Over the past week I've had the opportunity to work with two fairly new business owners. Both have had the idea for their businesses for a while now, both still work full-time jobs, and both have been circling around their idea for at least a year. As I worked with both of them, I realized they shared some common issues that keep them talking but not acting. Talking doesn't create income. See if you fall into one (or more) of these five traps.
- Constantly scanning for information about your industry to the point that confusion and overwhelm stops decision-making. In both cases this week the biz owners had read news articles and watched trends, which is a good thing up to a point. The mistake they made was thinking that reading is going to give them a definitive answer about who their target market is. It won't. You will read and read and read, and before long you'll see that you can always find more articles to read and eventually one will contradict the other. If this wasn't true, stocks would be easy to pick right every time! At some point entrepreneurs have to quit analyzing information and add in their own gut. Business is part art, part science. Don't make the mistake of waiting to act until you get a definitive answer. You'll be waiting forever and someone else will go make the money you could have made!
- I've said this before and I'll say it again – don't resist niching your market. Both these budding entrepreneurs wanted to keep their market way too broad, thinking they could then “catch more customers.” But the opposite is true – the more specialized you are, the more you will call to the exact ideal customers you most want to serve. Does this mean that if you work with men between 21-30 that have beards, and a guy calls you who has no beard you have to say no? No! You CAN work outside your niche but you shouldn't waste time and money marketing outside your niche.
- No concrete actions taking place for marketing. In both cases I heard a lot of “I've been thinking about this” or “I'd like to do this but I'm not sure how.” Both of these statements are a sure sign of confusion about who to market to. If you truly have narrowed down your niche you will start automatically getting ideas and energy toward marketing. Confusion in your mind will create confusion in a potential customer's mind. And as many people before me have said, “confused minds don't buy.”
- Both these entrepreneurs-to-be had massive anxiety. Both wanted to “get everything right and not waste money.” Here's the deal – to be successful in a big way in business you WILL make mistakes and you WILL waste some money along the way. It's irrational to believe you won't, so let that one go right now. Being a business owner means living in imperfection. If you have the perfectionist tendency going on then a major part of your work toward being successful as a business owner is to dial that down. Otherwise, the constant anxiety you feel about “doing things right and not wasting money” will keep you from taking action other than a few very safe little things around the edges of your business. And safe little things don't give you profits. You'll be working that day job for the rest of your life.
- Both people are making the newbie mistake of failing to ask their niche what they want and what they will pay for. This is called market research, and you'd think that doing market research was more distasteful than eating brocolli. (If you like broccoli then substitute something else that curls your stomach). There's nothing wrong with grabbing 5 to 10 people (or more) who are representative of your target market and ASKING THEM what they most want. In fact, major consumer organizations do this all the time, and spend millions for it. You can use a phone call, a free survey (try Survey Monkey), or a quick e-mail and ask 5 to 7 questions that will help you flesh out what people want and what they would pay. This gives you key information and confidence.
There you have it. Five common mistakes that keep you anxious and your bank account poor. Make sure that your enthusiasm is stronger than your anxiety, and you'll have much more success in business and in life.
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Great advvice Sue! I’m sure that every business owner can resonate with this!
Thanks, Renee.
I have to refer all my clients to this post, Sue, and send them your way for that extra training only you can give them. Again, a wealth of information from you.
Thanks, Cyndi!
Thanks! You stated several points I needed to hear again. Researching to the point of exhaustion only left me exhausted.
I’m putting one foot in front of the other and MOVING FORWARD!
Sue, great advice as usual. I love that you said, “talking doesn’t create income.” If you want to be successful in business, or anything really, you need to be an action-taker. As they say, “talk is cheap.” All the analyzing, meditating, and brainstorming in the world won’t get you squat if you’re too scared/stuck/confused/etc. to act on your ideas or invest time, money, and energy in your business. Plan, strategize, and make informed decisions that lead to action. You can always course correct your direction, but you can’t steer a parked car.
Tiffany,
I know you are a great planner and strategy-maker. I love your “you can always course correct your direction, but you can’t steer a parked car.” Both funny and wise!
Sue
OMG! I feel like you’ve been stalking me! This is exactly what I needed to hear to get moving. I am guilty! guilty! guilty! And now I am ready! ready! ready! No more excuses…no more NEEDING the research to prove what I’m doing. I am so glad I came across this and I definitely need to share this with some of my friends! You have a new fan here!
You are so spot on Sue that “entrepreneurs want to keep their market way too broad” I am a marketer and I still did the same thing! THe proverbial plumber with a leaky tap I wanted to be everything to everyone as I was afraid of leaving dollars on the table but by being too broad I wasn’t clear who would even come to the table – thank goodness I saw the light and now my bank balance reflects my sharper focus too!
Heidi,
I think it is a lesson we ALL go through. Glad to hear that your sharper focus has meant a larger bank account. 🙂
Sue
Sue – I love the fact that you pointed out “Constantly scanning for information about your industry to the point that confusion and overwhelm stops decision-making.” This bugs me to no end. Stop researching it to death and take action. Try something. Do something. Only then will you experience a result … it may be good and it may be bad, but at least you took action and learned something!
I also love that you said, “to be successful in a big way in business you WILL make mistakes and you WILL waste some money along the way” … so many successes are born out of failure. So many wins come from losses. The journey along the way and the lessons learned have been invaluable for me – I have grown from each experience both personally and professionally.
Hi Jennifer,
Thanks for your comments. It’s a big lesson to get away from perfectionism, isn’t it??
Sue
This are such great tips, Sue! I especially like the reminder that you WILL make mistakes. Perfectionism and entrepreneurship don’t really go together. I think that nothing is as important as taking action. Fortunately, I’m pretty good at doing that, and when I’m not, I pay close attention, because it is usually that some mindset issue is rearing its ugly head and I need to take steps to resolve it.
Thanks, Linda. You are one action-oriented person, I know!
Sue
Excellent points Sue. The niche marketing comment really resonates with me and my business. The more I define and verbalize my niche the more those clients come my way. Thanks for the validation.
You’re welcome, Marketing Mel!
Sue
LOL, I had to smile while reading this Sue because I have been guilty of some of these things myself! Thanks for the reminder that “to be successful in a big way in business you WILL make mistakes and you WILL waste some money along the way.” Sometimes we think we’re the only one making mistakes and spending on things with little to no ROI. Although the true ROI is sometimes the lessons we learn from the experience. Aloha!
Great post Sue. Not only did I just tweet it, I’m about to send it to 2 folks who will get much treasure from reading it. Thanks!
Jeff,
Thanks for passing it on.
Sue
What great advice Sue! I have certainly been guilty of a few of the items you list but have learned that moving forward in imperfection is what helps create the clarity! I’m always appreciative of your wisdom!
Hi Sheila,
Thanks. You have done so much with your business over the past year that I’m in awe of you. 🙂
Sue
Excellent advise. Finding clarity is the #1 essential building block to beginning a new career or starting a business. There are many coaches out there looking for clients who need the help finding clarity. Thanks Sue!
–Marcia
http://www.Clarity2Purpose.com