High cost of living scares away most small business owners. How can I afford to pay my labor $20 or $30 per hour? In reality its a huge advantage to operate in these markets. If you can operate well you will win.
Entrepreneurship isn't easy. Its scary. Its uncertain. Dealing with the anxiety and the voice in the back of your head telling you to stop and run for cover is something everyone deals with. Heres my take.
50/50 cofounder business partnerships are as important as getting married. Many jump into it without the proper due diligence and it destroys their businesses down the road. Its all about character and value.
I've been getting a lot of questions on lead generation and consulting setups from people who have spotted holes in digital marketing for established companies. Is it a real opportunity?
Simplicity, speed and eager professionalism.
Buying a business is sometimes a great option. Here is what to think about and consider if you are exploring that route.
I share my method for creatively naming your business while checking domain availability.
Communication skills are key. Email is taking over modern day communication. Understanding email etiquette and getting your point across as quickly and efficiently as possible is a skill that will help you get ahead.
Every dollar invested in your business will become 2 or 3 dollars in the near future. Every dollar invested in everything else will either be gone or worth pennies. Free up your capital so it can work for you. Reduce your overhead and make more of your expenses variable.
Customer service is notoriously bad among service businesses. Lucky for us we know how to provide professional and jaw dropping customer service.
Technology focused people have a huge advantage on the service side of things. Digital marketing, software tools, analyzing data and more. Embrace it and join the fun.
It might seem like most service based companies out there require a lot of skill to get involved. Experience and maybe some permitting too. Its all about the TIME invested. Sometimes taking the time to learn the skill is a great investment.
Starting a business while you have a full time job is the lowest risk route and the route most successful entrepreneurs take.
This is my analytical approach to vetting ideas, analyzing opportunity, studying the market and launching a company that has extremely high odds of success. Start by making a list of 10 business ideas based on the criteria provided. Then analyze them and study competitors and spot holes in the market.
The sure fire way to get opportunities, raises and promotions at work is to solve problems and relieve stress for the decision makers in your company. You'll be invaluable in no time. Apply the entrepreneurial spirit to what you do at work and you will win
Networks are tricky. There is a chicken and egg problem. So many young entrepreneurs focus on building a network but it rarely pays dividends and in this episode we discuss why that is and how you can earn a valuable network
Your health is the one thing that most entrepreneurs sacrifice in exchange for success. Take care of this area of your life with these tips and you will have a massive advantage over your competitors.
Your time is your greatest asset. In this episode we treat how to fail quickly, learn quickly, and succeed quickly. Time management is difficult and distractions are plentiful. Get the most of your day with this advice.
The on demand economy is taking over. Customers want service now. Not next week. Not tomorrow. Now. You have to find a way to avoid competing on price and racing to the bottom. There will always be somebody who is willing to do what you do cheaper. One way to gain a competitive advantage and name your price is to be faster. Same day service. Frontload your business so you can grow quicker and offer your service faster and you will win.
My short list of things to work on for the next year. Entrepreneurship and business is about constantly trying to improve. In this episode I discuss how I plan to improve.
Stress is part of entrepreneurship. The unexpected hits you and problems arise around every bend. Managing that isn't easy but there are some steps you can take to thrive under difficult situations. This episode is based around the concepts in the book The Obstacle is the Way by Ryan Holiday. A great read and I encourage you to pick it up. Winning in business is about managing your emotions and making good decisions under pressure.
These are some of the best principles and pieces of advice I have read or heard. How to manage your health, your time, your relationships, and your month. Add value first. Its not about the money. Its not about finding better employees. How to make decisions quicker and more efficiently. How gossip can kill your company. The importance of humility, honesty and integrity. How to expect change. How to manage your emotions. The importance of playing the long game. Understanding how risk effects you...
There is a lot of bad advice out there. Today we discuss the risks of following your passion, why its not hard to find good employees and why you should disregard a lot of the advice out there geared towards entrepreneurs. The customer isn't always right. You don't need a new idea to become an entrepreneur. You don't need an Ivy League degree. You don't need to work long hours. It often makes perfect sense to give up. Trying to change the world is a dumb idea.
The first employee is tricky. When? How? We discuss the timing and methods you should keep in mind when hiring and training your first employees. We talk about simplifying the tasks and setting the employee up for success. How to create a positive culture and employees that feel valued and appreciated.
Momentum is the key to life and business and we discuss the ways delaying your gratification can jumpstart your business in the early days. Its all about building a brand and a following and the best way to do that is to add value first. Don't worry about profits. Add value and give it away to as many people as you can. Get the following. The value will come down the road.
Marketing is tricky but if you find and target the customers that are most valuable to you it will pay dividends. Find out who your target is, locate them and market to them. In this episode we discuss the massive advantage being likable affords, adding value first, creating content and focusing on your wheelhouse. We also answer a great question from the last episode about the risk associated with the 80/20 rule and focusing on the 20% of your customers who generate 80% of your profit.
Time is your most valuable resource and in this episode we discuss where you should spend it. We go over my two favorite business principles - the 80/20 rule and the 4 quadrants of time management. We also answer questions from listeners - one who just lost a large client and is unsure what to do and another who wants input on a business idea for rentable plastic moving boxes!
We talk about the tools that you can utilize that are either free or cheap as you begin to offer your service and hit the market. From Websites to Google's Suite of free business products we discuss everything you need.
In this episode we talk about the most important traits of an entrepreneur. What to consider when naming your company and how to think about finding cofounders and partners in the early days.
In this episode I tell my founding story and we talk about the three ways you can add value when considering sectors for your new business. We also discuss some early steps you can take to getting a head start on the skills you will need down the road.
