Entrepreneur

Market Research 101

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Just because YOU think your business idea, product or service is brilliant and worth a gazillion dollars doesn’t mean the rest of the world will.  The sad truth it, something is only worth what someone else is willing to pay for it.  Ask any Real Estate agent – they deal with this on a daily basis.

When it comes to launching a new business or a new product you have to test it.  That means market research.  How that is done will vary dependent on your product or service.  If you’ve just developed the latest greatest ice cream, then you better hit the streets and give away a lot of it, ask for feedback. Rinse and Repeat.  Next you need to do tastings in stores, farmers markets, flea markets anywhere you can get in front of your target audience.  Get feedback. Rinse and repeat.  If you have a target price in mind – ask the people who liked your fabulous treat if they would be willing to pay that price.  If the stars align – you are ready.

Say you have a service – like what we do here at Red Barn.  We are a business and marketing consulting firm.  When we decide to tap into a new market or launch a new program we do a crap load of market research.  We will do workshops, bring in beta clients, write articles, talk to people – all the while collecting valuable data.  Just like the ice cream we are not only looking for the good feedback, we want to hear the negative.  We want to know how we can improve.

Next you really need to understand your market – how large is your potential market base?  Who is your ideal client?   If you need 1000 customers to break even yet in your research you find you only have 2 that would be potential clients, well – Houston we have a problem.

Here’s the process we go through

  1. Identify our Target Client Profile. We are very specific on the socio and psycho demographics of the people, business etc.  I want to know every detail – do they like dogs, do they live in the US, what is their income, do they travel, what is their age, did they go to college…the more details the better
  2. Crystal Clear on our Deliverables. Based on our market research we hone down on exactly what the customer WANTS and how they want it delivered.  So what does their customer experience and journey look like.
  3. We make sure we are profitable.  Giving a good deal isn’t worth it, if you are losing money.  We may offer extra perks or even slight discounts to our early adopters, but our cost…is our cost.  We spend a lot of time ensuring that we understand our COGS and our time.  If we aren’t in a margin that works, then the project doesn’t fly.
  4. We want to spend time with our early adopters to ensure things are going smooth and we scale slowly.  The worst thing any company can do is scale to fast, and get into a situation where you can’t deliver what you promise.

Morale of the story:  Do the research before the launch. This goes for launching a new business or a new product.  The process is essentially the same.  If you don’t, you’ll end up with the proverbial egg on your face.

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Sunday Anxiety

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Sunday anxiety is a real thing.  Most people get super excited by end of day on Thursday because the next day is FRIDAY and then the holy grail – the WEEKEND is almost here.  Saturdays are fine and even Sunday mornings, but then 1PM on Sunday rolls around and it begins. You start thinking about the “M Word” – Monday.

Did you realize that you spend about 80% of your life working?  I had my first job at the age of 12, and most people work well into their 70s.  Why do so many people stay in jobs that make them unhappy?  Why do so many people have Sunday anxiety?

Here’s my $.02 on why people stick when they should flee:

  1. Aversion to Risk. Sometimes staying in a place you know, is easier than headed to a place you don’t know.  Maybe the grass won’t be greener?  That is true, but you will never know if you do not try.
  2. So many people I meet with don’t feel they deserve a better job, or have the ability to be an entrepreneur. What they don’t realize is that skills can be taught, what counts is the mindset and the WANT to succeed.  Switching the mind to focus on what you want versus what you do not have is one of the biggest secrets to success.
  3. Martyr Syndrome. Yes, some people just love to complain and not take responsibility for their own lives. In other words, it’s always someone else’s fault that they are miserable in their job.  #toughlove moment – Only you can control your life.
  4. So many people are in jobs they hate because of outside influences – such as spouses, parents, partners who pressure them to stay because that’s what they should do, it’s the responsible thing, blah blah blah.

At the end of the day, you only get so many trips around the sun,  the years, the days, the minutes are finite.  #YOLO  I learned a very long time ago that staying in a miserable situation is well… miserable.  I can never get that time back.  That’s not to say you jump ship when the going gets tough, that’s very different than symptoms such as Sunday Anxiety.

One of the things I work on with people who are deciding if they are entrepreneur material is digging deep into what makes them happy. What do they want to do with the rest of their lives?  Is it where they currently are?  Or somewhere else?

Next time a frown shows up on your face around 1PM on a Sunday – take a very deep look inside as to WHY.  Here’s some great news – the best time to launch a business or look for a new career path is while you have a steady income.  Less stress, higher success rate as the desperation factor is gone.

Enjoy your life, you deserve it!  Don’t you?

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It’s never too late to….

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So many of you know I’m a runner. Proudly I’ve completed a couple half-marathons and numerous other races. I’m a back of the pack girl, it’s never about winning it’s always about finishing and for me…not being last!

You see I never considered myself an athlete. In fact, back in the 70’s high school gym class was brutal. There were always team captains (not me) and they got to choose their teams. You guessed it, this girl was always chosen last. Team sports – not my thing.

Fast forward a couple decades and I’m 45. I find out I have high blood pressure, like everyone else in my family. The doc told me if I didn’t reduce it I would likely have a stroke. My options – meds or exercise. For some reason, I decided that running is what I should do. I signed up for my first road race. A five miler on my 45th Birthday – in August, in the heat. Oy Vey!

First “training run” I couldn’t even make it 1/8th of a mile. But slowly I built up and I finished that race. I wasn’t last – but close to it. The rest, shall we say is history. So, what does this have to do with business? Everything. You see, you are never too late to do anything in life.

Change careers, launch a business or hell move to an island and sell shell necklaces if that’s what brings you joy!

Here are some examples:

Leo Goodwin, founder of Geico did so at the age of 50 – it’s no longer a family business and in fact it’s a household name.

Harlan David Sanders – AKA The Colonel, founder of Kentucky Fried Chicken launched that franchise at the age of 62. Most of his peers, I would guess, were retiring, not the Colonel.

Robert Noyce with a PhD from MIT in hand founded Intel at the age of 41 – a youngster compared to the above two!

And then there is Reid Hoffman who founded LinkedIn at the ripe age 35, quite old for a tech start up. That company went public when Hoffman was 43.

So when I hear, I’m too old to launch a business, or I’m too old to do this or do that, or I’m too old to run a marathon…I simply shake my head and smile. Because I know better – you are never too old to try ANYTHING!

What’s on your list that you haven’t done because you thought you might be past your prime? Inquiring minds do want to know!

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Entrepreneurs need Alfred

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[NEWSFLASH] Not all Entrepreneurs make great CEOs and not all CEOs are great Entrepreneurs. People confuse the two titles a lot because in the small business and even in the middle market world the CEO and the Entrepreneur (Founder) are one in the same – but it’s a tricky and often tumultuous road.In fact, most Entrepreneurs don’t make great CEO’s unless they have a dynamic #2 working side by side with them. Alfred (CEO) to their Batman (Entrepreneur).

Here’s why: Most Entrepreneurs are visionaries, big picture, quick thinkers and are often shiny object people with a huge instant gratification trigger that leads to easy boredom. Entrepreneurs lead by vision and inspiration.

Take me, I’m a classic entrepreneur (right now I’m also the CEO but thank GOD I’ve got my version of an Alfred in Jenn). I love launching new businesses. It’s the thrill of it all. I love the plotting and planning, the dream of what could be and the launch. After about a year in, it becomes a rote process and I get bored and I want to build something new. Fortunate for me Red Barn Consulting allows me to do a TON of creative things and launch programs within the company. I’m no dummy – I’ve learned how to control my launch impulses so I can give my company time to mature, and I have a #2.

Effective CEO’s are also visionaries and big picture, quick thinkers BUT they have staying power and lead by inspiration AND process. The process part is HUGE. They are leaders with acute management skills. They can see the operational process mapped out in their brain and know how to put the right people in the right seats, protect the bottom line, and strategically take the company to the next level. Most CEO’s are more risk averse than entrepreneurs – they need to be.

Although I’m very good at mapping operational processes out for my clients and even for Red Barn, I’m one of the first offenders at not following the process. Just ask Jenn, she will tell you. Entrepreneurs aren’t the easiest to work for. We tend to get hyper focused on something and won’t let it go until we get what we want – strength and weakness btw. We also have a hard time with minute details, finishing tasks that bore us… the list goes on, but you can see where I’m going. Without a powerful #2, your business becomes a #hotmess quickly. Been there, done that.

Great CEO’s are deep thinkers, are fine with minute details and can stick it out for the long haul. Jenn is classic CEO material, I’m classic wild and wooly Entrepreneur. Neither one trumps the other, because both are needed for a business to launch, scale, and succeed.

If you are new to the entrepreneur world, and you relate more to me than Jenn, realize early on that you will need someone to run the ship. Find your Alfred.

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Do you have what it takes to be your own boss?

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Are you sick and tired of working for someone else? Putting in long hard hours just to benefit the owner of the company and shareholders? Working the 9 to 5 grind week after week with no end in sight? Yup, we’ve been in your shoes. We know how it feels. Depending on the culture of the place you work at, you feel like just another cog in the wheel. So, are your finally ready to be your own boss and start your own company? GREAT!

The first thing you need to know about being your own boss is that it isn’t all rainbows, glitter, and unicorns. It is liberating and exciting, but it has its pros and cons just like anything else. Before you ride off into the sunset to start your own company, make sure you know what you’re in for.

Setting Your Own Schedule. I think this is one of the biggest draws to being your own boss. You have the freedom to create your own schedule. However, you may find that like so many other business owners, you are working longer hours than you anticipated. You still have the flexibility to determine when your day starts and ends, when you take vacations, and handle all your personal obligations.

Creative Freedom. You determine what your products and services will look liked, when they will be available, and how you want to deliver them. If something isn’t working, you have the power to revise those offerings to ones that customers may respond better to or terminate them if they no longer interest you in providing them anymore.

Creating Your Own Core Values. You get to set the tone for how your company is see. What’s most important. You can align it with your own personal values and infuse it into every aspect of the company.

Money. You don\’t draw a regular paycheck, not like you would if you were an employee of someone else. You get paid with what is left after expenses, taxes, etc. And you are solely responsible for generating your income. If your business idea flops or you don’t follow the right steps to create a successful business, you could lose your entire initial investment. BUT you also aren’t limited to what you can earn. If you work hard and set yourself up for success, it\’s possible to generate great wealth when you run your own enterprise.

Tax Benefits. Business owners can take advantage of a range of tax benefits despite paying higher Social Security and Medicare rates. They are allowed to accelerate or delay particular expenditures, hire family members and write off a greater variety of business expenses. These options can dramatically reduce the tax burden.

Health Benefits and Retirement. You’ll have to pay for your own health insurance unless you have a spouse who works at a company who provides them. If you are purchasing them yourself, you’ll find that you are paying higher premiums vs. what you paid as an employee. You’ll also be responsible for contributing to your own retirement account without any employer match.

Being your own boss can be both satisfying and terrifying. If you put in the hard work and dedication, you can achieve success in being your own boss. Just remember that it does come with its advantages and disadvantages – and you have to look at them all. The best way to make sure you start out on the right foot, is to have a mentor or coach, who can help you set yourself up for success and make sure you are ready to take the leap. Being your own boss can be far more rewarding than you can imagine.

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Accountability – What’s your excuse?

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When you think about accountability, most people think it means taking responsibility for your mistakes. Admitting when you messed and taking the blame for any fall out. That’s now wrong, but it’s only a part of really and truly holding yourself accountable for your actions.

Meriam Webster defines accountability as the quality or state of being accountable; especially : an obligation or willingness to accept responsibility or to account for one\’s actions. The way I interpret accountability means also taking responsibility for why you aren’t happy, working your dream job, or living the life you truly want. Making excuses or inactivity is still an action – and it doesn’t mean you can’t be held accountable.

Let’s be brutally honest with each other for a minute. We all make excuses, probably every day, for why something isn’t done. At work, you might have 6 different open projects swirling around your desk, and something slipped through the crack. You own up to it, apologize, and make sure it gets done ASAP. At home, you might have forgotten to move the clothes from the washer to the dryer because the kids needed a ride to practice or had a band concert, so now you have to run them through another wash cycle. Both situations could easily be blamed on being overworked or having too much going on – but we own up to making the mistake or not paying attention or not scheduling our time correctly.

BUT why do we make excuse after excuse when it comes to achieving our goals and dreams? Think about it for a minute. Have you had a goal that you’ve always wanted to achieve? Maybe it’s starting your own business or traveling the world. Neither of them is as complex as finding a cure for cancer or creating world peace. So why haven’t you done it yet? In your mind you make the same excuses over and over again. The timing isn’t right, you don’t have $50,000 saved in the bank, something less important popped up and you decide that for some reason that should come first. Excuse after excuse.

It’s time to start holding yourself accountable for your goals. Just because you’ve never said them out loud or shared them with anyone, doesn’t make them any less real or important. So why do we constantly make them feel like they are less real and less important? Because we aren’t holding ourselves accountable.

We’ve been working with a business coach at Red Barn and one of the big things he preaches is time blocking and scheduling. You want to take that dream vacation – do it. Look at your calendar right now and block that time off. You don’t necessarily have to book the vacation today, but if you never block it off, something will always come up and keep you from doing it. You want to start your own business – awesome. Create a contract with yourself and include the key dates – date you start your business, date you quit your job, dates you will have the business plan done, business paperwork filed with the state, etc.

Life is WAY too short to keep putting your dreams on hold. Don’t let others dictate what’s important in your life because you aren’t taking accountability for what you really want. No one is going to check in with you to see if you’ve booked airline tickets yet or met with a business attorney. So, start putting dates on your calendar, and start living the life that’s really going to make you happy. No one wants to look back 20 years from now and feel like they missed out on opportunities.

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The Consultant Gig – can you make it happen?

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Lately, I’ve been chatting with more than one “Mid-Life Re-brander” – those who have lived in Corporate America for a bit, gained a ton of knowledge and skills, and now in their 50’s and 60’s wants to leave and become a consultant.

The reality is, most won’t do it because it’s tough and scary leaving a 6-figure job and benefits to face the unknown. I know – I’ve been there, but I did it. The solution is, you need to test the waters – dip your toes into the world of Consulting. Find a few clients, try your skills, and see if you are good at it, and more importantly do you like it! The secret is doing this while you still have a 9-5 gig.

Disclosure: Some companies forbid side work while in their employ, so you need to check out your employment agreement and non-competes. Typically, if you aren’t taking money away from them, you are fine. Better safe than sorry, if you are at all iffy, contact an attorney and ask.

Here’s how to get started and get to 100K+ in revenue fairly quickly:

  1. Super Powers. What are you great at and love to do. What can you get lost in for hours? This is obviously a key component of success. You need to clearly define what you will be offering.
  2. Your early adopters. Once you figure out what your “offer” will be, you need to hone in on some early adopters who have a specific pain point that your offer solves. Make a list.
  3. Create a mini business plan. This doesn’t have to be a novel but you need something! What will your offer look like to your early adopters – what will the deliverables be, what will the cost be, what will the turn around be, and how will you do the work, so it won’t interfere with your job.
  4. Begin approaching your early adopters and sharing your idea with some key people in your network.
  5. Sign up 1 client. Test your new offer, tweak as needed. When you feel confident you delivered as promised and you enjoyed the process – go for Client #2. Rinse & Repeat
  6. Pick a Date. You’ve tested the waters and decided you can make this work. Set a date that you will exit your 9-5. Write it down.
  7. Pick a Dollar Amount. Determine how much you need to make in recurring income per month before your due date. Now work backwards to ensure your price point and working capacity matches. This is money you NEED versus what you WANT.
  8. Make sure you have a viable pipeline to add to the workload once you leave – you should have at least 5-7K in recurring income by the time you leave your job, and then be able to increase that immediately with new income streams.
  9. Bridges Secure. Don’t burn bridges with your current employer – in fact they may be an ideal client! (PS. I did this and secured $60K in revenue my first year in business at Red Barn). If you are great at your job, your boss may not want to let you go. Having you as a 1099 will cost them less and you can still be a viable team member – allowing for a slow transition out if that works for everyone!
  10. Go Time. Stick to your date unless there are real extenuating circumstances such as illness.

The 10-Steps may seem simple, and in fact the process is, but don’t be fooled, there is a lot of hard work involved. Early mornings, weekends, and nights working on and in your new business model. It’s far easier easing into the Consulting world than leaping in without a cushion.

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10 Habits of Hyper-Productive People

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I\’m Jenn (that\’s not me in the picture). I’m known at the Red Barn as the Ops Beast – and I didn’t get that name by procrastinating. I take pride in being efficient and quick while still maintaining the level of quality needed to do my job. Don’t get me wrong – I’m not perfect – but I’ve learned where I excel and how I like to work.
I’m sure you’ve seen articles before in your social media travels on habits of hyper-productive people – it’s a list of must-do’s to follow in order to conquer the world, your to-do list, and your inbox all before lunch. But let’s be honest – how many people follow all those guidelines – and I don’t know about you, but I’m NOT getting up at 4am.

So, lucky for you, I’ve created a condensed list, with my two cents of course…

Common must-do’s in order to increase your productivity.

Work backwards – no really, it works. If your end goal is to create a presentation for the Board, break down the timeline and task list into smaller, manageable subtasks with specific dates that will allow you to get the project done on time. You won’t feel so overwhelmed and you’ll be able to cross the subtasks off your list making you feel more accomplished!

Prioritize Your To Do List – Handle your most pressing issues first. I know it’s easy to get pulled into helping others or taking care of something that’s easy to knock off the list, but handling the Must Do’s first, will help ease stress and eliminate a last minute panic to meet a deadline.

Take a break – as often as you need to. I know this seems counterproductive, but your brain will thank you. Struggling to get through something that your brain just doesn’t want to do is basically torture. Take a break, get up and move around, and let your brain reset and refocus. You are bound to make less mistakes and use less time and energy in the long run.

Manage your energy – Your energy is just as important, if not more important than your time. If something on your to-do list requires a lot of energy and focus – do it when your brain and body are at its peak. For some this is first thing in the morning (like Cindy), for others it might be later in the day. This also works well for creative types – if you aren’t creative in the afternoon, don’t leave those types of tasks for when you don’t have any creative juices left in the tank.

Stop obsessing over email – if your inbox is flooded with emails every few minutes, stop checking it constantly. Set up a rule on how often you will check it. We think of email as a tool, but it can be ridiculously distracting. A good rule of thumb, if you can’t explain something in a few sentences or it will take multiple emails – just pick up the phone instead.

Stay healthy – Get enough sleep, exercise, and proper nutrition. This one is HUGE for me. I make sure I get at least 7 hours of sleep, eat fairly well, and have a set schedule of when I go to the gym. Unless it’s an emergency, I don’t compromise on these. They keep me sane and energized so I can embrace the Beast within!

Say No and Learn to delegate – These are NOT my strong suits – so I commiserate with you. It’s a process but learn to say NO if you simply don’t have the time to help others or take on additional tasks. Also, learn to delegate when possible. It’s hard to give up control, but if you don’t, you’ll burn yourself out.

Stop multi-tasking – trust me on this one. You are way more productive focusing on just one task at a time vs three. The time it takes you to bounce back and forth between multiple projects, is time that could have been used towards completing just one of them. Your brain needs to refocus and adjust each time you switch gears – plus it leaves you open to making more mistakes.

Plan for tomorrow– before you leave for the day, update your To Do List and regroup on what you need to accomplish tomorrow. When you get to the office tomorrow – you can get right down to work and crossing things off the To-Do list.

Create your own system – What might work well for me, may be a disaster for you. And that’s OK! It’s about progress, not perfection. Try making a few small changes each week and see how they affect your productivity. Remember, it takes at least 21 days to create a habit, so don’t throw in the towel after 21 minutes.

You’ve made it through the list, hopefully you’ve picked up a few tips and tricks and are ready to start down the road to a more productive YOU! I’d love to hear some feedback on what works, what doesn’t, and any additional tips you might have. Now get into Beast mode and start tackling that To-Do list!

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