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You are here: Home > Business > Branding > Solopreneur or Small Business Owner? Understand This: You Have No Competition! |
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Casual Articles - Solopreneur or Small Business Owner? Understand This: You Have No Competition!
Advertising Tips-Stop Wasting Your Advertising Dollars in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition.I am not a fan of junk mail. However, there is a HUGE difference between junk mail and direct mail. Direct mail brings in sales, junk mail gets tossed in the garbage. I want you to learn the difference and how direct mail can be created and used to bring you new sales opportunities from a narrowly focused target market that it up to 15 times more likely to buy your product or service than if you were using the shotgun approach.One of the most common sales tactics that any media representative will use when trying to sell you advertising is the number of people who read their publication, hear their radio station, watch their shows, etc. What they don't tell you is how many of these people have no interest in what you are selling. The vast majority of people who will see or hear your ad in these types of media are not in the market f The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money. Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come t Payroll Delaware, Unique Aspects of Delaware Payroll Law and Practice No competition?! Is this na?ve? Wishful thinking? A load of bunk?The Delaware State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is: Division of Revenue Withholding Division 820 N. French St. Wilmington, DE 19801 302-577-8200 www.state.de.us/revenueDelaware allows you to use the Federal W-4 form to calculate state income tax withholding.Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In Delaware cafeteria plans are: not taxable for income tax calculation; taxable for unemployment insurance purposes. 401(k) plan deferrals are: not taxable for income taxes; taxable for unemployment purposes.In Delaware supplemental wages are required to be aggregated for the withholding calculation..You must Not at all. As a coach who has consistently defied conventional wisdom as to what makes a successful coaching practice (NOT built on coaching other coaches!), let me share with you what I have learned along the way and what saves me EVERY SINGLE TIME I start to get overwhelmed or lose my business focus. It is so basic but SO critical to the success of solopreneurs and small business owners and it all boils down to that old saying, “KNOW THYSELF”. Simple, yes, but surprisingly difficult for many and a lot richer journey than you might expect. What follows is a simple model that will help you see exactly where you can focus your business building efforts most effectively. First, you do need to know a few things about your industry and those who specialize within it. This will give you the context in which your business exists. Consider these three major areas for your investigation: 1. Your industry as a whole (e.g. all coaches, all massage therapists, all nutritional consultants) 2. Those who share your ‘specialty’ (e.g. retirement coaches, those who do sports massage, those who specialize in the nutritional needs of menopausal women.) 3. YOU. Trap #1: Becoming a Commodity Not uncommonly, new businesses suffer from a lack of definition. To niche or not to niche? It’s a scary proposition to enter in to a new field, or to opt for self-employment and we often want to keep our options (for revenue) open. It is natural when one enters new territory to search for any measuring stick one can find to learn how to succeed in one’s chosen field. Unfortunately, this often means discernment gets tossed out and you can start to read every industry directive on what it takes to succeed as relevant to your business. It may not be. In fact, some of what you read may go so against your inherent strengths that you will risk being trapped in inefficiency and find yourself stalled and overwhelmed at every turn should you try to follow their recommendations. It’s important to understand that what is common to all distinguishes none. Identify, the overlap of those skills and techniques that are the foundation of your industry, regardless of your specialty area. While it is critical that you have a strong foundation, do not allow yourself to believe that this alone will build your business. It will not. You will simply be an interchangeable entity with everyone else in your field where prospective clients are concerned which leaves them no reason to choose you on factors other than price and gives them no reason to be loyal to you. Businesses playing to commodity will experience high turn over of clientele, poor return on investment for marketing efforts and lack of a clear direction in their business building efforts. BEWARE: Distinctiveness today is commodity tomorrow. Once upon a time there was only one coach, or dentist, or widget maker. It was enough to just be that. As the field grows what is distinctive for the individuals in it MUST evolve. Trap #2: Playing to the Competition OR Trying to “out-Oprah” Oprah Once you have a handle on the foundation of your industry and have developed the requisite set of skills, the next logical place to look is at those who share your specialty area. Where your business shares aspects with those in your field in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition. The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money. Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come t A Brief History Of Postcard Marketing t. This will give you the context in which your business exists. Consider these three major areas for your investigation:The first postcardsThe first postcards really weren’t postcards as we know them at all. The idea came from envelopes that featured printed pictures. The first card sent post in the United States was privately printed and copyrighted in 1861. It certainly didn’t have anything to do with postcard marketing. Indeed, many postcards first evolved as sort of greeting cards. It wasn’t until 1870 when the first postcard as we would recognize it, was printed. And it was more of a historical issue for the Franco-German War. But marketing is a powerful force, and it only took three years for postcard marketing to get its start.The dawn of postcard marketingPostcard marketing got its official start in 1872, when a postcard advertisement appeared in Great Britain. These first advertisement postcards appeared in black and white, or with 1. Your industry as a whole (e.g. all coaches, all massage therapists, all nutritional consultants) 2. Those who share your ‘specialty’ (e.g. retirement coaches, those who do sports massage, those who specialize in the nutritional needs of menopausal women.) 3. YOU. Trap #1: Becoming a Commodity Not uncommonly, new businesses suffer from a lack of definition. To niche or not to niche? It’s a scary proposition to enter in to a new field, or to opt for self-employment and we often want to keep our options (for revenue) open. It is natural when one enters new territory to search for any measuring stick one can find to learn how to succeed in one’s chosen field. Unfortunately, this often means discernment gets tossed out and you can start to read every industry directive on what it takes to succeed as relevant to your business. It may not be. In fact, some of what you read may go so against your inherent strengths that you will risk being trapped in inefficiency and find yourself stalled and overwhelmed at every turn should you try to follow their recommendations. It’s important to understand that what is common to all distinguishes none. Identify, the overlap of those skills and techniques that are the foundation of your industry, regardless of your specialty area. While it is critical that you have a strong foundation, do not allow yourself to believe that this alone will build your business. It will not. You will simply be an interchangeable entity with everyone else in your field where prospective clients are concerned which leaves them no reason to choose you on factors other than price and gives them no reason to be loyal to you. Businesses playing to commodity will experience high turn over of clientele, poor return on investment for marketing efforts and lack of a clear direction in their business building efforts. BEWARE: Distinctiveness today is commodity tomorrow. Once upon a time there was only one coach, or dentist, or widget maker. It was enough to just be that. As the field grows what is distinctive for the individuals in it MUST evolve. Trap #2: Playing to the Competition OR Trying to “out-Oprah” Oprah Once you have a handle on the foundation of your industry and have developed the requisite set of skills, the next logical place to look is at those who share your specialty area. Where your business shares aspects with those in your field in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition. The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money. Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come t POS Systems ernment gets tossed out and you can start to read every industry directive on what it takes to succeed as relevant to your business. It may not be. In fact, some of what you read may go so against your inherent strengths that you will risk being trapped in inefficiency and find yourself stalled and overwhelmed at every turn should you try to follow their recommendations.Point of sale (POS) systems have become part and parcel of every business venture: restaurants, retail outlets, supermarkets, bars, online shopping, mobile payments, or even touch-screen information systems. Businesses still using manual cash registers and account books will be far behind in the race for profits. Electronic management of inventory and sales has become essential for survival in the modern computerized world. Budgets and profits have to be recorded error free and be easily accessible for proper business planning. Getting a POS system is indeed the need of the hour.POS systems basically cater to the retail and hospitality sector with hardware and software cut to their specific needs. Systems for the retail industry will speed up cash transactions and standardize inventory and pricing, but the hospitality software and restau It’s important to understand that what is common to all distinguishes none. Identify, the overlap of those skills and techniques that are the foundation of your industry, regardless of your specialty area. While it is critical that you have a strong foundation, do not allow yourself to believe that this alone will build your business. It will not. You will simply be an interchangeable entity with everyone else in your field where prospective clients are concerned which leaves them no reason to choose you on factors other than price and gives them no reason to be loyal to you. Businesses playing to commodity will experience high turn over of clientele, poor return on investment for marketing efforts and lack of a clear direction in their business building efforts. BEWARE: Distinctiveness today is commodity tomorrow. Once upon a time there was only one coach, or dentist, or widget maker. It was enough to just be that. As the field grows what is distinctive for the individuals in it MUST evolve. Trap #2: Playing to the Competition OR Trying to “out-Oprah” Oprah Once you have a handle on the foundation of your industry and have developed the requisite set of skills, the next logical place to look is at those who share your specialty area. Where your business shares aspects with those in your field in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition. The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money. Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come t Create an Alliance and WIN Business them no reason to choose you on factors other than price and gives them no reason to be loyal to you.Why should a consultant form an alliance of experts?Most consultants are solo operators and have an expert skill set in one area. This is good when your services are in demand. But what happens when your services aren’t quite what the client wants? You could give recommendations of someone else to do the job but giving a name and letting the client contact the new person or you can form an alliance.An alliance is a loose group of individuals that have complementary skills. These skills may also have some overlap but that will not really matter if you put the ground rules in place at the start. Elizabeth Kearney, Ph.D., is an expert at forming alliances. Her company, Elizabeth Kearney & Associates, The Experts Alliance, is a perfect example on how to setup an alliance and make it work for everyone involved. She is able to find the Businesses playing to commodity will experience high turn over of clientele, poor return on investment for marketing efforts and lack of a clear direction in their business building efforts. BEWARE: Distinctiveness today is commodity tomorrow. Once upon a time there was only one coach, or dentist, or widget maker. It was enough to just be that. As the field grows what is distinctive for the individuals in it MUST evolve. Trap #2: Playing to the Competition OR Trying to “out-Oprah” Oprah Once you have a handle on the foundation of your industry and have developed the requisite set of skills, the next logical place to look is at those who share your specialty area. Where your business shares aspects with those in your field in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition. The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money. Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come t Death of an Automobile Dealership in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition.Closing a store requires considerable effort and attention and the items listed below, in no particular order, are minimal considerations when terminating a franchise and closing a dealership operation.THIS CHECKLIST IS NOT "ALL INCLUSIVE". YOU SHOULD CONSULT WITH YOUR ATTORNEY AND ACCOUNTANT AND THIS LIST SHOULD BE CONSIDERED AS AN ADDITIONAL AID FOR YOU TO USE TO BUILD UPON WHEN YOU CONFER WITH THEM.Basic Preparation1. Officers, Directors and ShareholdersBe certain to hold both directors and shareholders meetings and to obtain resolutions from each entity, authorizing the dealer to liquidate the dealership, or a substantial portion of the dealership's assets.Determine whether or not the board and shareholders may authorize you a termination bonus and prepay your for your services in "wind The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money. Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come to you based on price, but you may lose them in the long run unless you discover what you uniquely bring to the table. You can’t out-Oprah Oprah. Nor can you out-Laura Laura. (Nor can Oprah out-you YOU). Don’t even try. It’s okay to be inspired and led but you won’t be able to replicate the exact steps of any successful person and end up in the same place. YOU, GLORIOUS YOU What this leads you to is that big section of the business arena that you share with no one. This is where personal branding lives. This is where the stuff that makes customers raving, loyal fans lives. This is where most business owners back off and scare themselves silly. It’s easier to hang out and follow competition or to play the ‘me, too’ game. It’s hard to play by your own rules without feeling like a nut. You WILL be out of your comfort zone. Passion and creativity and a thriving, living business are not static entities. That’s just the truth. You will need LOTS of courage to be unapologetically you. You will have to understand that some folks will not hire you if you are too ‘you’…they may be looking for me, or Mackenzie, or Oprah…and the folks who don’t want us may be looking for you! You don’t want to work with EVERY one. You want to work with the RIGHT ones. Trust me on this. I used to work with everyone and it was exhausting! Now, the clients who DO resonate with you…that is powerful stuff! Clients who are allowed to fully experience doing business with YOU (as opposed to someone like you) are a wealth of information, not just business. When you are clear about who you are and communicate that clearly you allow your customers to start a dialogue with you about what is relevant to them in your business. They will willingly give you feedback, support, referrals and product ideas because people want to help people they believe in. If you are giving your customers value, they are going to want you to be around to keep giving it to them! When you are clear in your vision, uncluttered in your business habits and responsive in an ongoing dialogue with your customers your business will grow effortlessly. Your customers will help you know when you are becoming a commodity and they will encourage you to stretch. They will require it and so should you. Now how do you find your uniqueness? Your uniqueness, my friends, is not in any article. You will discover it in dialogue, self-reflection, experimentation and boldness. THAT is where the fun begins!
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