take time off, there is no vacation pay. If we get sick, there is no sick pay. We can’t take time off unless we are caught up, and financially ahead.
- Home is no longer the place where you do not have to worry about work. Work is part of every moment, there, filtering its way through your day.
- Hobbies have to be replaced with work tasks. There isn’t time to paint, or read very much for recreation, or to watch movies, or indulge in other time wasters. Those pastimes have to give way to paying endeavors. A lot of those are fun, so it isn’t pure drudgery, but we still have to choose wisely.
Daily decisions are different. We have to choose for business and family, and somehow balance the two. Sometimes we can’t do things we’d like, because we are self-employed. Kevin cannot go to Scout Camp with Alex and Erik this year. There is no way we can afford for him to take a week off. With a deadline looming, I had to choose carefully before going to a women’s church luncheon today. It is just the reality of balancing live where the time you put in, or do NOT put in, affects your ability to meet payroll a week later.
It is easy to take some things for granted when you are employed by someone else. That equation changes when you are solely responsible for every bit you earn though.
It isn’t all bad. By making extraordinary sacrifices now, we are building something better. And the rewards are purely wonderful. I’d go into detail, only I don’t want my site to be banned by family friendly websites! In between all the work, there is good interaction with the family, and working with our clients is purely a joy.
Working from home IS a lot about what you give up. But it is equally about what you gain. Benefits that I’d not trade for anything!
What it Means to Love What You Do
Imagine getting up in the morning with your job on your mind, and a sense of excitement permeating the air. You know you have to shower and get breakfast, but those are mere details to get out of the way, not delay tactics to avoid work.
Imagine feeling like that every day.
When you choose the right career or business, it can be like that more days than it is not. For work at home moms, every day can be a delightful balance between kids you love, and work you love.
Ok, so it isn’t all sunshine and roses. But then, nothing is. But loving what you do makes work very worthwhile. It keeps you going over the rough spots – helps you keep on keeping on when it seems like it isn’t ever going to get you anywhere. Every business has those spots, so getting through them is a milestone to success.
It is more important to choose something you love and are good at than it is to choose something lucrative. Mere money is not enough to get you up every day to face a mire of tasks you hate. But enjoyment is enough to compel you to come back and figure out how to make what you love into a profitable venture.
Every task in your business won’t be fun. But there should be enough fun things to balance the drudge work. Every business takes HARD work, and more dedication than any of us realize when we are starting out. But work that provides enjoyable moments scattered through the day seems less like work than an endless repetition of things we do not enjoy.
When was the last time you thought that going to bed at night was an annoyance? When was the last time you felt like you’d rather finish a creative employment task than watch a movie? When was the last time you were excited about learning something new that helped you earn more?
If you haven’t felt those things, then you haven’t experienced the excitement that comes from doing work you truly love. My brother is not self-employed, but he said of his work, “Sometimes I have so much fun a this that I can’t believe they actually pay me to do it!” My father was the same. They are both loggers. Not something most people consider to be fun, but they loved their work.
As a teen and young adult, I’d have never figured that I’d love the work I do now, but I really do! Sure, there are many days when I am discouraged, and many tasks that I’d love to procrastinate. But overall, I love this, because I’m good at it, and I can genuinely help other people achieve meaningful goals. It gets me up every morning excited to see what is in my inbox.
If you aren’t feeling that a good deal of the time, then what are you going to change in order to get it?