Posts Tagged ‘business coaching’

How To Stay Motivated and Beat The Start-Up Blues

Tuesday, August 18th, 2009

In the real world, we have to deal with facing down challenges that can’t be overcome simply with motivational catch phrases made famous by Tony Robbins or Dr. Phil. Lately, we’re all taking hits from the recession and the general depression that this has brought on our country. Nationally and locally, business are facing hardships that we as a country haven’t truly had to face in a few generations and we’ve done our best to persevere, but that doesn’t always keep us from being pushed to the mat and the breaking point. The world where business credit was easy to acquire, vendors were lax in their collections, and the consumer was hungry for new purchases is long gone and the small business owner isn’t getting any true encouragement on what to do next.

So what’s the secret? If it’s not a mantra or a chant or a psalm than what is the way to pull yourself off the mat if your prospects are looking bleak? Frankly, it’s remembering the facts about being a start-up. Keep those in mind, and you’ll be able to maneuver your way through Year One.

Negativity: Why be negative when faced with an obstacle? The website isn’t getting the requisite number of hits and you’re baffled about the SEO guidelines from Google. The logo you adore is apparently too similar to one that’s for a restaurant chain in Florida. The only merchant account that you can get wants a 5% fee per transaction. When faced with these sorts of obstacles one must never succumb to the easy way out: negative thinking. Common sense dictates that a “woe is me” vibe around your business will not solve any of the problems you’re facing. It’s just as detrimental as unrestrained blind optimism. Take a deep breath, re-evaluate, consult a mentor, use a magic 8-ball, whatever, but don’t let it ruin the day. Obstacles will always exist. Focus on possible solutions instead of the problem.

The Red is no longer the enemy: Everyone worries about being in the red in their first year. Guess what? You’re supposed to be. No matter how much pre-opening marketing you do, no matter how much buzz you create, you will most likely be in the red for at least the first six months of operation once you’ve opened. Depending on the industry you’re involved in, it could be longer. It’s supposed to be this way. The only way to build cash flow is to be open and gathering a client base actively and that will be a period of time spending working capital and having very little revenue coming in to pay for it. Anyone who shows you a business plan without a period of deficit at the beginning of operations is either walking into opening the business with a client base already established or is not being realistic about their first year. If it’s the former, then they’ve spent longer on pre-opening than the average start-up. If it’s the latter, then they most likely are drinking their own Kool-Aid.

A Few Good Men (or women): “If you’re not smart, surround yourself with smart people. If you’re smart, surround yourself with smart people that disagree with you.” I heard this quote on a television show ages ago and it’s stuck with me. This is what every entrepreneur should consider when building their management team. When you’re starting out, the last thing you need are “Yes Men”. Nothing will get done and there will be no debate when it’s required to enact a change in the strategy. Just as we don’t want one voice in government, we don’t want one voice in the boardroom. The people that work in your inner circle should be those with the requisite experience to help you in areas you aren’t knowledgeable or they should be there to encourage healthy debate in case the strategy needs too change.

Coaches in the locker room tell us what they think we need to hear to keep a positive attitude without much thought to the practical reality that we live in. Remembering the reality about the first year of business will pay off a great deal better than some mantra from a motivational speaker especially one that charges thousands to attend an alarming convention where you are shouted at. You will inevitably have a moment where you see the mat coming closer and closer as you’re about to hit it. As you’re falling, remember the facts and the solutions for how to pull yourself back up from it.

10 Unique Home-Based Business Ideas

Wednesday, October 22nd, 2008

In this sluggish economy, it has become harder than ever for small businesses to get started and build a clientèle. Those individuals who do succeed are the ones with innovative ideas that are a bit more off the beaten path. The following are ten unique home-based businesses that you can start today without even leaving the house!

  • Tutoring Business. With college entrance becoming more and more competitive, parents are looking for a way to get their kids’ grades up. This has opened up a wealth of new opportunities for home-based tutors.
  • Wedding Planner. While our economic situation has taken a bite out of many areas of the luxury economy, one thing that is almost recession-proof is the desire of women everywhere to throw a perfectly planned wedding. Being a home-based wedding planner is easy – as most of the meetings (with the exception of visiting the venue) can take place inside your house.
  • Gift Basket Business. If you are a great gift-giver, why not put that talent to good use? Gift basket businesses feature relatively low start-up costs, can be engaged right from your home and provide a steady source of seasonal work (as well as birthdays, special corporate events, etc).
  • Concierge. Few people realize it, but you don’t have to be at a hotel to take advantage of a concierge service. A growing number of people are turning to home-based concierges as a means for helping plan out special events, nights out on the town, and more.
  • Computer Repair. If you’re the member of the family who always gets called to fix everyone’s PC or iPod then computer repair is an outstanding choice for a home-based business. Just put a little more time into self-education regarding the inner workings of computer repair and you can gain the skills needed to get started.
  • Consulting Business. Let’s say you spent years in a particular industry, but left your job either due to layoffs or burnout. Why not put those vital skills to use by becoming a consultant in your chosen field of expertise? Consultants can command a high billing rate (depending upon the industry) and have the freedom to take on as many or as few clients as they see fit.
  • Coaching Business. A fast growing industry is business coaching. If you have strong sales skills, are good with people, and a passion for businesses, you can help other businesses become successful. One leading franchiser for small-business growth services is OneCoach. The company website is a place to start to find out how you can provide entrepreneurs with customized solutions to grow their small business.
  • Interior Designer. If you’ve got a flair for home or office décor, interior design work may be your calling. The key to getting started is finding 2-3 core clients, and then doing spectacular work for them. Create a book of photos based on your work for these initial clients – and then use it as a “calling card” for obtaining future work.
  • Blog Poster. Many businesses need individuals to help them maintain an active blogging community for their online presence. You could make a supplement and potential decent living by blog posting if you have good conversational writing skills.
  • Child Care Service Provider. Finally, child care services make an outstanding home-based business for nurturing individuals who are good with children. While some inspection and accreditation may be required, this can be a very lucrative business for those willing to dedicate themselves to it.

To see more home-based business ideas and vote on your favorites, StartupNation’s Home-Based 100 contest is happening right now. Next year, enter your wackiest, greenest or most innovative home-based business and you might be the lucky winner.