How to Live The Business Of Your Dreams

Brick and Mortar Stores

As the saying goes, live the life of your dreams, right? Well, how about to live the life of your dreams, for us business owners we must live the business of our dreams!

According to SBA.gov:

  • The 28 million small businesses in America account for 54% of all U.S. sales.
  • Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.
  • The 600,000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people.
  • The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square feet.

AND

According to a sort of out of date 2013 article by Forbes: “Approximately 543,000 new businesses get started each month.”

So: Small business is big business for the US economy.

On Main Street, the reasons for starting a small business vary. It goes from the passionate & talented technician who wants to set out on his/her own, to the talented seamstress with a fashion line, to all sorts of retail ideas, online stores, services… you name it, there is a business for it. However, not all businesses are meant to be. That said, not all established businesses are meant to be. In fact, your business will not last forever! That is fact that is not talked about or promoted because, like life, who wants to talk about a business’ imminent death? You’ve opened your doors and are ready to sell your widgets! The sky is the limit, not the sky is falling.

Let’s live the business of your dreams. This means do whatever it takes to bring the customers in. Do all the necessary things to make them thrilled and be evangelists! I’ll boil it down to 3 things to be successful in any market and any economy.

Profit Margin

If you were to sell a widget or a service or an internet service widget, can you prove that you can monetize it? If so, who else did it and what was their outcome? Sometimes the most innovative products and services aren’t sellable. Take virtual reality, out 50 years ago, The Sword Of Damocles was as amazing and innovative as it was completely impractical. Was there a market for it? Probably not. Today the market for virtual reality is set to hit billions dollars which makes sense since consumer demand coupled with consumers having access to technology to support the headsets. More recently in the 90’s Nintendo and a company called Virtuality Group unleashed their virtual reality headsets actually selling units but the tech or demand wasn’t there yet. It took over 50 years for ideas to catch up with the technology.

Next with the product that you know can sell, how much can you sell it for and for how much profit? You can’t sell one slice of pizza and be a profitable business. Know how much you make on each transaction and track it.

Marketing

 

So you have a great widget/ service and know there is a market for it that can make you money and be profitable. Are you going to open the doors and be profitable without anyone knowing about you? You have to market it! Marketing is simply the means to which you find your customer. So where is best? Well if there are 100’s of billions of people on the internet, you can be rest assured that your marketing forum is right in front of you! But these days SEO, Adwords and such are expensive. Look into ways to do all this yourself and you will save thousands and market your stuff without breaking the bank.

Innovation

Once you are in business, as in people are paying you cold hard cash for stuff you do, innovate. Don’t do the same thing everyday and expect the same results. Constantly innovate around your services and products to ensure that you are adding value to the consumers experience. Some simple examples are:

  1. Sunday Football “adult beverages”. Hanging out at your favorite store that’s not a bar? Sure.
  2. Wine for clients in the waiting area. I am not proposing getting your clients drunk- just showing you another example.
  3. Coffee. See? Non alcoholic example!

Point is, by providing free services to help your customers, you add more value to their experience. Especially if you do something they really love! To get a business live the business of your dreams you need to get in the zone. Make sure that the zone includes, a product/ service that people want, one that you can sell easily and make a great profit off of, that you can market effectively and are constantly innovating around.

 

 

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