Solopreneur or Small Business Owner Understand This You Have No Competition
Solopreneur or Small Business Owner Understand This You Have No Competition
Not at all.
As a coach who has consistently defied conventional wisdom as to what makes a successful coaching practice (NOT built on coaching other coaches!), let me share with you what I have learned along the way and what saves me EVERY SINGLE TIME I start to get overwhelmed or lose my business focus. It is so basic but SO critical to the success of solopreneurs and small business owners and it all boils down to that old saying, “KNOW THYSELF”. Simple, yes, but surprisingly difficult for many and a lot richer journey than you might expect.
What follows is a simple model that will help you see exactly where you can focus your business building efforts most effectively.
First, you do need to know a few things about your industry and those who specialize within it. This will give you the context in which your business exists. Consider these three major areas for your investigation: 1. Your industry as a whole (e.g. all coaches, all massage therapists, all nutritional consultants) 2. Those who share your ‘specialty’ (e.g. retirement coaches, those who do sports massage, those who specialize in the nutritional needs of menopausal women.) 3. YOU.
Trap #1: Becoming a Commodity
Not uncommonly, new businesses suffer from a lack of definition. To niche or not to niche? It’s a scary proposition to enter in to a new field, or to opt for self-employment and we often want to keep our options (for revenue) open. It is natural when one enters new territory to search for any measuring stick one can find to learn how to succeed in one’s chosen field.
Unfortunately, this often means discernment gets tossed out and you can start to read every industry directive on what it takes to succeed as relevant to your business. It may not be. In fact, some of what you read may go so against your inherent strengths that you will risk being trapped in inefficiency and find yourself stalled and overwhelmed at every turn should you try to follow their recommendations.
It’s important to understand that what is common to all distinguishes none. Identify, the overlap of those skills and techniques that are the foundation of your industry, regardless of your specialty area. While it is critical that you have a strong foundation, do not allow yourself to believe that this alone will build your business. It will not. You will simply be an interchangeable entity with everyone else in your field where prospective clients are concerned which leaves them no reason to choose you on factors other than price and gives them no reason to be loyal to you.
Businesses playing to commodity will experience high turn over of clientele, poor return on investment for marketing efforts and lack of a clear direction in their business building efforts.
BEWARE: Distinctiveness today is commodity tomorrow. Once upon a time there was only one coach, or dentist, or widget maker. It was enough to just be that. As the field grows what is distinctive for the individuals in it MUST evolve.
Trap #2: Playing to the Competition OR Trying to “out-Oprah” Oprah
Once you have a handle on the foundation of your industry and have developed the requisite set of skills, the next logical place to look is at those who share your specialty area.
Where your business shares aspects with those in your field in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition.
The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money.
Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come to you based on price, but you may lose them in the long run unless you discover what you uniquely bring to the table. You can’t out-Oprah Oprah. Nor can you out-Laura Laura. (Nor can Oprah out-you YOU). Don’t even try. It’s okay to be inspired and led but you won’t be able to replicate the exact steps of any successful person and end up in the same place.
YOU, GLORIOUS YOU
What this leads you to is that big section of the business arena that you share with no one. This is where personal branding lives. This is where the stuff that makes customers raving, loyal fans lives. This is where most business owners back off and scare themselves silly.
It’s easier to hang out and follow competition or to play the ‘me, too’ game. It’s hard to play by your own rules without feeling like a nut. You WILL be out of your comfort zone. Passion and creativity and a thriving, living business are not static entities. That’s just the truth. You will need LOTS of courage to be unapologetically you. You will have to understand that some folks will not hire you if you are too ‘you’…they may be looking for me, or Mackenzie, or Oprah…and the folks who don’t want us may be looking for you! You don’t want to work with EVERY one. You want to work with the RIGHT ones. Trust me on this. I used to work with everyone and it was exhausting! Now, the clients who DO resonate with you…that is powerful stuff!
Clients who are allowed to fully experience doing business with YOU (as opposed to someone like you) are a wealth of information, not just business. When you are clear about who you are and communicate that clearly you allow your customers to start a dialogue with you about what is relevant to them in your business. They will willingly give you feedback, support, referrals and product ideas because people want to help people they believe in. If you are giving your customers value, they are going to want you to be around to keep giving it to them!
When you are clear in your vision, uncluttered in your business habits and responsive in an ongoing dialogue with your customers your business will grow effortlessly. Your customers will help you know when you are becoming a commodity and they will encourage you to stretch. They will require it and so should you.
Now how do you find your uniqueness? Your uniqueness, my friends, is not in any article. You will discover it in dialogue, self-reflection, experimentation and boldness. THAT is where the fun begins!
Laura Young, M.A. is a life and business coach and owner of Wellspring Coaching. She is a contributing author to A Guide to Getting It:Purpose and Passion, Become Your Own Great and Powerful and A Guide to Getting It: Creative Intelligence, due out Spring 2006.
Laura specializes in working with individuals facing midlife transitions (personal and career), self-employed individuals on business development strategies and high level leaders on communication and leadership skills.
Please visit her blogs and website to tap in to her extensive resource base.
Solopreneur or Small Business Owner Understand This You Have No Competition - To learn more about this author, visit Laura Young's Website.
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No competition?! Is this naïve? Wishful thinking? A load of bunk?
Not at all.
As a coach who has consistently defied conventional wisdom as to what makes a successful coaching practice (NOT built on coaching other coaches!), let me share with you what I have learned along the way and what saves me EVERY SINGLE TIME I start to get overwhelmed or lose my business focus. It is so basic but SO critical to the success of solopreneurs and small business owners and it all boils down to that old saying, “KNOW THYSELF”. Simple, yes, but surprisingly difficult for many and a lot richer journey than you might expect.
What follows is a simple model that will help you see exactly where you can focus your business building efforts most effectively.
First, you do need to know a few things about your industry and those who specialize within it. This will give you the context in which your business exists. Consider these three major areas for your investigation: 1. Your industry as a whole (e.g. all coaches, all massage therapists, all nutritional consultants) 2. Those who share your ‘specialty’ (e.g. retirement coaches, those who do sports massage, those who specialize in the nutritional needs of menopausal women.) 3. YOU.
Trap #1: Becoming a Commodity
Not uncommonly, new businesses suffer from a lack of definition. To niche or not to niche? It’s a scary proposition to enter in to a new field, or to opt for self-employment and we often want to keep our options (for revenue) open. It is natural when one enters new territory to search for any measuring stick one can find to learn how to succeed in one’s chosen field.
Unfortunately, this often means discernment gets tossed out and you can start to read every industry directive on what it takes to succeed as relevant to your business. It may not be. In fact, some of what you read may go so against your inherent strengths that you will risk being trapped in inefficiency and find yourself stalled and overwhelmed at every turn should you try to follow their recommendations.
It’s important to understand that what is common to all distinguishes none. Identify, the overlap of those skills and techniques that are the foundation of your industry, regardless of your specialty area. While it is critical that you have a strong foundation, do not allow yourself to believe that this alone will build your business. It will not. You will simply be an interchangeable entity with everyone else in your field where prospective clients are concerned which leaves them no reason to choose you on factors other than price and gives them no reason to be loyal to you.
Businesses playing to commodity will experience high turn over of clientele, poor return on investment for marketing efforts and lack of a clear direction in their business building efforts.
BEWARE: Distinctiveness today is commodity tomorrow. Once upon a time there was only one coach, or dentist, or widget maker. It was enough to just be that. As the field grows what is distinctive for the individuals in it MUST evolve.
Trap #2: Playing to the Competition OR Trying to “out-Oprah” Oprah
Once you have a handle on the foundation of your industry and have developed the requisite set of skills, the next logical place to look is at those who share your specialty area.
Where your business shares aspects with those in your field in general, you are in unfocused, general competition arena with everyone in your industry. Where you overlap with those in your specialty there is focused competition.
The temptation here is to adopt a “me, too…only better…or cheaper…or…” attitude. You see everyone in your specialty has an e-book so you set off to write yours. Or they market in a certain way, so you do also. Or they use a really great catch phrase so you adopt their language, or seek the same licensure for a program that is bringing them money.
Hear this: You can’t play their game better than they do. When you play “me, too” you will always play “catch up” and it is exhausting to jump over a bar that someone else keeps raising. You risk being taken away from your inherent strengths and your customers will be able to tell the knock-off from the original. They may come to you based on price, but you may lose them in the long run unless you discover what you uniquely bring to the table. You can’t out-Oprah Oprah. Nor can you out-Laura Laura. (Nor can Oprah out-you YOU). Don’t even try. It’s okay to be inspired and led but you won’t be able to replicate the exact steps of any successful person and end up in the same place.
YOU, GLORIOUS YOU
What this leads you to is that big section of the business arena that you share with no one. This is where personal branding lives. This is where the stuff that makes customers raving, loyal fans lives. This is where most business owners back off and scare themselves silly.
It’s easier to hang out and follow competition or to play the ‘me, too’ game. It’s hard to play by your own rules without feeling like a nut. You WILL be out of your comfort zone. Passion and creativity and a thriving, living business are not static entities. That’s just the truth. You will need LOTS of courage to be unapologetically you. You will have to understand that some folks will not hire you if you are too ‘you’…they may be looking for me, or Mackenzie, or Oprah…and the folks who don’t want us may be looking for you! You don’t want to work with EVERY one. You want to work with the RIGHT ones. Trust me on this. I used to work with everyone and it was exhausting! Now, the clients who DO resonate with you…that is powerful stuff!
Clients who are allowed to fully experience doing business with YOU (as opposed to someone like you) are a wealth of information, not just business. When you are clear about who you are and communicate that clearly you allow your customers to start a dialogue with you about what is relevant to them in your business. They will willingly give you feedback, support, referrals and product ideas because people want to help people they believe in. If you are giving your customers value, they are going to want you to be around to keep giving it to them!
When you are clear in your vision, uncluttered in your business habits and responsive in an ongoing dialogue with your customers your business will grow effortlessly. Your customers will help you know when you are becoming a commodity and they will encourage you to stretch. They will require it and so should you.
Now how do you find your uniqueness? Your uniqueness, my friends, is not in any article. You will discover it in dialogue, self-reflection, experimentation and boldness. THAT is where the fun begins!
Laura Young, M.A. is a life and business coach and owner of Wellspring Coaching. She is a contributing author to A Guide to Getting It:Purpose and Passion, Become Your Own Great and Powerful and A Guide to Getting It: Creative Intelligence, due out Spring 2006.
Laura specializes in working with individuals facing midlife transitions (personal and career), self-employed individuals on business development strategies and high level leaders on communication and leadership skills.
Please visit her blogs and website to tap in to her extensive resource base.
Solopreneur or Small Business Owner Understand This You Have No Competition - To learn more about this author, visit Laura Young's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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