Last week, we talked about the plant closing in Columbia Falls, MT.
This week, I’d like to talk a little more about this part:
Even though we’ve been here before, that doesn’t make it any less scary, worrisome, or frustrating. The pressure to produce cash flow to feed the family and pay the bills is on everyone’s mind.
If you’re targeted for layoff, I’ll bet you have skills, experience and knowledge that you’ve taken for granted for years. They’ve become second nature to you. I could wake you up at 2:00 am and ask you something related to whatever you do or know and without having to think about it, you’d rattle off great advice about how to deal with it, fix it and/or do it.
This is an opportunity to take control, even though you probably don’t feel you have much of that right now. You might have a dream that was always delayed by the “golden handcuffs” of a long-term job. Can you pursue it now?
There is no better time than now to start your own business. There is no better motivation than to create some control over your family’s economic future. It won’t be easy, but it’ll be yours.
It won’t be easy for you…
That paragraph of words is easy to say, but make no mistake about it: It isn’t easy to implement. Something that might make it easier to stick with it during the toughest moments: Never having to face this again – or at least, never having it be someone else’s decision.
The easy part is having the skills. In fact, it’s an advantage over many who want to start a business but aren’t sure what they want to do. If you’re struggling with this despite having marketable skills, don’t let it stop you in your tracks. The business you start today doesn’t have to be the business you’re in next year. Don’t get stuck thinking that whatever you do must be what you do forever.
Who will your clientele be? Even if you pivot (ie: change what your business does) multiple times, the thing you must have a laser beam focus on is “Who is my customer and why do they pay for what I do?” Far too many businesses seem to be a little lost on this. Knowing them, knowing their needs, knowing what keeps them up at night, knowing what they worry about during the day and what relieves them – all of this is critical. The better you know them, the more likely you are to be able to create a marketing and sales message that gets them nodding their heads and opening their wallets.
You might be tempted to have the best price around. Be careful with this. You probably wouldn’t try to start a business based on competing with Wal-Mart on the price of generic motor oil. Discounts come out of your profit – your pocket. If you can’t make a profit on what you do, you do your clients the disservice of creating a business that they need, but that probably won’t survive. Never forget to show your clients a ladder – a series of steps (good, better, best) that allows them to get more from you, get better this or that, and take even more advantage of what you do.
…but make it easy for them
If you’ve ever struggled to do business with a company, you know where I’m coming from. Some businesses seem determined to make it hard to give them your money. Don’t be one of them. Make it easy to do business with you. Easy to pay. Easy to get what was purchased. Easy to get service. If you don’t make it easy, they will eventually find someone who IS easier to deal with.
Easy to pay is an interesting one. Some clients will prefer a credit or debit card, some a check. Some businesses may want 30, 60 or even 90 day terms and will use that as leverage when closing the deal. Be very careful with these, as some of them like to use small businesses as a free bank. Not a good thing.
Create your own Independence Day
If you do, a decade from now, I promise you that you’ll remember the day you made the decision to take control – no matter how hard you had to work to get there.