No Capital? Why Bother at All?
Today, I’m dropping some truth bombs on ya…
First, let me set the stage. Last week I was on a call with someone who:
- Was priced way higher than his competition
- Wasn’t active at all on social media
- Had no brand following or recognition
- Hates technology & doesn’t want to learn it at all
- Is personally funding his small biz
Ok, now you get the picture.
He was telling me how unhappy he was that sales were terrible.
Why wasn’t I saving his company (although my hands were pretty tied)…
How he was running out of money.
The gist of it was this quote above:
If you don’t have enough capital to do it right, why be in business at all? Just don’t bother doing it.
Many times businesses start out being a project of love.
Your grandma’s special recipe.
A health issue you found a solution for, then made a product out of it.
You get the idea.
But products that aren’t well funded flop once you start trying to gain momentum.
Solutions:
- He can grow slowly, and that was 100% ok! He needed to stop hiring things out and manage everything on his own to preserve profitability.
- He can get help, hire it out, and scale. But it would cost him money. Thousands each month.
We discussed hiring out social media content creation and management. Getting someone to create recipes, pin them on Pinterest to reach the over 400 followers he had (with ZERO CONTENT!!!).
Whatever his decision, he’ll make the one that’s best for his company.
As a service provider I can only do so much to help clients scale. In fact, my portion of the success ratio is probably only about 20%. As a business owner you’re responsible to the other 80%.
- Like creating a fantastic product that shoppers actually want to buy.
- Branding has to be really tight with the right messaging.
- Social media needs to be posted on DAILY so that you look alive.
Shoppers don’t want to do business with dead brands.
I could go on, but I think you get the point for now.
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