Posts Tagged ‘creative business’

10
Mar

More Low Cost Keys (to Finding More Sales)

   Posted by: JohntheMentor    in Growing the Business, Ideas, Marketing

A couple of weeks ago, I posted 3 Low-cost Keys to Finding More Sales. In the current issue of my newsletter, I talked about a couple of more. Here’s a recap of it.

Key 4 -Find ways to add value to a sale.

The first step is to make sure that what you are offering for sale is worth more than you are charging for it. When you do this, quite

But sometimes, additional value can be added that will help the customer quickly make a decision in your favor. The idea is to make buying from you a “no-brainer” in a way that is good for your business overall. A good way to to do this is to offer a bonus – something that the customer would like but that doesn’t take much extra from you.

Let’s look at a wedding cake business. Her price is competitive to the bakeries. She has better flavor than they do. She is offering custom design and exquisite decoration (and getting paid a reasonable return on it.) As she speaks with the bride, the bride may be impressed but still hesitant. An offer to throw in a dozen decorated cupcakes (for the snacking pleasure of the wedding party before the wedding or as honeymoon treats) can add a strong pull. And for the business owner, to do some cupcakes at the same time as the cake is a snap – very little extra cost and time, but great return.

There are lots of ways to add a bonus that is meaningful to the customer but easily produced by the Creative.

Key 5 – Find a natural, related market.

Every business has its target market. And that target market should be the primary focus of the business. But for every focused target market, there are several related markets that have some overlap with the target market.

The idea is to find a market that is naturally related to your primary business so that you can easily expand your offerings without having to acquire new skills or to start all over in acquiring customers. You leverage the resources, marketing, and customers that you already have.

For instance, a saddle maker has a natural secondary market in the tack that completes the equipment needed to ride a horse. It is so natural, that many times you see them combined – a saddle and tack shop. But that is not the only secondary market. Of course, what often comes to mind is to carry additional items in horse care or horse adornment (mane and tail braids, etc.)

But another natural, related market is custom belts and hatbands that are tooled to match the saddle and tack. When you already have a saddle customer (current or previous), you have an opportunity to be the one who meets his related needs/wants. And you don’t have to make the sales at the same time. Suggest the secondary line to existing customers (perhaps through email or a postcard mailing to them.)

For tack makers, consider that many customers who have horses also have dogs. Here is an opportunity to offer the customer matching leads and collars for the dogs (matching the horse tack.) It uses basically the same materials and techniques and expands the line without having to acquire a whole new customer base. Yet, it can open the door to new customers.

Every target market has some overlap with other markets, what is the overlap in your market that you could sell to with little added effort?

Did you find these helpful? My newsletter subscribers got a lot more information on this in the last issue, with more on its way. It’s another good reason to subscribe.

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1
Mar

Plan on Planning

   Posted by: JohntheMentor    in Encouragement, Helps, Running the Business, Starting the Business

As I mentioned previously, I was working on one of my books (Starting Your Creative Business) and I wrote about three prerequisites you need to have before you even start.

As I did, I realized that you really need those three things (Passion, Persistence, and a Plan) throughout your whole business life (and can make the case for throughout your whole life – business or otherwise.) So, I decided to share about them briefly here even though you may have heard these before, because, if you are like me, an occasional reminder is in order. The first post covered Passion. Yesterday I did Persistence. Today, I want to cover a Plan.

A Plan

Imagine that you are in a meadow in the middle of a forest. As you look, you can see six different paths around the perimeter of the meadow, each leading away through the forest. Only one, or at most, two paths will take you where you want to be — back to your car in the parking lot where you left it. Just running down a path (passion) picked at random – no matter how hard you run – is not a strategy for success, even if you keep doggedly at it (persistence).

You have five out of six chances that you are on the wrong path. And it gets worse if you simply run in a circle around the perimeter of the meadow. You then have no chance.

But, if you add a map and a compass, to help you pick the proper path, you have changed the odds for success enormously. But the map and compass are not the plan, they are the tools.

A plan is not the goal. The goal is the destination on the map (in our opening illustration – your car.) The plan is the route you will take to reach the destination (the path.) You want to keep the map and compass handy because the path may appear to be going the wrong direction. Or there may be an obstacle in the way that requires you to take a detour. With the map and compass, you can work out a detour that will bring you back to the path and keep you moving toward your destination.

As I said, in your life and in your business, the plan is your route to your goal. Depending on how expert you are with map and compass, how familiar you are with the terrain, and how well equipped you are for the hike, you may need a very detailed route or a just a rough sketch.

Some people are able to sketch out a plan on a cocktail napkin and that is enough to see them through to the implementation of a multi-million dollar business. They know the territory and have a lot of the map in their brains… due to experience.

Others need a plan that is so detailed, it would make an architect’s blueprints look like the above cocktail napkin sketch. The less experience you have, the more detailed the plan needs to be.

The smaller and easier the goal, the less planning it will probably take. The converse is also true… the bigger and/or harder the goal is, the more planning that will need to happen to achieve it.

Most goals are somewhere in between. And most people

  • don’t like to plan… and…
  • aren’t very good at it.

So, how do you keep from being overwhelmed when you need to plan? The best way is to “chunk it down.” That is, break it down into manageable chunks or bits.

A bigger plan will have a lot of high-level parts and each one of those will get broken down into smaller parts. The smaller parts will have specific actions (tasks) that need to happen… and in a particular order. Listing these out give you an actual route to your goal with the steps needed to accomplish it.

If you are really bad at planning (or really new at it), consider hiring a guide (coach, mentor, or advisor) to help you through the woods. It can make the difference between coming through the woods successfully or not coming back at all. Once you have more experience, you won’t need a guide.

What is your experience with planning? Do you have a favorite tool (map and compass)? Don’t leave us in the dark. Use the comments and enlighten us.

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As I was working on one of my books (Starting Your Creative Business), I wrote about three prerequisites you need to have before you even start.

As I wrote about them, I realized that those three things (Passion, Persistence, and a Plan) are also things you need throughout your whole business life (and can make the case for throughout your whole life – business or otherwise.) You may have heard of these before, but, if you are like me (and most of us), an occasional reminder is in order. And so, let me just touch on them briefly here. Today I will talk about Passion and post the other two over the next couple of days.

Passion

Passion is the driver that keeps us going. I find it interesting that one of the hallmarks of depression is a lack of passion (in just about every area). We are built to be passionate about something (and sometimes more than one something.)

In terms of owning and running your own business, you need a passion for the point of your business (not a passion for business, but for why you are in business.) You need that passion

  • to stay connected with the business
  • to provide the “oomph” to keep going on the days when obstacles arise
  • to enjoy the business
  • and to point towards your mission in life.

Passion is the underlying driver behind a sense of misson – first personal mission and, later, business mission. (If you haven’t found that passion or your Mission in life or for your business, I encourage you to check out the Mission Discovery webpage at my site… you can find your mission AND live it.)

(By the way, if your business mission isn’t a subset of your personal mission, I can predict a lack of success for you. A business should have a mission (and a clear mission statement). If your business doesn’t have a mission, then it is like a ship without a rudder – drifting wherever the tides of the economy sweep it — usually to the rocks of ruin. If the business mission isn’t clear and a subset of your personal mission, then it is like a ship whose captain has ADD – always running after the latest rumor of treasure… and never arriving at a destination.)

There are some people who can’t point to a particular passion. Sometimes it’s because they have multiple passions and sometimes it is because their passion has been beaten into submission. The former have to simply choose one for their business. The latter need to find help and therapy to rediscover their passion.

When things get tough in your business, your passion can see you through. Are you passionate about your business… or at least, the point of your business?

How has passion played a part in your business? Use the comments box and share that passion with us.

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