setting up a business is like preparing for a holiday
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As it is the holiday season, Robert points out that many of the things to avoid when starting or growing a business are rather like the preparations we make to have a good holiday: Don’t spend so much time packing that you miss your flight and don’t spend so much time getting everything in your business perfect (you know, matching pencils & files, making lists) that you forget to get some customers. Until you’ve made some sales, your business is going nowhere. Single room or double bed? If you are in business with a marriage or romantic partner, take some precautions! Robert’s advice is that it’s best not to start a business with someone you’d share a room with, let alone a bed. If you do, make sure that your business relationships will survive longer than a holiday romance or even a marriage! Generally speaking, the cheaper the hotel the more likely you are to encounter these problems. Similarly, if your service or product is too cheap you’ll end up being very busy but making no money. Just like the price of a hotel room lets you know what to expect, let the price of your service or product reflect the true value your customers get which includes, of course, your fabulous service. to keep your holiday money safe and take steps to make sure your business income is safe. When you invoice a customer, that money is yours – make sure you get it in good time using whatever legal methods you like. One candelit dinner with champagne could mean eating pizza for the rest of the holiday! You don’t want to have to pull the plug on your business because you decided to splurge on an expensive car or piece of equipment. Stick to a budget and only spend what you know you can replace. or you’ll be wondering what is going on. The language of business is simple: sales, sales, sales. This is what drives every business even those that look as though they’re not selling! Look both ways If you are in a country where they drive on the ‘wrong’ side of the road you may be fooled into thinking it’s OK to cross but you are looking the wrong way. Similarly, if you think you know what your customers want and keep pushing the ‘wrong’ product or service, you’ll get wiped out by your competitors while you’re looking the 'wrong' way. Do you like the open sea or the shallow end of the pool? Whichever you prefer, take care not to get out of your depth. If you want a small lifestyle business don't let it take over your life and ruin your relationships.If you want to grow grow something bigger than you, you'll need support. The person you met on holiday & thought you’d never meet again could turn out to be your new neighbour! In your business assume that your customers will talk to each other and they’ll find out if you’ve done a special deal with one that you haven’t offered the other so play fair with everyone. Just as you may fantasize about your ideal holiday romance, do you know what your ideal customers look like? Don’t spend a lot of time pursuing people who are not interested in what you have to offer. When you find your ideal customer pay them lots of attention, romance them, court them, maybe even stalk them until you win them - and then take care good of them. There's lots more sound advice where that came from in the members' section - why not give it a try? |