Category Archives: Blog Posts

The Four Ps Of Scaling: An Overview

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IMG_2329Growing a business is always a challenge. Even with great founders, outstanding products or services, encouraging profits and exceptional momentum, there is no guarantee that scaling that business will be a smooth process. Not only are there the logistical issues when it comes to things like opening new locations, training new staff and creating a consistent customer experience, but there are other, easily overlooked elements to consider as an operation expands.

On a personal level, scaling a business is also stressful. Operating a single-shop business is demanding enough, and it can easily take a huge toll on your personal life. Expanding your operation by even a single location can have an exponential impact on your family life, friendships. and your health. From your ability to sleep to the simple sanity of downtime, every part of your life will be affected. Continue reading →

Startup Capital: 5 Steps For Determining How Much Money You Need To Raise

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SIBP-Blog-NEW-B-5In my last post, I explained how to determine your startup expenses. That’s an important step for determining your outside capital needs, but it’s not the whole story. To get an accurate idea of how much money your business will need to reach the place where it is generating a profit, you need to see the bigger picture.

By following these five steps, you will have a much better idea of your actual funding needs. This is the exact kind of information investors and lenders will need to see before they open up their checkbooks. Continue reading →

Startup Capital: One-Time Costs and Ongoing Expenses

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SIBP-Blog-NEW-B-3As you raise startup capital, one of the first questions you should ask yourself is “What do I need this money for?” It can be a tricky question to answer, as there are a lot of expenses associated with starting a business. To understand how much money you need, you need to start with your expenses.

While every startup is different, most early stage businesses share similar needs. These generally break down into two broad categories: One-time costs and ongoing expenses. In this post, I’ll explain the differences between these two kinds of expenses, and give you some general examples of each. Continue reading →

From Idea To Business: Common Obstacles, And What To Do About Them

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SIBP-Blog-NEW-B-2One of the best parts of my job is working with young entrepreneurs. I call them my “baby birds,” and there’s something incredibly rewarding about taking them under my wing. I love being in a position to guide them through the early stages of starting a company, acting as a mentor as they turn an idea into a full-fledged business. When those businesses finally take flight, it’s a huge thrill.

Creating a viable business means going into the process with your eyes wide open, and I always love it when those young entrepreneurs ask me those simple-yet-tough questions I really have to think about. For instance, I hear a lot of variations on this question: “What obstacles can I expect to run into as I start to turn my idea into a real business?” Continue reading →

7 Steps For Getting Great Results From Initial Consultations

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IMG_2329Running a small company is a lot of work, particularly when you run a one-person shop as a freelancer or consultant. At that scale, every client counts. When a new prospective client crosses your path, it’s only natural to want to give them plenty of time. Meeting face-to-face, perhaps sitting down for an hour over a cup of coffee, seems like the right way to have an initial consultation. From a sales perspective, however, it’s absolutely wrong.

More accurately, it’s ineffective and inefficient. Spending an hour on your initial consultation, only to find that you’re a bad fit for each other, represents more than a sale that didn’t happen. It also represents an hour that you can’t charge for, and couldn’t spend finding new clients. When you bill by the hour, time is money. Continue reading →

Rethinking The Initial Sales Consultation

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IMG_2329One of the best things about being a business coach is that I get to meet a lot of entrepreneurs in a wide variety of fields. I’m often struck by how diverse the local business community is, and by how similar their needs are when it comes to growing those businesses. My background is in working with high-growth startups — tech, manufacturing and service companies, mainly — but recently I’ve started to work with smaller, more creatively focused businesses. To my surprise, it turns out that both types of company have a lot of things in common. No matter what industry you’re in, some challenges are universal.

Recently, I was talking with the owner of a one-woman graphic design firm, and she was telling me about her struggles with landing clients. She was spending a lot of time meeting with prospective customers, but not landing as many of those job as she wanted to. Despite her best efforts, she just wasn’t getting enough business. Continue reading →

4 Tips For Knowing If You’re Really Ready To Start A Business

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SIBP-Blog-NEW-B-2For every would-be entrepreneur, there comes a time where you’ve done all the planning and prep work you possibly can. You’ve taken your time, you’ve asked all the right questions, and there’s seemingly nothing left to do but get started. Yet, there’s still that nagging doubt. Maybe you’re missing something. How can you know that you’re really ready to start your business?

Starting a business is a scary prospect, particularly if it’s your first time. Can you really trust your gut instincts when that same gut is also filled with butterflies? It helps to have some outside confirmation that you’re truly ready to roll.

In this post, I’ll talk about four simple tips for knowing if you’re ready to turn your well-planned business idea into a real business. Continue reading →

6 Things To Remember About Startup Failure

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Image source: https://www.flickr.com/photos/zstasiuk/

Image source: https://www.flickr.com/photos/zstasiuk/

Most startups fail. That may seem like a strange sentiment coming from a business coach and self-proclaimed serial entrepreneur, but it’s the truth. A big part of being a successful entrepreneur is becoming comfortable with the reality that you might pour your heart and soul into a business, only to see it crumble right in front of you.

At the same time, failure isn’t a bad thing. As I explain below, failure can actually be one of the most valuable entrepreneurial experiences you could ask for. It can be a powerful teacher. But to get the most out of failure, you need to understand what it is, and to prepare for it before it happens. In this post, I’m be talking about the six most important things to remember about failure as you prepare to launch your business. Continue reading →

5 Tips For Telling Your Startup Story

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SIBP-Blog-NEW-B-2In my role as a Kauffman Foundation Entrepreneur in Residence, every day I get to work with some truly awesome people. These are the founders of startups and early stage companies, men and women who are willing to take a risk on turning an idea into a business. As a business coach, I’m in the unique position of being able to see the their struggles from a more detached vantage point. It doesn’t take long before some common patterns — and problems — start to emerge.

The most common challenge I see with startups, for instance, is raising capital. Another common issue most early stage companies struggle with is getting traction and increasing sales. And then there’s the third biggest problem most startups struggle with: Storytelling. Continue reading →

The Profitable Mindset, Part 4: Don’t Bet Your Business On Home Runs

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Source image: https://www.flickr.com/photos/roncantrell/

Source image: https://www.flickr.com/photos/roncantrell/

In the world of baseball, power hitters are usually the most exciting players to watch. These are the guys that can knock the ball out of the park, creating those iconic, inspirational and game-changing moments. The power hitters are usually remembered as heroes, wowing the stadium crowds and living on for decades in the highlight reels.

But here’s the thing about those big home run hitters: They usually have a high strikeout percentage, too. In fact, those epic homers rarely decide a game. It’s the less-than-thrilling base hits that put runs on the scoreboard. Continue reading →