Free daily tips, information, advice and ideas
to help you better manage your small business
What's old can be new again. It happens with every generation when it discovers what went before. Grandma wasn't so old-fashioned after all.
Small businesses can take advantage of this phenomenon. A deja vu business can have the feel of an antique shop or a collectibles store or an Ebay presence.
The market for deja vu clothing is limited, but it is nonetheless real and buyers have the money to indulge their passion. Deja vu clothing can also spark the creative juices of designers to produce edgy outfits for today's market.
Example: Dolly runs a local store that is similar to a thrift shop. She specializes in vintage and antique clothing only. The place is packed with women's and men's clothing and accessories from bygone eras. Dresses, hats, purses and jewelry from the 1920s onward fill the racks and display cases. Remember when men wore Nehru jackets and leisure suits? Customers come from far and near to Dolly's store--teens looking for a new look, designers looking for ideas, theater people looking for period outfits, party goers planning unusual events. Dolly follows today's trends with an eye to the past. When she finds items from the Victorian era, they go up on her website and Ebay.
Example: James has tapped into the renewed interest in old LPs. You remember those big discs that played at 33-1/3 rpm? Well, there is a growing market for them among people who insist that the quality of sound cannot be matched by today's digital formats. So James opened a shop specializing in LPs made during the 1950s through the 1990s. He has thousands of LPs for sale in all music categories. He also offers stereo systems that can play them. Customers come from all over to his shop to browse and buy. He also has a website and offers LPs on Ebay.
Example: Roberto spotted another type of deja vu business. He specializes in repairing and rebuilding old vacuum cleaners, building on his experience that dates back some 50 years. People who know the difference come to Roberto to repair and maintain their old vacuum cleaner. Or new customers come to buy a 30-year old machine. It's because decades ago these machines were made with all metal parts. They don't wear out like the present day vacuum cleaners made with plastic parts. Roberto's shop has no recently made machines.
Don't think you must offer only the glitz and glitter of today's technological marvels in that business you love. There is still a market in the older products.
Pinball machines, anyone? Juke boxes? Board games and jigsaw puzzles? Old radios and televisions? How about manual typewriters?
When people today discover what went on before their time, a market develops. Deja vu businesses crop up all the time to serve that market. Last time I looked, the collectibles market was alive and well.
Thursday, February 12, 2015
Wednesday, February 11, 2015
Read your emails
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to help you better manage your small business.
Face it. Emails are frustrating. No matter where we go, emails follow. They are like a shadow. At home. At work. In the car on the way. Even on vacation.
People in large corporations live from one email to the next. Emails announce meetings. Emails bring problems and questions. Sometime, a joke to relieve the pressure.
People in small business don't pay attention so closely. I've sent emails to owners of small businesses and several days passed before I received a response. These were people I knew and who knew me.
Example: Mary is a hypnotherapist. She sees clients privately for several problems--weight reduction and eating habits, stopping smoking, and pain management following surgery. She did not check her emails for several days one week. When she did, she found a 3-day old email from a local surgeon proposing an on-going relationship between them to handle patients with pain problems. When Mary followed up, it was too late. The surgeon had made other arrangements, thinking that Mary was not running a serious business.
Example: Sue is a potter. She works in her home studio turning out pots and plates with special glazes she has developed. Her work has attracted attention, especially after a friend talked her into putting up a website and posting on Facebook. Emails came in, but Sue had trouble remembering to check them. When she did, she found that she had missed the deadline date to be included in a major museum showing the works of up-and-coming potters. Sue learned a valuable lesson.
Example: Steve runs a home improvements business. On a Friday, he completed a major kitchen renovation for a happy client. Or so he thought. That night he neglected to check his emails--Steve and his wife were taking a long weekend off. When he did check his emails the following Monday, he found 6 emails from his kitchen client. The first one asked Steve to call because there was a problem with the plumbing. The last one informed Steve that the client had put a stop on the payment check.
Emails are not a passing fancy. They have become an integral and vital part of our lives--in personal and business relationships. Emails are here to stay.
If you don't communicate with your clients/customers, you can miss valuable opportunities. Read those emails frequently. Responding promptly shows you are there for your clients/customers. It shows you're on top of your game.
to help you better manage your small business.
Face it. Emails are frustrating. No matter where we go, emails follow. They are like a shadow. At home. At work. In the car on the way. Even on vacation.
People in large corporations live from one email to the next. Emails announce meetings. Emails bring problems and questions. Sometime, a joke to relieve the pressure.
People in small business don't pay attention so closely. I've sent emails to owners of small businesses and several days passed before I received a response. These were people I knew and who knew me.
Example: Mary is a hypnotherapist. She sees clients privately for several problems--weight reduction and eating habits, stopping smoking, and pain management following surgery. She did not check her emails for several days one week. When she did, she found a 3-day old email from a local surgeon proposing an on-going relationship between them to handle patients with pain problems. When Mary followed up, it was too late. The surgeon had made other arrangements, thinking that Mary was not running a serious business.
Example: Sue is a potter. She works in her home studio turning out pots and plates with special glazes she has developed. Her work has attracted attention, especially after a friend talked her into putting up a website and posting on Facebook. Emails came in, but Sue had trouble remembering to check them. When she did, she found that she had missed the deadline date to be included in a major museum showing the works of up-and-coming potters. Sue learned a valuable lesson.
Example: Steve runs a home improvements business. On a Friday, he completed a major kitchen renovation for a happy client. Or so he thought. That night he neglected to check his emails--Steve and his wife were taking a long weekend off. When he did check his emails the following Monday, he found 6 emails from his kitchen client. The first one asked Steve to call because there was a problem with the plumbing. The last one informed Steve that the client had put a stop on the payment check.
Emails are not a passing fancy. They have become an integral and vital part of our lives--in personal and business relationships. Emails are here to stay.
If you don't communicate with your clients/customers, you can miss valuable opportunities. Read those emails frequently. Responding promptly shows you are there for your clients/customers. It shows you're on top of your game.
Tuesday, February 10, 2015
10 Events to hold
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to help you better manage your small business.
Any small business can hold events. Events help you grow and expand your client/customer base. Events create excitement, get the word out, move some merchandise, get better known in the community, and bring in referrals.
1. Holding a sale is an event. 2. Holding a grand opening (or re-opening, or anniversary) is an event. 3. Holding a special reception to honor someone in the community is an event. 4. Partnering with an organization to hold a fundraiser is an event. 5. Throwing open your place to a networking group is an event. 6. Showing a movie is an event. 7. Bringing in a local band or musician every Friday evening is an event. 8. Partnering with the local baker to serve free cookies and cake is an event. 9. Holding a free demonstration of what you do is an event. 10.
Holding a fashion show with live models can be a big attraction.
Example: Marie runs a specialty shop. She offers one-of-a-kind, handmade items consigned by artists and artisans from far and near. It's a fairly large store--jewelry and blown glass, leather bags and paintings, turned wood bowls and silk scarves, women's clothing and children's games, and much more. The store attracts customers looking for unusual gifts, keepsakes and things to wear. Marie wanted to attract attention during the Christmas season. She cleared everything out of the shop's big window, lined it with reflective foil, and installed a Christmas tree--upside down. The tree was fully decorated and hanging from above. On the floor, she scattered gift-wrapped boxes tied with fancy ribbons. People passing on the sidewalk stopped in their tracks--and then they came inside. The local newspaper sent a photographer, and a picture of the upside down tree appeared on the front page. This was an event that brought lots of attention and free publicity. People talked about it, tweeted, and emailed their friends.
Example: Dale is a massage therapist. To attract more attention to his massage studio, he brings in related therapists for open house/demonstrations once each month. These have included hypnotists talking about weight reduction, nutritionists talking about healthy eating habits, meditation experts, acupuncturists, and others. These sessions have been popular with the general public, anxious to learn about various holistic practices in a non-committal session where they could ask their questions and get answers. Dale always gives a massage demonstration at these sessions, and he has signed up additional clients. He's thinking about expanding into a full wellness center, making arrangements with these other therapists and experts. Meanwhile, his reputation is spreading and referrals are calling.
Events attract attention in the community. They can be elaborate and costly or they can cost you very little.
To promote, write up a short news release and send it to your local paper. Post it on your Facebook page and other social media. Send out announcements to your email list. Announce it with a poster in the window, mention it to customers as they come in, string a banner across the street, place a magnetic sign on your delivery van--use your imagination.
You are already creative, or you would not be in small business. Put that creativity to work in marketing your business. Events can greatly expand your market.
to help you better manage your small business.
Any small business can hold events. Events help you grow and expand your client/customer base. Events create excitement, get the word out, move some merchandise, get better known in the community, and bring in referrals.
1. Holding a sale is an event. 2. Holding a grand opening (or re-opening, or anniversary) is an event. 3. Holding a special reception to honor someone in the community is an event. 4. Partnering with an organization to hold a fundraiser is an event. 5. Throwing open your place to a networking group is an event. 6. Showing a movie is an event. 7. Bringing in a local band or musician every Friday evening is an event. 8. Partnering with the local baker to serve free cookies and cake is an event. 9. Holding a free demonstration of what you do is an event. 10.
Holding a fashion show with live models can be a big attraction.
Example: Marie runs a specialty shop. She offers one-of-a-kind, handmade items consigned by artists and artisans from far and near. It's a fairly large store--jewelry and blown glass, leather bags and paintings, turned wood bowls and silk scarves, women's clothing and children's games, and much more. The store attracts customers looking for unusual gifts, keepsakes and things to wear. Marie wanted to attract attention during the Christmas season. She cleared everything out of the shop's big window, lined it with reflective foil, and installed a Christmas tree--upside down. The tree was fully decorated and hanging from above. On the floor, she scattered gift-wrapped boxes tied with fancy ribbons. People passing on the sidewalk stopped in their tracks--and then they came inside. The local newspaper sent a photographer, and a picture of the upside down tree appeared on the front page. This was an event that brought lots of attention and free publicity. People talked about it, tweeted, and emailed their friends.
Example: Dale is a massage therapist. To attract more attention to his massage studio, he brings in related therapists for open house/demonstrations once each month. These have included hypnotists talking about weight reduction, nutritionists talking about healthy eating habits, meditation experts, acupuncturists, and others. These sessions have been popular with the general public, anxious to learn about various holistic practices in a non-committal session where they could ask their questions and get answers. Dale always gives a massage demonstration at these sessions, and he has signed up additional clients. He's thinking about expanding into a full wellness center, making arrangements with these other therapists and experts. Meanwhile, his reputation is spreading and referrals are calling.
Events attract attention in the community. They can be elaborate and costly or they can cost you very little.
To promote, write up a short news release and send it to your local paper. Post it on your Facebook page and other social media. Send out announcements to your email list. Announce it with a poster in the window, mention it to customers as they come in, string a banner across the street, place a magnetic sign on your delivery van--use your imagination.
You are already creative, or you would not be in small business. Put that creativity to work in marketing your business. Events can greatly expand your market.
Monday, February 9, 2015
Teach your market
Free daily tips, information, advice and ideas
to help you better operate your small business
People in business are experts. And out in the marketplace, people are hungry for your expertise. This provides you with opportunities to teach others what you know.
Expansion opportunities can be overlooked in your small business. By teaching others, you are extending the reach of your business. Or you can make a business out of teaching.
Example: Jenna is a professionally-trained chef who runs a small upscale cafe. While she did everything in the kitchen, her first love was designing and making spectacular cakes. These were colorful and edible sculptures. Her artistic cakes attracted much attention, and they were soon to be found in other restaurants, at wedding receptions, and local gala events. People wanted to know how she made the New York skyline out of cake, and other chefs wanted training in her techniques. This caused her to face alternatives--should she continue as is, or should she close the cafe and just make cakes, or should she keep the cafe and add teaching sessions? She set up teaching sessions, from simple to complex, and she is headed down the road to transitioning entirely to teaching cake sculpture.
Example: Jon owns and operates a garden center. He has expanded his business considerably by offering "learning sessions" to customers. Some are free, others bring in revenue--but all of these sessions bring in referrals. Some classes teach homeowners how to take care of houseplants, or how to select and grow plants in the yard, or how to control pests in the garden. Other sessions show how to select and lay pavers, or how to build and take care of small fish ponds, or how to build fences, trellises and gates. These sessions bring new customers and encourage existing customers to return. The teaching sessions help spread the word in the community.
Example: Bill has many years experience running his stained glass studio. He creates spectacular windows for churches, corporations, offices and homes. He also repairs and restores antique stained glass using traditional techniques. He began offering instruction sessions for beginners and advanced students in group and individual sessions. These bring in a continuing stream of revenue, and the students spread the word about Bill.
Offering to teach others what you know can be a good way to add to your bottom line. And there are other reasons as well--like the personal satisfaction you get from passing on what you know to others. It's why I write this blog.
People are naturally curious. They want to know how you do what you do. Teaching them how to make a cake sculpture is one thing, but just holding an informal open house at your place is another. Both spread the word about you and your business.
to help you better operate your small business
People in business are experts. And out in the marketplace, people are hungry for your expertise. This provides you with opportunities to teach others what you know.
Expansion opportunities can be overlooked in your small business. By teaching others, you are extending the reach of your business. Or you can make a business out of teaching.
Example: Jenna is a professionally-trained chef who runs a small upscale cafe. While she did everything in the kitchen, her first love was designing and making spectacular cakes. These were colorful and edible sculptures. Her artistic cakes attracted much attention, and they were soon to be found in other restaurants, at wedding receptions, and local gala events. People wanted to know how she made the New York skyline out of cake, and other chefs wanted training in her techniques. This caused her to face alternatives--should she continue as is, or should she close the cafe and just make cakes, or should she keep the cafe and add teaching sessions? She set up teaching sessions, from simple to complex, and she is headed down the road to transitioning entirely to teaching cake sculpture.
Example: Jon owns and operates a garden center. He has expanded his business considerably by offering "learning sessions" to customers. Some are free, others bring in revenue--but all of these sessions bring in referrals. Some classes teach homeowners how to take care of houseplants, or how to select and grow plants in the yard, or how to control pests in the garden. Other sessions show how to select and lay pavers, or how to build and take care of small fish ponds, or how to build fences, trellises and gates. These sessions bring new customers and encourage existing customers to return. The teaching sessions help spread the word in the community.
Example: Bill has many years experience running his stained glass studio. He creates spectacular windows for churches, corporations, offices and homes. He also repairs and restores antique stained glass using traditional techniques. He began offering instruction sessions for beginners and advanced students in group and individual sessions. These bring in a continuing stream of revenue, and the students spread the word about Bill.
Offering to teach others what you know can be a good way to add to your bottom line. And there are other reasons as well--like the personal satisfaction you get from passing on what you know to others. It's why I write this blog.
People are naturally curious. They want to know how you do what you do. Teaching them how to make a cake sculpture is one thing, but just holding an informal open house at your place is another. Both spread the word about you and your business.
Friday, February 6, 2015
Quality = Referrals
Free daily tips, information, advice, and ideas
to help you better manage your small business.
Whether you offer products or services, you are known by the quality of your work. And the word gets passed around--resulting in referrals.
Take a look at the comments posted on social media. A glowing review of your business spreads the good word about you. The reason that Angie's List works has a lot to do with the quality of the work described there.
If you do quality work, or if you sell quality goods, your clients and customers will do your advertising for you. They tell others--both online and off.
Example: Gwen runs a pizza shop. She is a stickler for quality. She imports ingredients from Italy--tomatoes, cheeses, garlic and flours. She makes her pizza dough herself in small batches every day. Her pizzas cost more, but they are prized by a loyal customer base. These customers return frequently, and they bring others with them. Gwen draws customers from a 20-mile radius, many of them passing several pizza shops on their way to her place.
Example: Jeannine makes pottery and she signs every piece produced. Her pottery business specializes in limited productions. She and her two employees inspect every piece. No flaw escapes their attention, and these pieces are destroyed. Jeannine sets a high bar for quality, and her reputation is spreading. She is not looking for awards, although she has received some. Instead, she sells and consigns to high end gift shops and through her website.
Example: Joseph is a carpenter who does each job as if he is working on his own home. He is also a stickler for quality. Whether he's framing out a door or constructing a wall of shelving, his attention to detail is readily apparent. He never advertises, but his customers praise him and pass the word among their friends. The only thing he does is he passes out multiple business cards to customers, asking them to pass them on.
See to the quality of your work, and your business can take care of itself. If your clients and customers are happy, they'll spread the word around your community and beyond.
The referral process is a natural undertaking--people talking with others. You can do some things to speed up the referrals. See other blogs in this series with "Referrals" in the title.
to help you better manage your small business.
Whether you offer products or services, you are known by the quality of your work. And the word gets passed around--resulting in referrals.
Take a look at the comments posted on social media. A glowing review of your business spreads the good word about you. The reason that Angie's List works has a lot to do with the quality of the work described there.
If you do quality work, or if you sell quality goods, your clients and customers will do your advertising for you. They tell others--both online and off.
Example: Gwen runs a pizza shop. She is a stickler for quality. She imports ingredients from Italy--tomatoes, cheeses, garlic and flours. She makes her pizza dough herself in small batches every day. Her pizzas cost more, but they are prized by a loyal customer base. These customers return frequently, and they bring others with them. Gwen draws customers from a 20-mile radius, many of them passing several pizza shops on their way to her place.
Example: Jeannine makes pottery and she signs every piece produced. Her pottery business specializes in limited productions. She and her two employees inspect every piece. No flaw escapes their attention, and these pieces are destroyed. Jeannine sets a high bar for quality, and her reputation is spreading. She is not looking for awards, although she has received some. Instead, she sells and consigns to high end gift shops and through her website.
Example: Joseph is a carpenter who does each job as if he is working on his own home. He is also a stickler for quality. Whether he's framing out a door or constructing a wall of shelving, his attention to detail is readily apparent. He never advertises, but his customers praise him and pass the word among their friends. The only thing he does is he passes out multiple business cards to customers, asking them to pass them on.
See to the quality of your work, and your business can take care of itself. If your clients and customers are happy, they'll spread the word around your community and beyond.
The referral process is a natural undertaking--people talking with others. You can do some things to speed up the referrals. See other blogs in this series with "Referrals" in the title.
Thursday, February 5, 2015
Referrals methods
Free daily tips, information, advice and ideas
to help you better manage your small business.
Referrals bring you the best new clients and customers. John refers Marie and she walks in your door or she calls for more information. Marie is ready to hear your proposal or give your products a favorable browse.
So, how do you keep the word going around the community you are targeting? Referring other people to a business you've dealt with is a natural thing.
You want to tell others where you bought those new shoes. When your neighbor compliments you on your well-kept yard, you launch into a conversation that refers your landscaper. And when your friend hurts her back, you know the chiropractor who can help.
There are many ways to enhance this natural referral process. Here are three possibilities for you and your business.
Example: Sue runs a women's clothing and accessories shop. Every day Sue snaps pictures of items in her place. She selects one and posts it on her Facebook page and other social media. This continuing stream of pictures captures the attention of Sue's regular customers, and they frequently pass the pictures on to their friends and acquaintances. This process has greatly expanded the reach of Sue's shop. She now regularly attracts new customers from an area much larger than before. Her referral network is growing--and it costs her little in terms of money and time.
Example: An ice cream store uses an older, but no less effective, method of extending its referral network. Here, picture post cards are used. One side of the card shows a colorful picture of a scrumptious ice cream concoction. On the other side is the name and address of the recipient, a stamp, and a simple message: "Bring this card in and get a dollar off anything you want. Or pass it along to a friend." The owner mails these cards to a customer list. Many cards are returned to the store, by both existing customers and new ones. The advantage of a post card over Facebook is clear. Facebook gets a two-second viewing and might be passed on to a friend. The post card is kept--taped to the refrigerator or tacked to the bulletin board or passed on. That one dollar off makes the card feel like money. Type the "$1.00 off" in big, bold type.
Example: A method I have used is more direct. Get in touch with your existing clients/customers and ask them for referrals. This can be done personally when you see them, or it can be through emails or phone calls. Simply ask them for three referrals and follow through by contacting each one they give you. This new person doesn't know you, but both of you know the person who gave you the referral. You already have your opening line: "Mary mentioned that you might be interested in what I do." Be very brief. Follow up by sending them an email, or, at the very least, point them to your website or your Facebook page.
Social media has opened up many possibilities that didn't exist before. It is changing everything. Even that post card can now be turned into a coupon that attracts attention all over the net.
Every small business is different. What works at one might not work at another. And what works today might not work tomorrow. Think through your own situation and get busy. Go after those referrals.
to help you better manage your small business.
Referrals bring you the best new clients and customers. John refers Marie and she walks in your door or she calls for more information. Marie is ready to hear your proposal or give your products a favorable browse.
So, how do you keep the word going around the community you are targeting? Referring other people to a business you've dealt with is a natural thing.
You want to tell others where you bought those new shoes. When your neighbor compliments you on your well-kept yard, you launch into a conversation that refers your landscaper. And when your friend hurts her back, you know the chiropractor who can help.
There are many ways to enhance this natural referral process. Here are three possibilities for you and your business.
Example: Sue runs a women's clothing and accessories shop. Every day Sue snaps pictures of items in her place. She selects one and posts it on her Facebook page and other social media. This continuing stream of pictures captures the attention of Sue's regular customers, and they frequently pass the pictures on to their friends and acquaintances. This process has greatly expanded the reach of Sue's shop. She now regularly attracts new customers from an area much larger than before. Her referral network is growing--and it costs her little in terms of money and time.
Example: An ice cream store uses an older, but no less effective, method of extending its referral network. Here, picture post cards are used. One side of the card shows a colorful picture of a scrumptious ice cream concoction. On the other side is the name and address of the recipient, a stamp, and a simple message: "Bring this card in and get a dollar off anything you want. Or pass it along to a friend." The owner mails these cards to a customer list. Many cards are returned to the store, by both existing customers and new ones. The advantage of a post card over Facebook is clear. Facebook gets a two-second viewing and might be passed on to a friend. The post card is kept--taped to the refrigerator or tacked to the bulletin board or passed on. That one dollar off makes the card feel like money. Type the "$1.00 off" in big, bold type.
Example: A method I have used is more direct. Get in touch with your existing clients/customers and ask them for referrals. This can be done personally when you see them, or it can be through emails or phone calls. Simply ask them for three referrals and follow through by contacting each one they give you. This new person doesn't know you, but both of you know the person who gave you the referral. You already have your opening line: "Mary mentioned that you might be interested in what I do." Be very brief. Follow up by sending them an email, or, at the very least, point them to your website or your Facebook page.
Social media has opened up many possibilities that didn't exist before. It is changing everything. Even that post card can now be turned into a coupon that attracts attention all over the net.
Every small business is different. What works at one might not work at another. And what works today might not work tomorrow. Think through your own situation and get busy. Go after those referrals.
Wednesday, February 4, 2015
Corporate vs. small business
Free daily tips, information, advice and ideas
to help you better manage your small business
Leaving corporate America and starting up your own small business is difficult. I know. I did it myself.
If you are considering doing this, be careful. You need some preparation. Corporate America and small business are totally different. They occupy different planets, they speak different languages, and they hold out different futures.
Example: For 10 years I headed up the Business Owners Institute of New Jersey. We helped many people establish their first business. And we helped many more dealing with the everyday problems of growing, finding financing, getting referrals, and other operating problems they brought to the table.
A lady once walked in the door looking for advice on buying a franchise. She had taken a buyout from a major corporation, so money was not the problem. She ran a single idea past me--she wanted advice on buying a donuts franchise. I posed two groups of questions.
1. Who will make the donuts at 4 a.m. when your employees call in sick--or simply don't show up. Do you know how to run the coffee machines?
2. What are your personal interests and passions? What have you spent your time doing when you were away from your corporate position in the past?
When she thought through the implications of this, she decided against buying the donuts franchise. She went on to establish her own marketing consulting firm, helping other small and medium size businesses do what they were ill-equipped to do themselves. Much later, we had a good laugh talking about how donuts are made.
Corporate America does not prepare you for establishing and operating a small business. In corporate America you have many corporate resources to call on. You depend on the company sales force, production people, human resources, and all the rest. In small business, look in the mirror.
You might enjoy what you do in corporate America, but you have all the company's capabilities at your disposal. In small business, it's you.
Before jumping out of your corporate position, investigate the small business world. It's quite different. Look ahead before taking the step. You will be your own boss in small business. But you will be doing everything else as well.
to help you better manage your small business
Leaving corporate America and starting up your own small business is difficult. I know. I did it myself.
If you are considering doing this, be careful. You need some preparation. Corporate America and small business are totally different. They occupy different planets, they speak different languages, and they hold out different futures.
Example: For 10 years I headed up the Business Owners Institute of New Jersey. We helped many people establish their first business. And we helped many more dealing with the everyday problems of growing, finding financing, getting referrals, and other operating problems they brought to the table.
A lady once walked in the door looking for advice on buying a franchise. She had taken a buyout from a major corporation, so money was not the problem. She ran a single idea past me--she wanted advice on buying a donuts franchise. I posed two groups of questions.
1. Who will make the donuts at 4 a.m. when your employees call in sick--or simply don't show up. Do you know how to run the coffee machines?
2. What are your personal interests and passions? What have you spent your time doing when you were away from your corporate position in the past?
When she thought through the implications of this, she decided against buying the donuts franchise. She went on to establish her own marketing consulting firm, helping other small and medium size businesses do what they were ill-equipped to do themselves. Much later, we had a good laugh talking about how donuts are made.
Corporate America does not prepare you for establishing and operating a small business. In corporate America you have many corporate resources to call on. You depend on the company sales force, production people, human resources, and all the rest. In small business, look in the mirror.
You might enjoy what you do in corporate America, but you have all the company's capabilities at your disposal. In small business, it's you.
Before jumping out of your corporate position, investigate the small business world. It's quite different. Look ahead before taking the step. You will be your own boss in small business. But you will be doing everything else as well.
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