How To Start A Business In An Unstable Economy
If you’re hoping to one day start a business, then you may be waiting until economic conditions are more promising. Unfortunately, you’re likely in for a very long wait.
Life is short, and there’s no time to waste. After all, the UK is currently in the midst of a very “fragile” economic recovery, and things could get better or worse at any given moment. Years of poor leadership and pandemics have destabilised everything, and the only route left is to take matters into your own hands somewhat.
You can still start a business now and have plenty of reasons to be hopeful. Keep reading for some guidance on these matters.
Identify Public Needs
An unstable economy is an unfortunate circumstance for many people. However, it can also be an opportunity for business leaders.
During times of crisis, it’s perhaps easier to read what customers need and best respond to. For instance, online shopping became more popular, giving people a way to peruse and purchase without risking their safety. Some customers may now prefer this experience overall, too.
The appetite for buying things is always present, with some people experiencing a newfound appreciation for shopping after years of lockdown. However, you should try to gain precise results through your market research. Where are other firms falling short in answering their customer’s needs? Has the pandemic changed what types of products and services people are drawn to?
Favour the Digital Economy
As the traditional economy declines, the digital economy arises. In this space, you can start making money more quickly and reliably than ever before.
The digital economy isn’t subject to the boom and bust of the traditional economy. Actually, the former can often be given a boost by the failings of the latter. Your venture also won’t be a prisoner of global events, thriving throughout any circumstances that occur. Obviously, the peace of mind you can be afforded here is unrivalled.
One great way to persevere in trying times is to start an online coaching business. Thankfully, there are many mentors in the industry such as those at Sell What You Know who can help you learn how to sell your expertise online. Your professional experiences in the past can be turned into moneymaking opportunities of the present, giving you certainty and confidence in everything you’re doing. It’s quick and easy to get started, and there’s plenty of room to grow your business too.
Utilise Let Go Talent
Unfortunately, many people have been released from their employment contracts in recent times. The majority of them will have been good, loyal workers, and they’re now ripe for the picking.
A startup requires dedicated workers who’re willing to go the extra mile. They’ll need to develop the business through its infancy and perhaps even be ready to be a permanent fixture on the payroll. Therefore, only the best workers will do.
In addition to posting job listings the traditional way, try to ask around your personal network about who’s been let go recently and needs a job. It might be that you’ll get access to a desperate good worker who’s fallen on hard times. If you can give them an opportunity to rebuild their lives, they may repay you with loyalty and hard work.
If you are looking to find your target audience you can get bogged down in too much detail, too many questions and too many possible directions to go in;
This guide (that you can down load and use again and again) will help you focus your mind. So that whether it’s a new niche, a new product or service or you are just looking to increase profit, secure your section of the market or keep on everyone’s agenda you can focus on what you need to say, to whom, where, and why.
By understanding your favourite clients you can get to really appreciate why people work with you and how to replicate it.
Download your copy here target audience work sheet insiders
And don’t forget to post your completed forms on the INsiders Facebook page and or sections you are struggling with so we can help you get maximum benefit.
If you need more (and who doesn’t?) post to the Insiders for advice and guidance on how to maximise on this quick idea. Or you can get Mandie’s course on Finding your target audiences and getting them to buy here. Don’t forget as an INsider you get 70% off of these courses.
When I work with a client the first thing I like to do is measure where we are starting from. While I appreciate that clients just want to “get on with it and fix things” as your coach it is imperative to me that we actually know what results we are getting and monitoring what is working, what is not and what needs to change and what needs to be celebrated to keep the results coming.
As a famous professor once said “If you can’t measure it, you can’t fix it” and while I don’t completely agree with this statement if you are spending money on achieving more, overcoming fears and obstacles it is essential that we check you are getting an awesome ROI (Return on your investment).
This tool works easily to help you understand where you are right now. You can use it on one area of your business life, across your company, on your personal life or even your ambitions or bucket list!
Here are some examples of what you could fill your graph with;
Central circle – Am I happy? – (Smaller circles) work, partner, family, home, finance, holidays, hobbies, health
Central circle – Business – (Smaller circles) profit, sales, work/life balance, fun, training, customers,
Central circle – New product – (Smaller circles) Brand awareness, profit, sales, reselling, new customers, data base, interaction.
Benchmark graph worksheet download your copy here – please remember this is for the use of The Insiders only and is not to replicated for anything other than your own personal use. Thank you.
The sun is shining, summer is here, it’s all sandals, suntans and socials, but what does that do for productivity in the summertime?
Research shows that productivity can take a nosedive as the temperature soars and we head for the ice cream truck in our break. So what can you do to increase productivity, enjoy the sun but not damage your profit margin or Autumn’s success? Here’s our quick guide to just that!
And if you are lucky enough to be flying/driving off this summer or just staycating, don’t forget our Founder Mandie Holgate’s book Fight the fear can be bought in all UK airports! A top read for the holiday and we love seeing your #Fightthefear selfies by the pool!
And her new book is available on her site along with her FREE book helping you fix your Imposter Syndrome.
Being in business allows you to push the boundaries of what you think can be achieved. But can you honestly say you sell outside of your comfort zone?
What could happen if you did?
Think it through….if your current marketing strategy allows you to create your current supply of customers what could happen if you pushed yourself outside of your comfort zone?
(Here’s a clue, it will definitely involve more time creating invoices and less time chatting on social media !)
So How Do You Do It?
Really want to get out of your comfort zone?
Tell the INsiders what action you intend to take, and let us support you to achieve it.
We are so excited to announce the Launch of The Business Mans Network. It matters to us greatly that we are there to support your sales, confidence and success. And for years Founder Mandie Holgate had been asked to set an event aimed at men in business. So its exciting to announce this launch on Monday the 8th May at our Wivenhoe House venue.
We know that we will have to work hard to get the right balance and create events as powerful as the ones we already host. The BMN events will have the same structure as The BWN events and there will still be no membership and lots of extra ways we can support you.
We’ve already had a policy that if a business man books a ticket then they are not turned away. We attract some of the top speakers in the UK and feel The BWN has always be inclusive and not exclusive. And the same will apply here. Although we would request that for the first event women in business given business men the chance to create their own core group before you consider attending.
It has also important to us that we do not drop the standard of support, motivation and ideas we give to women in business so please do keep in touch if you feel there is more we could be doing to support you and your success.
Here you can read the full article that appeared in the Gazette this week about the launch. Launch BMN May 2017
I’ve thought often about writing this article, and always shied away from being a bit controversial. (If you read my articles before either here or on www.mandieholgate.co.uk you will know I tend to be about empowering, sharing top tips to make life, business, success and confidence just that be easier.) However I felt that I’d seen this happening too many times not to say something.
And the reason I say something now is because I can’t believe something that I thought was a given, an obvious expected standard, just doesn’t always exist, and not only is it not particularly pleasant to work in that environment, if you are doing this, then you could be damaging your success too! (So this article does come back to what I normally write about after all!)
The more I get asked to speak at events the more I naturally end up attending a variety of events aimed at personal and professional development and business success. And whether I’m attending a local business show a national one or a special all day event it really shocks me how many people that just don’t turn up!
What’s the big deal you say? It’s a free event, there’s no cost, so?
The big deal is that I personally think it impacts on your professional brand and what people think of you.
Think about it. You posted all over social media you were attending. You said you will be there. And then something came up, right? No big deal. But although there’s 500 – 2000 people at that event and you figure no one will miss you right?
They will, because there in reception when we all arrive is your lanyard with your name and business on, and then at the end of the day its still there!
Sorry did something better come up than what you thought was going to be an awesome day?
A client maybe?
I have a real issue with this, because firstly it shows a high level of disrespect to the organisers. It may seem like just a lanyard to you, but it’s not for the organisers. An organiser of an event need to ensure for every name that turns up there is adequate parking, adequate refreshments, adequate seating, someone has to take the time to print off and make your lanyard. As the numbers for the event increases the organisers think “wowsers we’ve got xxxx people booked for this, we should slow down on marketing, we may have to turn people away, our maximum capacity for safety is xxxx” So you greatly impact on the organisers.
Secondly if you’ve posted you are attending and don’t show, what does that say to those that do turn up? Is it a bad event we shouldn’t be at? Have we wasted our time? It can create unease in the delegates (I do not jest! I’ve seen it across social media damaging the reputation of events for years to come!)
More worryingly those that do turn up know who hasn’t arrived and think “Do they ever turn up to what they say they will?” What does that say about you, your professionalism and your business?
Can someone be trusted if they can’t even turn up to what they say they are going to?
Can they not organise their time to be able to have a day out of the office?
If you don’t know if you will be too pressurised to attend then don’t fill in the form saying you are going. Leave your status as interested.
And if you worry about giving up a day to this event top tips here are our top tips to get the most out of your day and double the usages of your time;
Tell everyone you are attending. This is good for the organiser (you are promoting their event. This may seem like its non beneficial to you, however getting yourself known for all the right reasons is a good way to get remembered. And remember in business its about the quality of relationships you build). By telling everyone you are attending before you even arrive you are getting to digitally network with potential customers and opportunities. It’s a great way to create brand awareness with very little effort.
Organise meetings and 1 2 1’s at the event. We all appreciate the need to know other people, and build good relationships however ultimately sorry to get tough here, those meetings quite from day one don’t always deliver business, and if you are very busy it can be very enticing to not bother with them. If you have been building rapport and getting to know people online, a big event is a great opportunity to spare half an hour and extend that potential opportunity. (And word of caution here, that’s build opportunity for them too, not just you!)
Talk about the event in the run up to the event. This is a great way to get you and your business known before you even walk through the door. There will be companies that can’t make the day, however if you have talked about the event in your own marketing, at events you are attending and to your current customers then you are helping to raise awareness of the calibre of events you attend and how your business is operated. People like professionalism. And to feel that they can trust and know the businesses that they work with. This helps.
Power up your PR! When it comes to trade press and relevant publications to your business, talking about the events you are involved with can be a great way to get your business seen for the right reasons, and raise your name above your competitors. Just remember if your attendtion is to send in a press release saying “SL Products attended this expo” the journalist is likely to say “big deal!” on the other hand if you are saying that your company was awarded the only trade stand for your industry at a UK wide event with over 200 exhibitors for the third year running. That says something about your company doesn’t it?
Don’t create a headache afterwards. One of the reasons people don’t turn up to events I feel is because they worry about the follow up and additional work load that it can create afterwards. Firstly reframe the way you word this. Instead of saying “I’m going to need at least 4 hours to process that event to get maximum benefit from that day and justify the costs.” Reframe this to; “In one day I will be able to generate enough leads to grow our business as planned this quarter, which could substantially reduce my marketing requirements this month and thus further increase our sales this year.” Your mind will happily create belief in what you say. So if you assume it’s going to be hard work, increase your work load and be a hassle enducing process, get what you are going to get? On the day ensure you are getting potential time wasters (you know the types, I call them Likers. They like everything you do, but are never going to follow up, get involved, support you or buy from you. They just take everyone’s freebies and tell everyone about their business and clear off!) So get the time wasters to do the work, ie “That sounds interesting, if you email/phone me next week when I’m back in the office we can investigate that in more detail.” It’s a great way of finding out who is there to do business and who is there to restock their stationery cupboard.
If a conversation is going really well, don’t leave it to the following day (when let’s be honest you are still exhausted from the show!) to get in touch, get it sorted there and then. Have your diary it and show your intent. “That’s great, lets Skype and move this along”. If you want something don’t hang about. There are so many opportunities and so many people talking at an event, you can find that in 2 days time your conversation is getting lost in their minds to a bucket load of work. Don’t let that happen by sorting things on the day.
Create a structure to how you process events. By doing this, you can learn the science of what works for you. Trial different things, until you find a style that works for you. Time how long it takes to process it. This is a great way for you Procrastinators to see an end to the job. Procrastinators stop procrastinating when they can see it’s not as hard, scary or boring as they thought it was going to be. So think about the results you want and how fast you can process it!
I hope you have found this a useful addition to your learning over here on the Insiders and if you have comments and ideas to share, please do! You know the Insiders is awesome because of you, your views, ideas and support for each others success. Awesome isn’t it?
I shared this video of a bird attacking itself in the mirror and spoke about how he was perceiving non existent threat, and it made me think how many business owners do this too. Here are 4 quick top tips to help you deal with the threats that aren’t even there that attack your mind and stop you from achieving more, because this is important to remember, if you don’t deal with these threats, even the non existent ones they will hang out in your subconscious, and that enables damage to the quality of the actions you take, your thoughts, your beliefs and your results. Ready to deal with them?
We work hard to support our business women and that is why we created The Insiders so we could keep that level of motivation, support and assistance every day. We also do our best for our venues, speakers and our photographers.
Check out this gorgeous testimonial from Caroline Horne.
Thank you Caroline!
I’m really excited about the launch of the Insiders. It’s a way that I as Founder and our Insiders affiliates can help you more AND you can ask anything you like (confidentially) and we will do our best to get you the right expert to help you.
So today in preparation for our first webinar in the Inisiders secret Facebook group I thought I’d share the 7 top tips I’d give to anyone that was looking to increase their chances of success in 2017 when setting goals. And then in the webinar you can ask me anything you like relating to achieving your goals;
How will you monitor your results? The person climbing the mountain that doesn’t take the time to observe the view, rarely can appreciate how far they have come. If you were to compare who you are and what you have achieved right now to 2 years ago, would you be so cynical, critical or worried about what you can achieve? Likewise by breaking your goals down (I get my clients to create 1,3 and 5 year goals and critically importantly Now Goals too.) you can start to see what actions need to be prioritised. And a big obstacle for so many business women is that they get distracted by the first shiny thing that comes along that looks easier than what has to be done and go off at a tangent, thereby slowing down their success and goal achieve.
I could share a ton of ideas here to help you rocket your chances of success in 2017. For now check your confidence levels and follow these 7 top tips, and I look forward to seeing you in the Insiders next week. Not joined yet? You can here.
As founder of The BWN Mandie Holgate care’s passionately about your success as much as our coordinators do. If there is something in particular you would like assistance with. What ever it is get in touch and we will do all we can to help. (And as always, without you having to spend a fortune!)