start a business

Is Face to Face Networking a thing of the Past?

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I’m a huge fan of social networking and platforms such as LinkedIn to make new business connections and garner new clients. The internet has shortened my sales cycles, opened me up to opportunities I once would never had – but what about old school connecting?  Has face to face  – “Hey, let’s meet for a coffee” – strategy gone by the way side?

In my world, that’s an absolute no. The real magic happens for me when I can get in a physical room with someone.  Sure, I’ve closed deals with people I’ve never met face to face. I’ve used Zoom and Skype and the good ole phone, but there’s nothing like sitting across the table from someone and having a conversation.  When you can be in the physical presence of another, you learn more, you absorb more.

I also believe that mass networking events such as Chambers of Commerce and other peer group association events warrant attention.  To be honest, I’ve scaled back on these over the years but I launched my business based on a lot of those relationships from my local Chamber of Commerce.  In fact, I kind of miss being in the “know” of what’s happening, so I just signed up for a few after-hours events.

The answer isn’t either or, but a combination thereof.  Yes, make sure you have an online brand that tells your story, but don’t discount the local face to face opportunities.  People that already know of you and perhaps even know what you do and what you offer.  Being in the right place at the right time is always priceless.  I can’t tell you how many clients I’ve gotten over the years just because I was at an event sipping a glass of wine with someone talking about “life” when they said – “You know, you and I really should talk – give me a call tomorrow and let’s set something up.”

The best clients are often the ones you aren’t searching for, but the ones that serendipitously appear before you at that “right time”.

If you are in startup mode, especially in a service based industry, I strongly advise you to join some type of local networking group.  Get your name out there, get comfortable with your story, meet some master networkers who will spread your proverbial love around.  Don’t forget – it’s all about who you know.  Why not give the good ‘ole networking thing a try again – add it to your online repertoire!

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What’s it REALLY like to be an Entrepreneur?

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Funny story. For several years I was a teacher for the YEA! Young Entrepreneur Academy.  It was an amazing experience – I helped middle school and high school students launch legitimate businesses.  After 9 months, they created a legitimate DBA in the State of CT, asked for money from investors and launched.

On the first day of the class I always asked the students what they thought an entrepreneur was – I wanted to see their vision.  Here are some very real answers:

  • I get to have an office with a chair that spins around
  • I get to be a millionaire
  • I get to have a ton of money
  • I get to do whatever I want
  • I get to take vacations whenever I want
  • I get to be the boss

These were children, but I can tell you that many adults see entrepreneur life through rose colored glasses as well.

Being an entrepreneur IS amazing.  To be honest – I’m not employable – really.  I like being the boss, I like taking vacations when I want – but I also am down for working 80 hours in a week if that’s what needs to happen.

The fantasy driven view of what owning a business is all about is probably one of the biggest reasons many fail – they aren’t prepared for the tough spots.  I absolutely love launching businesses – it’s FUN.  Creating the business plan, designing logos, creating the marketing message, gearing up for the launch – all that is super cool and fuels my soul and creative side.  The rubber hits the road the day after the launch – because that’s when it gets real. You have to run the business, live the business and for most, you ARE the business.

When I was working with the kids and started fleshing out their business ideas – we honed in on what they loved to do and what they were really great at.  When you can combine the combo it works.  Many had hobbies such as sewing, baking, and animal welfare that they felt would make great business ideas.  When I asked them:  Would you like to bake dog treats (or whatever their hobby was) 40 hours a week and spend another 20 working on sales, marketing, and administrative “stuff” – they stared at me in disbelief.  They ASSUMED they would hire other people to do the manual work and they would be sitting in that chair twirling around.

To the children’s credit, they quickly realized that just because you have a hobby doesn’t mean you would want to flip that into a full-time business. Why?  The absolute joy of that hobby could be gone after the first 60 hour work week AND just because it’s a hobby you enjoy doesn’t mean others will pay you for that product or service.

The last point I want to touch on is the money.  You need it and often times lots of it.  I’ve seen many entrepreneurs drain their savings, tap into family and friends, and launch without a solid game plan, solid market research and a long-term vision. The money is gone and the family and friends are far from happy.  Yes, you need to be a risk taker when it comes to money – been there, done that.  You also need to realize there will be many weeks you as the owner will not get a paycheck so you can pay staff and invest back into the company.  Be prepared to be poor.  Some businesses take off immediately and sure, they make millionaires within year one. That is rare – very rare.

To wrap up, entrepreneur life is grand.  It’s hard, it’s easy, it’s frustrating, and it’s rewarding all at the same time.  I wouldn’t have it any other way.

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Biz Launch: It’s not Field of Dreams

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Starting a business is a lot easier than it used to be 20 years ago.  With the invention of technology, the internet, and the acceptance of virtual companies, you can start a company in a couple of hours including tossing up a website.

So, what’s the inside skinny on the success story?  Why do some win and others fail?

For starters, it’s not “Field of Dreams” as in if you build it they will come. Even if you have the most amazing UNIQUE never been done before product or service, you need to let people know you are in business.  Many people think if they have a website, a Twitter account with a couple posts, and a Facebook page the phone should be ringing off the hook and orders/jobs rushing in.  That’s not how it works.  It takes sales, networking, sharing.  It takes TIME – typically 3-5 years before you work out all the kinks, show a real profit, and settle in.

Toss in the towel too Early. Back to the above, you’ve got to give your business time to grow, you have to nurture it, change it, be passionate about it and devote many many hours to its soul.

Knowing it won’t always be easy, but it will be worth it.  Many entrepreneurs aren’t prepared for the FAIL.  Suck it up Buttercup because you will have more than one OMG, WHY! moments in your business.  From staffing issues to product delivery issues, to cash flow issues (this is a biggie) to simple brain burnout issues.  Prepare yourself for them, but don’t dwell on them.

Look forward not back.  Speaking of dwelling, you can’t can’t can’t overthink all of your mistakes and failures – they are simply learning opportunities.  It isn’t easy.  Not my first rodeo and I still have to remind myself of this.  When I or my team make a mistake it keeps me up at night.  When cash flow is tight I get anxiety. I need to remind myself that this is simply a bump in the road, I address the issue – come up with a solution and look forward.

Know that innovation is King.  You will change your business multiple times, what you start with is not what you will end with.  That includes products, services – hell even your brand and your name.  Be flexible and know that change is good.

Manifest your Destiny.  This too is about looking forward.  I always coach my clients on mindfulness and focusing on WHAT YOU WANT versus what you do not have.  Sounds new agey, but it’s true. When you dwell on what you don’t have it consumes you and freezes you. When you focus on what you want and can picture yourself as a success – it happens because you easily can overlook the bumps in the road.  Read “Think and Grow Rich” #gamechanger

Be Grateful.  Don’t focus on the money.  Trust me, this is so incredibly important.  People who focus on the almighty dollar sometimes make choices they shouldn’t.  Plus if you focus on all the above, the money will come.  Sure – determine what you want to make, have some goals but don’t let being a millionaire blind you.  Be grateful for what you have, your clients, your family, your possessions, your senses, your ability to be an entrepreneur. So many others don’t have nearly what you have.  Focus on that – think deeply on that.

When I see entrepreneurs struggling, I go over this list and try to identify where the roadblock is.  Once identified, I can coach them through it.  Looking in the mirror is the first stage of acceptance that something needs to change – it isn’t easy but the results are AMAZING!

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