In honor of this event, it is highly recommended to buy something from a small business. Instead of making a purchase at a Big Box store, visit that new small shop that recently opened for business. It could be the start of a fantastic relationship.
On Father’s Day, my son told me a story about a coffee shop he frequents in the area where he lives. I asked him why a local shop and not the local Dunkin Donuts across the street from his place or the Starbucks a few blocks further.
He likes the locally owned coffee shop because it has the best atmosphere. My son is working on his MBA and enjoys visiting the coffee shop to study. The people who work there are friendly, he is never rushed and has a sense of belonging.
Just recently he found out that a person he frequently talks with happened to be the owner. They had a discussion about business and when my son asked the owner if he could start over what he would change.
The owner thought for a second and said, “Looking back into his start-up phase I would have started with more money. Too much time was wasted in a survivor mode stretching each dollar earned and not focusing on growth.”
“Undisputedly, another change I’d make is to better understand marketing and how to use it effectively to build the business.”
I’ve heard this story many times and even witnessed it first-hand. I’ve met owners in their offices that were nicely decorated and the reason for the meeting was to determine what marketing can do to bring in sales. Once or twice, even try to bring in their first sale.
If I was in this discussion, I would add a third point. Creativity. Every company and every customer is unique. What works to satisfy one customer may need tweaking to satisfy another. In April, I recently posted my thoughts about creativity. It is certainly an advantage to be creative in your business because each new day can bring a problem that must be solved.
In summary When you get serious about starting a business make sure you have a few years of capital built up to survive, increase your capability to be creative, and make sure you know how to reach your customers. Then you can hang out your shingle or introduce your virtual company.
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