The Emotional Appeal of Your Business

16 06 2010

When we try to change the behavior of other people, the authors of Switch: How to Change Things When Change is Hard point out that our first instinct is to teach them something—give them lots of facts and figures. But the most effective change comes when we appeal to other’s emotions rather than their intellect.

Take for example Silpada Jewelry’s recent magazine advertisement, appealing to women who want to start a business and depicting that woman with her family. Large photos and the following text:

“I never run out of vacation days.” When you control your time, there is no need to ration vacation days. “I spend more time with my family, earn a great income, and grow in ways I never thought possible. I truly love my life.”

Those are powerful words that appeal to our emotions. Who doesn’t want to spend more time with their family? Who doesn’t want to control their own time?  Who doesn’t want to earn a great income? Who doesn’t want to love their life?

In Boom Start: Super Laws of Successful Entrepreneurs, they state that a product (or service) is made up of three components: core, tangible, and augmented. The core of your product is its emotional essence. For example, the core of McDonalds’s restaurants is Family, Fun, and Friends. Sure they are selling great hamburgers, fries, and a drink—the tangible product—but more importantly they are appealing to us at an emotional level. And then just in case we become bored with the “same old,” they augment with upbeat advertising, Ronald McDonald and his friends, and the world famous Golden Arches.

As you think about your business, first focus on the heart of your business, the core that stirs emotions. Start there as you prepare marketing material for your business. In order to convince people to buy your product and/or service, pay more attention to the emotional appeal and less to filling the space with facts and information.

Bev McCrostie, M.Ed.
YOUR UNLIMITED POTENTIAL
Coaching Small Business Startups

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8 Tips for Women’s Business Success

28 05 2010

After attending the Next Steps VAST Workshop for Women Entrepreneurs, I came away with a number of tips for business growth. VAST (founded by three businesswomen) is an equity fund  focussed on investing in businesses created by, run by, or owned by women.

The 14 panel members and presenters are all women entrepreneurs who have started and grown highly successful businesses. Here are a few of their tips:

  1. Delegate – Learn to trust others and hire people to cover your non-strength areas.
  2. Make Lists – Every day do something that makes you money.
  3. Advisors – Develop a network of 12-14 people who will form your resource group.
  4. Sustainability – If you are a service business, build your business so that you are not central to its success. Is it sustainable without you?
  5. Document Financing – Be sure to document all loans and investments in your company.
    Knowing those details may be vital when later seeking further growth funding.
  6. Visionary – Look ahead of the curve and always be willing to reinvent yourself.
  7. Financing – Have other financial sources (credit cards, line of credit) in your back pocket to cover those times when revenues may be delayed. Always keep your commitments and meet your financial obligations.
  8. Free Resources – Make use of the local and online resources that are available, such as SCORE, Micro Mentor, and the Women’s Business Center.

If you were going to select one of the above tips to work on today, which one would it be? Creating a spider web drawing of your advisors? Seeking out one of the free mentors for tips on growing your business? Brainstorming ideas as to how your business could be sustainable without you?

Bev McCrostie, M.Ed.
YOUR UNLIMITED POTENTIAL
Coaching Small Business Startups





The First Step to Your Business Startup

25 05 2010

I typically procrastinate starting a project. But once I get started, I quickly build momentum and finish the project. The trick is trying to convince myself to take the first step.

For example, I had been putting off exercising and losing the additional pounds I had gained over the past few years. Last year I was grumpy and embarrassed when I hiked with friends and they easily made it to the top of Diamond Head while I was gasping and had to stop numerous times. I talked about getting healthy, bought books on the topic, and occasionally walked with friends. But I wasn’t willing to commit myself.

The first step started five months ago when I tried a diet that a friend recommended. I lost 4 pounds in 10 days – a modest, healthy loss – and then, encouraged, decided to take the next steps. I had a body composition test to determine my ideal weight, bought a bathroom scale, and took advantage of the exercise room in our complex 6 days a week. Now with just a few pounds away from my target weight, I am actually enjoying exercising! I’ve bought a good pair of running shoes and a friend is training me for a 5 K run in a month’s time.

It’s so easy to procrastinate starting your own business. There are so many reasons to delay: you don’t have the time, money, or enough experience. You aren’t sure where you will find customers and whether your family will be supportive of your idea.

But until you actually stop dreaming about it and take the first step, you will never know if you could have been successful.  Your first step might be writing a business plan, selecting a business name, ordering business cards, purchasing a url for your website, or starting a blog.

What will be your first step?  And remember, no one said you had to give up your full time job quite yet. Many home-based business owners start out part time and only give up their full-time jobs when they have enough business.

Bev McCrostie, M.Ed.
YOUR UNLIMITED POTENTIAL
Coaching Small Business Startups





4 Reasons to Write a Business Plan

28 04 2010

The main reason for writing a Business Plan is not to obtain funding for your business.

Writing a Business Plan forces you to be more concrete and specific. Sure it is difficult and time-consuming. But as soon as you starting writing, you realize there are gaps in your knowledge of your target market, your competitors, your marketing strategies, and your financial projections.

Your Business Plan, will enable you to:

  1. Identify who your target market is.  Can you describe them in detail? What are their hobbies and interests? What is their biggest worry in life? What do they read and watch? Why would they choose your product or service? Knowing your target market gives you clear insight into which of your business features and benefits they would love.
  2. Know who your competitors are.  What are they good at and where are they weak? Can you provide quicker service, or give more for less money, or give better service for more money? As well, with so many businesses now online, you can’t say, “I don’t have any competitors in my town.” You will learn more about running a successful business from your competitors than anyone else.
  3. Describe what marketing strategies you will use.  If you are like most small business startups, you don’t have a lot of funds to allocate to marketing. Social media sites (Twitter, Facebook, LinkedIn) are an inexpensive way of getting the word out about your product. Why not offer your product or service as a prize on one of the popular blogs read by your target market. Make sure you look around your local area for business networking groups – they provide a wealth of contacts, information, and support for new businesses.
  4. Chart out your revenue and expenses projections for Years 1, 3, and 5.  As you set monetary goals for your business, put some stretch in so that you are motivated to achieve but not so unrealistic that you soon become discouraged. One of the first things you will discover is that you are not charging enough for your product/service. You will also discover that in order to reach your monetary goals between years 3 and 5, you will need to change, delete, or add to some of your business practices.

Creating a Business Plan is like eating an elephant – easy if you do it one bite at a time. Start today by identifying who your target market is. Then move on to the other three until you have a clear Success Plan for your business.

Bev McCrostie, M.Ed.
Your Unlimited Potential
Coaching Small Business Startups





$100 Object Lessons

21 04 2010

Click below if you would rather listen to this article.

Who wants this $100 now?  In Bootstrap Business: A Step-by-Step Business Survival Guide, the authors share a speaker’s $100 object lesson. The speaker held up a $100 bill and asked “Who wants this?” Every hand shot up. He then crumpled the bill and asked again “Who wants it now?” Again every hand shot up. He threw the $100 on the floor and jumped up and down on it. “Who wants it now?” Every hand went up in the air. “You mean after I’ve crumpled it, jumped on it, and literally beat it up, you still want it? Why?”

The response from one of the audience members was “Because its value has not changed!” On the journey to starting and running your business, you may feel that you are being beaten up and you may sometimes fail. But your value will not change. And unlike the $100 bill, your value may even increase. There is so much to learn about yourself from both the enjoyable and the harsh experiences.

The Bootstrap Business authors recommend keeping a journal of critical decisions and how they turned out. Write advice to yourself to follow in similar, future situations.

Who wants this $100?  A few years ago I attended a seminar where the speaker held up a $100 bill and asked, “Who wants this $100?” Hands shot up around the room. He repeated the phrase several times before someone ran up to the front and took the money from him. The speaker then asked, “Why didn’t you come up and take the money?”

Perhaps you would have said, “I don’t want to appear greedy” or “There must be a catch to this” or “Someone else deserves this more than I do” or “It would have to be a lot more money before I’m willing to take the risk of possibly embarrassing myself.”

The lesson to be learned is: Whatever reason you used is the same reason that prevents you from grabbing hold of other good things in your life.

Over this next week, look for opportunities where you can “grab the money” – not literally, but where you accept experiences that will benefit you and your business. Pay attention to how you felt in that moment.

Beverly A. McCrostie, M.Ed.
Your Unlimited Potential
Coaching Small Business Startups





Still Don’t Have a Small Business Idea?

19 04 2010

If you have made up your mind that you would like to start a small business but are still trying to decide just what business it would be, here are two tools you can use.

Entrepreneurial Success Matrix
This tool was created by Fred Carpenter, a Managing Principal of The Glenwood Group. In each box, list your skills, interests, and tasks or your lack of skills, etc.

Entrepreneurial Success Matrix

Ideally, you will want to look at starting a small business where you use the skills, interests, and tasks you are good at and you also enjoy doing them. You will want to avoid starting a business doings things you are not good at and you don’t enjoy.

Hedgehog Concept
Jim Collins in Good to Great uses a similar model to identify the interception of the three circles  where you are doing work you are deeply passionate about, you are well paid for what you do, and you are doing work that you have natural talents for.

Hedgehog Concept

He points out that “If you make a lot of money doing things at which you could never be the best, you’ll only build a successful company, not a great one. Ifr you become the best at something, you’ll never remain on top if you don’t have intrinsic passion for what you are doing. Finally, you can be passionate all you want, but if you can’t be the best at it or it doesn’t make economic sense, then you might have a lot of fun, but you won’t produce great results.”

Whichever tool you use, take a few minutes this week to identify what your ideal small business startup would be. And if you are still looking for a few business ideas, take a look at my previous post Start a Business – Start the Rest of Your Life.

Bev McCrostie, M.Ed.
Virtual Assistant Certificate
Red Deer College
Bev.mccrostie@rdc.ab.ca
www.virtualassist.ca





Business Startup Tips: 2 More Lists

12 04 2010

In a previous post, I provided two alternatives to the To-Do List in building your buisness: the Stop Doing List and a Loose List. Since then in my daily travels, I have come across two more lists.

The Courtyard Marriott in San Jose, CA, had an Accomplished List, which they indicate is “Much more gratifying than a to-do list, don’t you think?” They are so correct – a list of what I’ve accomplished gives me a greater feeling of achievement than a list of all the things I have yet to do.

But at some point I must have written down my plans to achieve otherwise I would never have got beyond the “thinking about it” point. Perhaps I told a friend my new idea – speaking out loud often solidifies ideas for me, especially when my friends don’t then declare that I’m crazy!

An Accomplished List did get me thinking though. When was the last time that I had created a list of things I have accomplished in the past day, week, or years? I do have a list, of sorts, in a collection of photos and a portfolio. Each item documents my successes in both my personal and my professional lives. I have tangible evidence that I am growing and making a difference in my life and the lives of others.

Are you taking the time to focus on and document your journey to becoming a successful business owner?

The other list was an ordinary Shopping List. What made it unique was that Bryan Johnson used it as a marketing opportunity. The Shopping List pad was sitting at the checkout at our local Maceys grocery store.  At the bottom of the list, he included his picture and contact information. Even if potential clients do not end up using it as their shopping list, they may keep it for later use as a quick notes sheet.

Can you think of a marketing tool you could create that would be unique and helpful to your target market?

Bev McCrostie, M.Ed.
Virtual Assistant Certificate
Red Deer College
Bev.mccrostie@rdc.ab.ca
www.virtualassist.ca