Entrepreneur

collaboration

Why Collaboration is EVERYTHING

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I learned very early in my career that finding a mentor is key to success – learn from others who have been down the path you want to go.  I also learned that being a mentor to others is not only gratifying it’s important to the success life cycle. So what does that have to do with collaboration?

 The Cycle

You don’t need to reinvent wheels – you simply need to take the design of the wheel, the research already done on the effectiveness of the wheel – and put your own spin on it.  The magic happens when that original wheel inventor actually learns a thing or two from you and your new spins on his/her design.

This is called Collaboration.  In the process of gathering intel and learning you are SHARING your wisdom in return.  The cycle of success keeps moving and growing the more you collaborate, learn and share. 

Starting

  • The secret to mastering the success life cycle is knowing who to collaborate with. It begins with YOU.  You must clearly define what you want, where you want to go and what you want to be.  Write them down.
  • Next you need to find others who have successfully achieved what you want. Social media is a perfect example of how this happens ALL THE TIME.  Want to run a marathon?  Head over to twitter, Facebook and Instagram and Google and search out expert marathoners. Become obsessed with learning everything they do from what they eat, how they train, how much they sleep and what they wear.  Adapt it to your lifestyle and go.  Ask questions, give feedback to others – soon you will be the expert and sharing your stories to help others!
  • Consider IRL collaborations. Meeting people face to face or IN REAL LIFE trumps online connections 90% of the time – if you are very intentional who you are connecting with.  It’s all about having a solid support system – the inner circle of folks who you deeply trust and feel comfortable sharing with.
  • Let go of your ego. Being a newbie or a learner is not a sign of weakness, nor is being a mentor to others a sign of superiority.  This is about collaboration and serving.  Egos should be checked at the door.

If you want to win the long game – don’t do it solo.  Know success is a journey – there will be ups and downs, having a support system will get you to the finish line a hell of a lot quicker than going solo.

Why Collaboration is EVERYTHING Read More »

Network Marketing

Is Network Marketing “REAL BUSINESS” and why it matters

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If you are making money – the answer is YES.   

 I think there is a stigma around the MLM (Multi Level Marketing) that’s not always warranted.  The visions of Ponzi pyramid schemes runs through people’s minds and all of a sudden one’s spidey senses are in hyper-drive at the mention of “joining the cult”.   

 Here’s my $.02.  Some networking marketing companies are not worth even considering, while others offer amazing opportunities for people to make a good deal of money if they are up for the hustle. 

  1.  None and I mean NONE will get you rich quickly.  It’s a sales job – it will take time.  Usually 3-5 years.
  2. If you want to be a big dog, you have to work like a big dog – I mean St. Bernard work.  
  3. It’s called Network Marketing for a reason – you have to share, talk it up and connect.
  4. You have  to BELIEVE in the product you are selling if you want to be one of those Big Dogs. 100% honesty and transparency will sell – if you don’t really believe in the product or service – you won’t be successful, at least on a big level.
  5. Speaking of success – it’s different for everyone. Some just want to make another $100 per month, some just want products at wholesale while others want to make 5-6 figures.
  6. For the most part – Social Media will 100% be your friend.  Again – it’s all about the network marketing part of it. 
  7. You need to understand the compensation policies – IE how you get paid, BEFORE you sign on the dotted line.  Every single one is different. 
  8. Speaking of policies – it’s YOUR responsibility to read the fine print.  Talk to others who have done it, research the hell out of the company – what are the complainers complaining about.
  9. Know that not everyone will think what you are doing is fabulous – haters will be haters. 
  10. Chances are your family and your BFF will not be your “partners” – INITIALLY.  If they are, they probably won’t be the hustlers – it’s just how it goes. 

 I’m a firm believer in multiple streams of income, MLMs do that.  So, am I currently involved with any Network Marketing companies?  Yes.  I’ve done several in my lifetime – either I liked the products or it was a great way for me to make a few extra bucks.  All were a decent experience. Currently Dave and I have a business with Isagenix –the comp plan is great, I love the products and it\’s easy to share what we do. . It makes sense for our nomadic lifestyle and we’ve met some cool people.  We still have our companies – this is just another income stream for us. 

How to choose one?  Do your homework, find one that fits your lifestyle and interests you!  Dave and I are long distance runners, and really active – so we gravitated towards the health and wellness part of the company we are with.  Again – it made sense for us.

What has been your experience?   

Is Network Marketing “REAL BUSINESS” and why it matters Read More »

website-mistakes

The great website debate

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We\’ve been doing a ton of websites lately and talking to even more people about the types of websites they need, how to access the back end of them, and basically the process of building a website. I’ve seen so many companies bamboozled by people who take advantage of the unknowing and the website naïve. It pisses me off and makes me sad.  So I’m going to offer a Website Nightmare  – Please don’t do this EVER checklist.

Here goes:

  1. Be very, very, very leery of someone who says you need a custom built CMS site – you don’t. What will happen is that person who designed the site will eventually disappear and you will be left with something that can’t be updated, fixed, and it’s just God AWFUL to maintain. There is NO need with all the WordPress prebuilt CMS templates out there.  No need. Don’t do it unless you are a HUGE corporation with in-house coders that can collaborate and work with the developer. Small businesses – use WordPress.
  2. Don’t get sucked into industry driven “templated” sites – that are often prefab CMS systems. You pay a monthly fee – but they own everything. Stop paying them and you have no site. Try to move it to another vendor – you can’t.  Once again you are at their mercy.
  3. Don’t use CANNED content – typically from industry driven companies who promise the Best Sites for REALTORS, Insurance, Financial Advisors, Manufacturers – the list goes on.  Canned content is useless – don’t do it.  You need to tell YOUR story, not someone elses.
  4. You should ALWAYS OWN your site – always.  Once the designer is done doing their magic – you have all the logins, passwords et al. The intellectual property is YOURS not theirs. From photos to copy to design. ALWAYS.
  5. If it sounds too good to be true – it probably is.  There are many overseas designers who do an amazing job and they will be far more cost effective than using a local person – the problem is they usually come in “pools” – and if you have a problem – good luck getting someone on the phone.  Who you worked with today will be different than who you work with tomorrow.  Now if your site is for a one day event – go for inexpensive. If it’s for your company – go local.
  6. Cost – it varies depending on what you need.  Some websites DO cost $20K, some should only cost $3K, some will cost $100K. Do your homework.  If someone is half the price of everyone else – RED FLAG. Danger Will Robinson – you probably aren’t comparing apples to apples.

Don’t get bamboozled. We’ve seen too many people stuck with something they can’t update, can’t move, can’t…well just can’t do anything with and they end up spending money completely redoing it.

Questions – call us. No BS from Jenn and I – we’ll be up front and honest with what you need versus what you have (or what you’ve been offered!)

The great website debate Read More »

The power of your LIST

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It’s no secret that Team Red Barn is Pro Email Marketing.  The bang for your ROI buck is huge compared to other advertising and customer engagement methods.  It is all about the POWER of your LIST.  The more targeted, the more engaged, the higher that ROI will be.

The biggest question I often get is “But Cindy, how do I get a list to email to?”

You build it – over time.

First let’s talk guidelines.

Email rules here in the US are not as stringent as they are in the EU – as long as you follow the guidelines of the FTC CAN-SPAM Act: A Compliance Guide for Business and ONLY email to people in the US you will be fine.  Note – GDPR rules and regulations are insanely stringent and carry large fines. So if you work globally – make sure you are GDPR Compliant.

In the US, you CAN add people to your email list without having them OPT IN as long as you give them a clear OPT OUT option and comply with that request within the CAN SPAM guidelines.  There are also rules around advertisements, etc.

Note if you add people without them opting in you WILL by default have lower engagement rates, higher spam rates, and higher opt-out rates.  We only suggest this if it is a very targeted audience such as an association you belong to or are associated with and you are offering some type of educational content to them.  If you get high spam rates your email provider WILL turn you off and even black list you.  So beware.

The best way to build your list is organically. Here’s how we do it:

  1. Make is CRAZY EASY – is the rule and have opportunities everywhere for them to subscribe.
  2. ASK.  Every time I do a speaking engagement, training, etc – I ask people to sign up for my weekly email – I tell them the value they will get and of course they can opt out if they don’t like it.  I entice them as well – by giving them something OR making a donation to a local charity for each sign up. Works every time.
  3. LEAD MAGNETS on your Website – valuable educational and/or entertaining intel that they need to give you their name and email address in order to get your content.
  4. In your EMAIL SIGNATURE – have a hyperlink to your sign up form.
  5. ON YOUR WEBSITE – have sign up forms in a variety of places.
  6. Share lead magnets on SOCIAL MEDIA – capture email addresses that way.

It doesn’t end there – you need to actually use the emails you’ve collected to bring in the ROI.  Weekly nurturing emails and email automation based on segmented lists is what we do here at Red Barn and it’s how we help other companies tell their story in a low cost conversational and converting way!

The power of your LIST Read More »

Should you use Email Automation?

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There is a big difference between having an email marketing program and having an AUTOMATED email marketing program. The word “Automation” tends to send people into the panic zone – conjuring up visions of AI, robots, machines, “Danger Will Robinson” and the like.

Well, indeed it’s a bit computer geeky to set up the email automation, it is in fact far more human than sending one off emails.

First let’s get the lingo down.

Non Automated: If you are sending out an email and you have nothing set to “Trigger an Action” when someone clicks on something, opens something, or doesn’t do either of those – then you are not using email automation.

Automated: If you are setting up an architecture behind the scenes with Boolean cues i.e. “if this…than that” then you are automating. We marketers create workflows that automatically send emails to subscribers based on what they do or do not do.

Pros of Email Automation

First off, at Red Barn we do both. My weekly Thursday and Monday emails (SIGN UP HERE) are not automated. They are called just broadcast emails. If you don’t open them or don’t read them we aren’t prompting you to do something else.

Back to the pros…

Using Email Automation allows you to personalize and deliver customer-centric content that is specific and relative to your clients. In other words – you are speaking to them on a more personal level.

For both prospects and clients.

We use email automation to nurture prospects through the customer journey – bringing them along the Know, Like, Trust trifecta. We pepper them with content that will help nudge them to the trust and ergo buy phase. Perhaps they downloaded a quiz or an article, liked us on Facebook, went to a certain page on our website – all might trigger a unique email experience to them. Speaking to them on a personal level. “Hey Jenn, thanks for downloading that paper on Email Marketing – here’s something else you might like XXXXX”

We use automation to nurture clients in our Business Success Framework program – helping Corporate Executives launch Coaching and Consulting Careers. Everything from – \”Hey, you’ve got this\”, to \”Hey, I see you haven’t completed Module 2 and you are probably missing something AMAZING.\”

In the end – almost any action a person takes when engaging with your brand can be tracked and incorporated into an email marketing automation.

Found this handy stat on CampaignMonitor.com – “email marketing is the king of the marketing kingdom with a 4400% ROI and $44 for every $1 spent.”

When you are ready to dip your toes – call us. WE LOVE EMAIL MARKETING AUTOMATION.

Should you use Email Automation? Read More »

Social Media – How to Manage the Different Platforms

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We work with a lot of small business owners – some have been in business for decades and others we’ve helped recently launch – and one of the questions we ALWAYS get asked is, “Do I really need to be on social media and what platforms should I use?” We get it, Social Media is a monster to try to understand. From figuring out the different platforms, to creating profiles, to figuring out what to post and when, it can be so overwhelming and confusing for those just starting to dabble in it or who haven’t expanded much beyond either Facebook or LinkedIn.

To answer the question above – YES, you absolutely should be on social media. BUT you don’t have to be on every platform. The key is to be on the platform that your potential buyers and current clients are on. If you market to teens and younger generations, they aren’t going to go looking for your company on LinkedIn, but they will look for you on Instagram or Snap Chat. Just like someone looking for a Realtor or CPA wouldn’t try to find someone on Twitter or Snap Chat – they would look for you on Facebook or LinkedIn. To help you out, here’s a list of the most popular social media channels and who is using them. Demographics sourced from Spredfast.

Facebook: It’s still the most popular social media network in use with over 2 Billion users and regardless of your industry, your business should have a Facebook page. You can use it to share photos, Facebook Live video, company updates, and content that your followers would find useful. You can also list what your company does, the hours you are open, your phone number, website, etc. Facebook also has some of the best analytics and advertising tools. Users range from 18 to 65+, are equally men and women, and cover all income ranges. There are 179 million users on mobile and 90 million users on desktop per month.

Instagram: Now owned by Facebook, Instagram is becoming more popular with over 800 million users. Instagram is a visual platform that’s based entirely on photo and video posts. You can’t share articles or other content easily, and no URL’s are allowed in posts. Depending on your industry, this may not be a great fit. Brands that do well are often photographers, health and fitness, real estate, clothing, shoes, beauty products, etc. The person running your account have a good eye for detail and at least basic photography skills, so the photos and videos posted to your account are high-quality. Users are primarily 18- 49 years old, more women than men, and include all income levels. This is primarily a mobile based platform.  At Red Barn we’ve recently decided to re-engage our Insta Life!  Check us out @redbarnct.  W

Twitter: This seems to be the platform that many people either love or hate – with over 317 million users. It’s great for posting quick updates, videos, photos, and links to blogs or other articles, but it certainly isn’t for everyone. You are limited to 240 characters per tweet. It’s a great tool to easily interact with other users and many companies use it to handle customer service. This may not be the best platform if you prefer more visual posts or don’t have a lot of your own content to share. If you have interesting content, Twitter is a great tool for quickly spreading the word and if a user with a lot of followers retweets you, your content could go viral. Twitter is very quid pro quo – in order to be successful, you need a mix of your own content and sharing and retweeting other interesting content. Users range in age but are skewed more to the 18-29 audience, with slightly more males using the platform than females. Users range across all incomes and surprisingly more people use Twitter on desktop vs. mobile.

Pinterest: This is another very visual platform that allows users, over 200 million, to save and share content by “pinning” them to digital bulletin boards. You can organize your content and boards by different categories. From the business perspective, the platform has special pins called Rich Pins which brands can use to add specific information to their pins, like product details and even location maps. Every pin includes an image or video. This is another platform that isn’t for everyone. Brands that work in DIY projects, fashion, exercise, beauty, photography and food usually do very well here. There are 20% more women on the platform than men, users range from 18 – 64 years old, and cover a range of income levels. There are over 70 million mobile user’s vs only 27 million desktop users per month. Like Insta – we are playing around with building up our Pinterest game – it’s a work in progress.  The goal is to drive more people back to our website.  We will keep you posted!

Snapchat: This is another mobile only platform with over 300 million users. It’s a visual platform that is known for its disappearing content. Users can send video or photos to other users or post to their public Stories (which disappear after 24 hours). Content can be saved and uploaded to other platforms, and users can now chat, message, create events, and share media content within the platform – something that previously wasn’t available. Snapchat has a ton of filter options for photos, and since the content isn’t forever, many people find less pressure to post more polished content. Only followers can see your stories, so building an audience is key to getting engagement on your content. 70% of the users are women, and users range from 13 – 34 years old. This is a mobile only app with no desktop option.

YouTube: Now owned by Google, YouTube is a video-sharing platform with over 1 Billion users where people can view, upload, rate, share and comment on content. Business often use YouTube to host their creative, visual or educational component. Your videos should be polished, although they don’t have to be professionally produced, but they shouldn’t be done with a shaky cell phone camera. You don’t even need to have your own channel to take advantage of advertising. Many businesses partner with popular YouTubers  for product placement, because these users already have engaged audiences. Users are primarily between the ages of 25 and 44. There are slightly more males using the platform than females, and traffic is evenly split between mobile and desktop.

LinkedIn: This is a much more business centric platform with over 106 million monthly users. It is hands down the best platform for professional networking. It’s a great place to promote your business, find top talent, and showcase yourself as an industry expert in your field. Posts should be much more conservative than you would share on other platforms. Many people create personal profiles to act as a digital resume since businesses will post jobs and research candidates using the platform. LinkedIn also has very specific industry groups that users can join – this is a great place for you to be since you can answer questions, share content, and be an expert and draw people to your company\’s page and website. Most users range from 18 to 64 years old, are in the $50k a year and up income range and are split almost even between men and women. People prefer to use this platform on desktop vs mobile.

If you aren’t sure if you should be on a platform, spend some time exploring it. See what other businesses are on there, if your competition is on there, and if your target clients are on there. It’s far better to be good at 2 platforms than to be mediocre or poor at 4. It’s important to stay consistent and post content that is going to bring your followers value. Wanna follow Red Barn on social media? You can find us here:

Facebook: @RedBarnConsulting

Twitter: @RedBarnCT

LinkedIn: Red Barn Consulting LLC

Instagram: @redbarnct

Pinterest: Red Barn Consulting LLC

Social Media – How to Manage the Different Platforms Read More »

Social Media – How to Manage the Different Platforms

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , , , , , , ,

We work with a lot of small business owners – some have been in business for decades and others we’ve helped recently launch – and one of the questions we ALWAYS get asked is, “Do I really need to be on social media and what platforms should I use?” We get it, Social Media is a monster to try to understand. From figuring out the different platforms, to creating profiles, to figuring out what to post and when, it can be so overwhelming and confusing for those just starting to dabble in it or who haven’t expanded much beyond either Facebook or LinkedIn.

To answer the question above – YES, you absolutely should be on social media. BUT you don’t have to be on every platform. The key is to be on the platform that your potential buyers and current clients are on. If you market to teens and younger generations, they aren’t going to go looking for your company on LinkedIn, but they will look for you on Instagram or Snap Chat. Just like someone looking for a Realtor or CPA wouldn’t try to find someone on Twitter or Snap Chat – they would look for you on Facebook or LinkedIn. To help you out, here’s a list of the most popular social media channels and who is using them. Demographics sourced from Spredfast.

Facebook: It’s still the most popular social media network in use with over 2 Billion users and regardless of your industry, your business should have a Facebook page. You can use it to share photos, Facebook Live video, company updates, and content that your followers would find useful. You can also list what your company does, the hours you are open, your phone number, website, etc. Facebook also has some of the best analytics and advertising tools. Users range from 18 to 65+, are equally men and women, and cover all income ranges. There are 179 million users on mobile and 90 million users on desktop per month.

Instagram: Now owned by Facebook, Instagram is becoming more popular with over 800 million users. Instagram is a visual platform that’s based entirely on photo and video posts. You can’t share articles or other content easily, and no URL’s are allowed in posts. Depending on your industry, this may not be a great fit. Brands that do well are often photographers, health and fitness, real estate, clothing, shoes, beauty products, etc. The person running your account have a good eye for detail and at least basic photography skills, so the photos and videos posted to your account are high-quality. Users are primarily 18- 49 years old, more women than men, and include all income levels. This is primarily a mobile based platform.  At Red Barn we’ve recently decided to re-engage our Insta Life!  Check us out @redbarnct.  W

Twitter: This seems to be the platform that many people either love or hate – with over 317 million users. It’s great for posting quick updates, videos, photos, and links to blogs or other articles, but it certainly isn’t for everyone. You are limited to 240 characters per tweet. It’s a great tool to easily interact with other users and many companies use it to handle customer service. This may not be the best platform if you prefer more visual posts or don’t have a lot of your own content to share. If you have interesting content, Twitter is a great tool for quickly spreading the word and if a user with a lot of followers retweets you, your content could go viral. Twitter is very quid pro quo – in order to be successful, you need a mix of your own content and sharing and retweeting other interesting content. Users range in age but are skewed more to the 18-29 audience, with slightly more males using the platform than females. Users range across all incomes and surprisingly more people use Twitter on desktop vs. mobile.

Pinterest: This is another very visual platform that allows users, over 200 million, to save and share content by “pinning” them to digital bulletin boards. You can organize your content and boards by different categories. From the business perspective, the platform has special pins called Rich Pins which brands can use to add specific information to their pins, like product details and even location maps. Every pin includes an image or video. This is another platform that isn’t for everyone. Brands that work in DIY projects, fashion, exercise, beauty, photography and food usually do very well here. There are 20% more women on the platform than men, users range from 18 – 64 years old, and cover a range of income levels. There are over 70 million mobile user’s vs only 27 million desktop users per month. Like Insta – we are playing around with building up our Pinterest game – it’s a work in progress.  The goal is to drive more people back to our website.  We will keep you posted!

Snapchat: This is another mobile only platform with over 300 million users. It’s a visual platform that is known for its disappearing content. Users can send video or photos to other users or post to their public Stories (which disappear after 24 hours). Content can be saved and uploaded to other platforms, and users can now chat, message, create events, and share media content within the platform – something that previously wasn’t available. Snapchat has a ton of filter options for photos, and since the content isn’t forever, many people find less pressure to post more polished content. Only followers can see your stories, so building an audience is key to getting engagement on your content. 70% of the users are women, and users range from 13 – 34 years old. This is a mobile only app with no desktop option.

YouTube: Now owned by Google, YouTube is a video-sharing platform with over 1 Billion users where people can view, upload, rate, share and comment on content. Business often use YouTube to host their creative, visual or educational component. Your videos should be polished, although they don’t have to be professionally produced, but they shouldn’t be done with a shaky cell phone camera. You don’t even need to have your own channel to take advantage of advertising. Many businesses partner with popular YouTubers  for product placement, because these users already have engaged audiences. Users are primarily between the ages of 25 and 44. There are slightly more males using the platform than females, and traffic is evenly split between mobile and desktop.

LinkedIn: This is a much more business centric platform with over 106 million monthly users. It is hands down the best platform for professional networking. It’s a great place to promote your business, find top talent, and showcase yourself as an industry expert in your field. Posts should be much more conservative than you would share on other platforms. Many people create personal profiles to act as a digital resume since businesses will post jobs and research candidates using the platform. LinkedIn also has very specific industry groups that users can join – this is a great place for you to be since you can answer questions, share content, and be an expert and draw people to your company\’s page and website. Most users range from 18 to 64 years old, are in the $50k a year and up income range and are split almost even between men and women. People prefer to use this platform on desktop vs mobile.

If you aren’t sure if you should be on a platform, spend some time exploring it. See what other businesses are on there, if your competition is on there, and if your target clients are on there. It’s far better to be good at 2 platforms than to be mediocre or poor at 4. It’s important to stay consistent and post content that is going to bring your followers value. Wanna follow Red Barn on social media? You can find us here:

Facebook: @RedBarnConsulting

Twitter: @RedBarnCT

LinkedIn: Red Barn Consulting LLC

Instagram: @redbarnct

Pinterest: Red Barn Consulting LLC

Social Media – How to Manage the Different Platforms Read More »

Solopreneur or Entrepreneur – what’s the difference?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , , ,

When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Solopreneur or Entrepreneur – what’s the difference?

Leave a Comment / Entrepreneur, Featured, Must Read Blogs, Operations, Small Business, Uncategorized / By / / , , , , , , , , , , , , ,

When you hear about people starting their own business, they are often referred to as an entrepreneur. But there’s another term that although it’s not new, it’s become more popular as of late – solopreneur. Many entrepreneurs start out as solopreneurs, meaning they are the only “employee” of the company, but if you plan on working by yourself forever with no plans to add staff – Yup, you are a solopreneur. The terms are often interchangeable but there are some very distinct although subtle differences between the two.

To be clear, neither solopreneurship nor entrepreneurship is better or worse. Neither is easier or more difficult. These are two very different, but equally valid, ways to build a business.

Buying vs. Building. When it comes to building a business, many entrepreneurs are happy to put in the blood, sweat, and tears, but they usually aren’t as attached to the business as a solopreneur. Many entrepreneurs build their business with the plan of selling to a larger company or hiring someone else to run it so they can move on to the next idea. Entrepreneurs have no problem building a variety of businesses over the course of their career. Once it’s running smoothly, they often exit to start another venture.
Solopreneurs start businesses to fit their desired lifestyle and, in many cases, to pursue a personal passion. They usually have little interest in creating an empire or looking for a buyer to sell to. They are usually tired of working for someone else and want flexibility and control. Solopreneurs tend to work on just one company consistently.

Working In vs. On. While both types work hard on the business, solopreneurs are usually more focused on working in the business to get the work done. Entrepreneurs are usually happy to leave some responsibility with the team and spend more time out doing sales, networking, and just getting the word out. It’s not that solopreneurs can’t be great networkers, as well, they can and are, but they are solely responsible for the work getting done.

Delegating vs. Doing. Entrepreneurs enjoy managing others and building their team. Even if they start as a solopreneur, an entrepreneur is waiting for the day they can start building their empire – they are comfortable leading and relying on a team of people to accomplish their goals. Solopreneurs have a harder time outsourcing or delegating work, they prefer to handle most if not all of it themselves. They enjoy being knee deep in all the workings of what it takes to complete projects. Solopreneurs are workers by nature.

Entrepreneurs are more likely to also have an office outside of the home – a place to network, take meetings, and have employees work. Not that solopreneurs can’t have space outside the home, but most are more than happy to work from a home office. Unless you are at Red Barn – we are 100% virtual – no brick and mortar.

The distinction between a solopreneur and entrepreneur can be difficult to see, especially since so many entrepreneurs start out working alone. But the mindset of a solopreneur and entrepreneur are subtly different and noting those differences can help professionals determine the long-term direction they’ll take with their businesses.

Solopreneur or Entrepreneur – what’s the difference? Read More »

Not ready for retirement? Maybe it’s time to start a consulting or coaching business

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Starting your own business isn’t exactly for the faint of heart, but with so many talented executives trying to figure out what’s next – for many the next logical step is to join the world of Entrepreneurship. We’ve been doing a ton of research lately on what is holding people back from starting their own businesses – specifically people who could easily transition from working in Corporate America to becoming a coach or consultant. From what’s holding them back to what they think the perks will be – the information was enlightening.

Leave behind a legacy. For many, it’s not about the money but about leaving something lasting behind for the next generations to benefit from. Sure, they’ve left an impact at the companies they’ve worked for, but that’s just not enough. They want to share their knowledge and experiences with the world. Becoming a coach or consultant allows you to mentor and help others achieve what you have.

Ease into retirement. For many people who have worked a 9 to 5 job in Corporate America for longer than they will care to admit, adjusting to retirement just doesn’t sound appealing. They still want to contribute to society, have a purpose, and feel like they are making a difference. We find many individuals create a “Side Hustle” working as a consultant on a part-time basis while they ease into the work free world.  Truth be told – some just keep on working because they love it!

Work with who you want. When you work for someone else, choosing who your coworkers are and what clients you serve probably isn’t your decision. BUT when you start your own coaching or consulting firm, it’s on your terms. In addition to choosing your own hours, you can also decide if you want any employees or prefer being a one-person show. You also get the freedom to choose who your clients are, what you want to charge, and what the terms are. It’s a Win-Win.

Fear of failure. This is an interesting one. Regardless of how old or how much scar tissue you have, fear of failure just doesn’t go away for some. Of course, starting your own business is scary, but for most, they just don’t know where to start or never really thought it was something they could do. With so many resources out there to help, is regret really an option?

It’s all who you know. Many executives don’t realize that they already have a gold mine of connections that they have amassed over their decades in their corporate career. For some, even working as a consultant for their current company may be an option. Once you spread the word on LinkedIn and in your networking circles, you may be surprised just how many people want to work with you.

It’s never too late. Starting a business doesn’t have an age restriction. Bob Parsons started Go Daddy at age 47, Charles Randlett Flint was 61 when he started IBM, and Colonel Sanders was 62 when the KFC franchise was born. As the saying goes, age is just a number. It doesn’t prevent you from going after your dreams or goals, and it certainly won’t prevent you from starting your own business. After all, those decades of experience count for something!

Did you know that people spend 80% of their life building someone else’s business? So why not spend some time building yours? Create your own legacy and do it on your terms. And if you need a little help along the way, or even getting the business off the ground, we are here to help hold your hand through the process and maybe even give you a nudge every now and again.

Are you ready for your next adventure?

Not ready for retirement? Maybe it’s time to start a consulting or coaching business Read More »