What I’ve Learned After 2 Years of Business Ownership
Being a business owner has been an eye-opening experience for me. Not only have I learned a lot from being one, but also from my customers and people I’ve met through networking, all business owners themselves. Some opinions I had when I first started have completely changed while others have solidified over time. If you are an aspiring or new entrepreneur, here’s some pieces of advice I’d like to share with you.
Get a domain and e-mail address attached to the domain. In other words, refrain from using a free e-mail account. Consider this situation. You need to hire a business attorney and spoke to two different candidates – John Doe and Jack Smith. You meet with both of them and obtain their contact information. John’s e-mail address is John@DoeLawFirm.com and Jack’s is SmithLawFirm@Freemail.com. Based on that alone, does one seem more trustworthy than the other? For many business owners, the answer is yes. I believe having an e-mail address attached to your domain lends an element of legitimacy and shows that you’re serious about your business. Purchasing a domain and obtaining an e-mail host can cost under $100 per year, a reasonable investment to instill a greater sense of confidence with your colleagues, prospects, and customers.
Assess the effectiveness of networking in your industry and proceed accordingly. Although a certain level of networking is always a good thing, the answer to “How often to do it?” varies. When I was in my fourth month of business, I attended a small business expo where the host was offering free 30-minute sessions with a business mentor. I was matched up with a fellow CPA; he was retired and had a lot of experience under his belt. After chatting for a bit, he told me that networking was not the way to go for my profession as far as drumming up business. I remember thinking how ludicrous that sounded. Networking was everything, right? I didn’t argue the point as I was grateful to get any guidance, but I did walk away thinking that was a bad piece of advice. I spent the first 9 months attending as many networking events that I could handle, sometimes three in one day! Then, tax season went into full swing and I didn’t attend anything. For the next two months, I acquired several new clients; significantly more than I anticipated. I obtained all of them through either my listing on the QuickBooks directory or by word-of-mouth from existing clients. Another year has passed since then and, again, all new clients have come from either of the two sources I just mentioned. To date, only one client came from a source via networking. The mentor was right and I was wrong. I can’t speak for other industries, but I would advise assessing how effective networking is for yours. Ask other people in your business if networking benefited them, and how often they do it. Your time is a precious commodity. It might be better spent focusing on more effective ways to attract prospects.
Stop selling. I’ll be honest. I’m not a fan of getting sold to. Even if I’m the one who initiated the conversation or reached out first, I don’t want to hear something that sounds…scripted. I want to have a human conversation and not feel any pressure. When a prospective client reaches out to me, I keep these sentiments in mind. One of the first things I say in an initial conversation is, “Tell me about yourself and your business.” The question is so open-ended that most of my consultations last well over an hour. I then repeat back what they say the issues are, to make sure I understand correctly, and then offer solutions. Some of them they can implement immediately without any assistance on my part. Others, not. I do this not as a strategy, but because I care. The results have been remarkable. I believe it’s good business to be of service to others, regardless of the financial gain or lack thereof. I lend many of my successes to this philosophy. So stop selling and just…talk. Let your enthusiasm for what you do show. It’s contagious and it’s attractive.
Silver bullets don’t exist. I can tell you what’s worked for me, but that doesn’t mean it’ll work for you. Just because someone has had amazing results with, say, Facebook ads, doesn’t mean you will too. It’s great to get advice and feedback, but don’t take any particular nugget of wisdom and think of it as an absolute. We live in such a dynamic world and the rate of change with everything is happening faster than ever. If someone claims they have the key to unlocking your business success, I would be very dubious, especially if you have to pay a premium for it. Silver bullets don’t exist. I will tell you what does work: a positive attitude, boldness, fearlessness, determination, resourcefulness, and tenacity. And all of those you can get for free.