IS MONEY GETTING IN THE WAY OF YOUR SUCCESS?
I met a woman recently who is working in a dead end job. It pays her bills, however, she is frustrated. Her dream is to own a company that makes custom designed silk scarves. Each is unique. These can sell from as little as $50 to hundreds of dollars per scarf. Each one is specific to the owner and the design my new friend creates. When I asked her if her dream was real and if she was ever going to realize it, she assured me with a resounding, “YES!” I then asked her when her dream would become reality. She shrugged her shoulders with the comment, “I need money.” As I will explain in this article there is little need for money when starting a business if you take the time to consider your options.
When quizzing her about the details of her business she told me that a single scarf can cost $50 to produce. She has been producing these scarves for sale for sometime and distributing them to Nordstrom’s, Macy’s, and Target. She has a website that needs to be updated. Here are some other clues that indicate that she has been considering this business for a very long time:
- When talking about her plans she became excited with her eyes sparkling and a big smile.
- At the same time she seemed tired, much like she had this conversation many times before.
- She has invested a lot of time in creating her product with beautiful scarves that she wears.
- The website, created years ago, needs updating, however, demonstrated exceptional creativity.
- The murals she produced and shows on her website are fabulous.
Are these bullet points above symptoms or clues to your needing money for success as you consider starting a new business?
some low cost to no cost things that she can do to get her business going to create her brand:
- Street Fairs and Farmer’s markets are low-cost ways to get your name on the street, gain credibility, and get selling experience. They are frequently/consistently on the weekend so your normal work schedule can remain intact.
- Scarf retail sellers most likely are looking for my friend’s offering. Getting into their stores with an offering such as sample selections can be a key to getting a following.
- Office murals of scarves will be a wonderful way to expand her market. She has already created some office murals. Connecting with high end interior designers and architects will get her name out in front of the people with which she wants to do business.
- My friend is of Filipino heritage. Getting into Filipino retail shops would allow her the opportunity to sell her artistic designs. It has been my experience that people with a clear common heritage love to produce and sell original art to their fellow community members.
- Connecting with higher end consignment shops as in La Jolla, Del Mar, Carlsbad, and Rancho Santa Fe can deliver long term followings for little or no cost. A brochure with contact information left at these locations, with a monthly visit by my friend, can deliver a high return with little time or money invested.
- Creating specialty logos for large, well positioned companies can turn into expensive gifts given by the company to its clients. Simply searching the Internet for local companies who demonstrate success and the desire to reward their clients would be good matches for my new friend.
- Many women’s groups love to invite presenters who have unique items to offer for sale. How about participating in a fund raiser offering a scarf mural as a first prize? I wonder how many custom designed scarves might be made after donating a scarf size mural?
Many of these ideas can apply to your success with little or no financial investment.
The above can happen overnight, however, most would agree that this works best over an extended period of time. My recommendation is to create a three year plan, especially when you are currently employed. Working for three years allows you to bank enough money to support yourself for a year should the business grow at a slower pace than planned. You should save enough to cover your personal and business expenses for that first year.
Finally, measuring the level of success and growth is an intricate part of any good business plan. The above ideas will apply to her creating the plan which will include:
- Connecting with those who support her currently, in the past, and in the future.
- What needs to be updated can be completed as she launches her business.
- Low cost/no cost ways of creating her brand will start the business going while continuing her job.
- Launching business while continuing her job is very doable because she is motivated.
- Evaluate growth, success, failure, and making adjustments as needed through intentioned results.
Money that is made during the early days of running the business can be reinvested in production to grow the business from a hobby to a fulltime career.
Gerry’s stimulating presentation Unlimited Prospects, Unlimited Referrals is ideally suited for small business owners, home-based businesses, and independent professionals who want clearer direction and want to attract more prospects, develop dynamic systems, and strengthen their companies’ accountability. Gerry does one on one consulting, conducts a range of keynote speeches from thirty minutes to full-day education workshops. His book series, Unlimited Prospects, Unlimited Referrals, are available on the website, www.integritysd.com.
Gerry has more than 20 years’ experience directing business owners how to grow their businesses. He is a networking dynamo. Those who know him will assure you that he does a great job of bringing people together—which is why he started INTEGRITY.
Involved with networking organizations since 1984, Gerry is a Distinguished Toastmaster, a member of Toastmaster International, and has chaired numerous chambers of commerce and non-profit organizations.
Are you truly committed to attracting the right prospects and generate more referrals? If so then contact INTEGRITY Networking Solutions for availability and information. You can contact Gerry by mail at 1610 Quiet Hills Drive, Oceanside, CA 92056. Direct dial (760) 439-4623; e-mail to gerry@integritysd.com. For more information, go to www.integritysd.com
