The Definitive Guide to Defining Your Why

The Definitive Guide to Defining Your Why

All organizations understand what they do and how they do it, but how many really understand why they do it?

The “what” is easy – it’s the products or services a business offers. The “how” is pretty easy too, since we know how we provide these products or services and what makes them unique.

But few can articulate the “why” of it all – why they do what they do, or what is the purpose or belief that drives them. It’s what inspires them to take action, and by extension, inspires others to take action.

Start With Why

The concept of finding “why” became popular after Simon Sinek’s famous Ted Talk, “Start With Why.”

In the talk and his best-selling book, Sinek explains how the world’s greatest leaders inspire themselves and others to take action or champion a cause.

They do it by defining their purpose – sharing their “why” – before discussing anything else. It’s how they captivate, sell, and lead.

How to Find Your “Why”

The “why” statement is the most effective way to articulate your why, or your purpose, to yourself and others.

It should be:

  • – Simple and clear
  • – Focused on others
  • – Actionable

The “why” statement should encompass all of the qualities mentioned, all in a single sentence. You also want your statement to be evergreen, so it can apply to anything you do professionally or personally.

Essentially, your “why” statement is a statement of your value as much as why your social network loves you. Your professional and personal “whys” aren’t different. It’s not a separate concept, product, or service – it’s the underlying force that informs all that you do.

Once you have this statement, it can become a point of reference for all your future actions and decisions. You can set goals, measure your progress, and know when you’re on track.

Here are some exercises to help:

Identify What You Do to Make Others’ Lives Better

This applies both personally and professionally. Consider all the ways you work to make others’ lives better, whether it’s through your work, your business, or your personal endeavors. Solving a problem, volunteering, or donating all contribute to your sense of purpose.

Consider Your Values

Your values are your personal code of conduct. They’re the core beliefs that motivate your actions, behaviors, and interactions with others and the world.

Evaluate Your Motivations

Your motivations are the reasons you have for acting or behaving in a certain way. They’re what gets you excited to work or perform without external pressure from others. They satisfy you.

Think About Your Passions

Your passions extended beyond interests. They’re the things that push you and leave you wanting more. Bordering on obsessions, they’re the things you want to experience more, that you can’t stop thinking about.

These are a good starting point for the next step – self experimentation.

Conduct Self Experiments

There’s no better way to learn about yourself than with experimentation. You can develop your self-awareness, challenge your assumptions, and gain a deeper insight into yourself and your behavioral patterns.

Here are some ways to challenge yourself:

Track Your Thoughts

A daily writing habit is good for a lot of reasons, but among them is improved self-awareness. You don’t need to write everything down, but tracking your most prominent thoughts will reveal patterns that can show you your passions or your “why.”

Describe Your Perfect Workday

The goal of this exercise is to determine how you want to spend your time while working, not enjoying your family or your hobbies. You have to have some clarity of your “why,” even subconsciously, and this exercise can reveal it.

Be as detailed as possible and think about what hours you want to work, where you want to work, and how you want to work. Who are your coworkers? Are you working alone? What tasks would you be working on?

And do you ever imagine a day in which you wouldn’t want to go into work, if this was your day-to-day experience?

Once this is finished, ask yourself “why” again and see if it comes to mind.

Evaluate Your Career

Think about your career, going back as far as you wish, and consider:

  • – The reason you sought or took the jobs you’ve had
  • – The reasons you’ve left jobs
  • – Your most rewarding accomplishments
  • – The compliments you’ve received about your work skills or ethic
  • – The times you felt most productive
  • – Your favorite tasks to do
  • – Your least favorite tasks to do

When you have this fleshed out, read it out loud and consider your “why” again.

Ask Your Trusted Friends or Family Members

Introspection and self-awareness aren’t always easy for people. We’d likely be surprised if we knew how others perceive us, vs. how we see ourselves.

You can use this to your advantage by asking your trusted friends and family members questions to help you find your purpose. Remember, don’t ask them what they think your “why” is – no one can answer that but you. Your trusted friends and family are only here to reveal the patterns you may not recognize yourself.

Ask what they think your strengths and weaknesses are, what seems to be your greatest passion, or what gets you most excited as far as your career or work goes. Only you can determine your “why,” but having some insights into the way others see you and your passion can go a long way toward helping you discover it.

Ask Yourself

With all these exercises, you have a lot more information about your own drive, motivators, and purpose than you did before. Dive a little deeper by asking these questions:

  • – Is there a problem that always moves you to action?
  • – Is there a certain type of work that would fulfill or satisfy you?
  • – What gets you excited?
  • – What aspect of your career has been consistently positive across all of your work experiences?
  • – What work feels easy to you, but pushes you to seek out more information?

Drafting Your “Why”

You’ve done a lot of introspection and asking the tough questions, so now it’s time to put it to use.

Why do you do what you do?

To [contribution] so that [impact]

Sinek’s very own is:

“To inspire people to do the things that inspire them so that, together, we can change our world.”

Mine is:

[insert]

Discover Why You Do What You Do

Whether it’s an organizational “why” or an individual “why,” finding your why is a powerful tool to bring your aspirations and actions together to achieve your goals.

Need some help finding your why? Work with Allison directly! 

Should You Quit Your 9-5 to Work on Your Business Full Time? Here’s How to Know When It’s Time to Make the Move

Should You Quit Your 9-5 to Work on Your Business Full Time? Here’s How to Know When It’s Time to Make the Move

Hustling at your 9-5 job while trying to get your business up and running is no easy task. At first, you may be so excited that you don’t notice the toll it’s taking on you. But over time, the long hours and stress will build, and as the months or years go by, you may feel like something has to give.

Holding onto both your full-time job and your business is a great strategy to ensure that you’re financially protected while you wait for the business to become profitable. That’s meant to be a short-term strategy, however, not a sustainable option in the long term.

Eventually, you will need to choose between your full-time job and your business. Knowing when is key to both your security and the security of your business.

When to Quit Your Job

We’ve all heard stories of entrepreneurs who quit their job one day and their business took off, making them practical overnight millionaires. Though it happens, that’s extremely rare. The more likely course is quitting too soon and ending up with no cash flow, or waiting too long and burning out.

Here are the signs you should quit your job:

You Have Good Income

There are suggestions for how much you should make or what percentage of your full-time salary before you can quit your 9-5. This guideline is helpful, but it’s not ideal for every situation.

If you’re making more money than you need to at this point with your full-time job. If that’s the case, you don’t need to wait until you’re making a certain percentage of it. Maybe half is enough for you to live comfortably for a while.

Consider how much your business really needs to bring in for you to feel comfortable. Are you willing to sacrifice anything to make this decision more feasible, like a streaming entertainment subscription, happy hours with friends, or that Sunday football package? Are you willing to prepare more meals at home, even if you’ve had a long and tiring day?

The answer and decision are yours and yours alone. No matter how much you make or think you can live on, it’s important to plan it out to make sure there are no surprises.

You Have Savings

If you have a robust savings account and emergency fund from your full-time job, you may have enough to be confident in quitting to pursue your business full-time.

Remember, some businesses and industries take longer to launch, have greater startup costs, or have a longer period before they become profitable. It doesn’t mean they’ll fail, but simply that you may need to wait longer before they generate a return.

If your savings account isn’t quite there yet, think about how much more you want to have before you’ll feel comfortable quitting. Then, consider whether you could put a bit more away each pay to reach that goal.

You Have a Plan

Going full-time with your business and leaving a stable 9-5 can seem exciting, but you still have responsibilities. Make a plan and establish your budgets before you make any rash decisions.

Though it may not be as fun as some dramatic exit from your job, having a plan in place ensures security and sustainability. Your story may not prompt anyone to make a movie about your dramatic path to success, either, but you’re more likely to succeed in a way that counts.

Are You Ready?

Quitting and going full-time with your business is a huge leap. Fortunately, with some planning and financial security, you can make your dream a reality in the smartest and most practical way possible.

Looking to get your business from startup to successful? Work with Allison directly!

Should You Hire Your Family? Let’s Settle the Debate

Should You Hire Your Family? Let’s Settle the Debate

Hiring family. Some people swear by it, and build entire businesses upon it. For others, it’s an absolute no-no and a fast-track to drama and problems.

Whether your business is a startup or a large organization, there’s no doubt that the possibility of hiring family members will come up at some point. So, should you hire your family? The answer isn’t quite so simple.

Advantages and Disadvantages of Hiring Family

There can be many advantages to hiring family members. They’re less risky than strangers since you know them, and if you have a good relationship, it can make the day-to-day more fun and interesting. Family members are also more likely to be invested in your business’s success.

Hiring family comes with significant disadvantages as well, however. Family members can expect special allowances or privileges that a regular employee wouldn’t, and they may treat you the same in the workplace as they do at home. If you’re the boss, that could be a problem.

In addition, some people won’t work with family because issues at work could spill over at home, and vice versa, and may permanently impact the relationship. For example, think of how your next holiday gathering may go if you had to fire your nephew or aunt.

Is Family a Good Fit for Your Business?

As mentioned, there are a lot of advantages to hiring family. If you have family members who are a good fit for your company culture and genuinely good workers, hiring them may be the best thing you could do for your business.

Be sure to consider all the factors you’d consider with a regular candidate, however, such as qualifications, values, experience, stability, and skills. This isn’t a favor or an impulse – it’s a fit for both parties.

If you believe your family member is a good fit, that can be a huge asset for your business. Don’t just hire family to do someone a favor, or just for the sake of making it a “family business.” Someone not invested in the position or well suited for it won’t serve your business in the long run.

Another thing to consider is the potential impact hiring family can have on other employees. It’s vital that you treat family like any other employee to avoid any conflict. You may want to have a nepotism policy in place to protect you and your family member from any issues of favoritism.

Tips for Working with Family

If you do decide to bring family members into your business, you can keep the working and personal relationships strong and separated. Here are some tips:

Keep it professional.

  • No matter how close you may be out of work, address each other professionally in the workplace.

Show respect.

  • Family members should always show respect appropriate for their position at the company, even if the dynamic is different in the family. For example, your uncle may be a perceived authority figure in normal life, but if you’re his boss at work, he should treat you like a boss.

Keep work at work.

  • One of the biggest challenges is keeping professional and personal lives separate when you work with family. Vow to keep work at work and home at home, so you can maintain your previous relationship dynamic outside of the office.

Looking for Business Support?

Navigating the ins and outs of business can be challenging. Whether you need help with hiring, growing and scaling, or other aspects of your business, a professional coach can help. Work with Allison Todd directly and set your business up for success! 

Naming Your Business: Know The Essentials

Naming Your Business: Know The Essentials

So, you have finally decided to let go of your 9 to 5 daily grind and decide to pursue your entrepreneurial skills. You already have thoughts on what products to sell or what services to offer. You are also contemplating certain aspects of your business portfolio that require more attention. Then, there’s the most challenging part—what to call your business?

What’s In A Name?

Naming a business is one of the most challenging aspects of starting a business from scratch. You can’t just call it after your name or a celebrity or some word that caught your fancy. Each name has to sum up everything that represents your products or services to their target users. It must differentiate you from competitors. Above all, it must embody the philosophy behind your business.

6 Essential Tips in Naming Your Business

That, in itself, is a huge undertaking. Sometimes, crafting a name for your brand can be the most challenging of all. Though it may trigger anxiety, We should search for the perfect name in a fun and creative way. To do that, here are some great key points to consider:

Tip #1 – Relate it to your vision.

Crafting the perfect business name should not be limited to what you are trying to achieve now. Think long term. How do you see your business 5 or 10 years from now? Will you be branching out? Will you be adding more products or services? Where do you wish to expand? Consider your overall vision and start de-listing the names which may sound off vis-à-vis your vision. If you want to stay local with no idea for expansion, a name that we can embrace locally will do. However, if you plan to expand, go for corporate-friendly names. So, visualize the big picture, and everything will fall into place.

Tip #2: Consider crowdsourcing.

Crowdsourcing is the “it” thing these days. When you already have a target market in place, finding their voice in all these will guide you to the best name for your business—one that will represent the voice of those who are going to buy it. Be reminded that you will please your customers later on. Giving them a slice of your entrepreneurial prowess will help hasten the forging of trust and loyalty to your brand.

Tip #3: Consider your target market.

Like the concept of crowdsourcing, your target market will have a big say in how your business name is perceived in the market. So, consider looking into their needs and values. Consider names that reflect their views as well as their inclination. This will help them relate to your products or services and eventually earn their confidence in the process.

Tip #4: Reflect your style.

Regardless of the size of your business, the name or brand must reflect its “personality.” A business name must represent who you are. This, however, is directly related to your target market. This connects to what class in the society you are trying to capture. From there, you can come up with a unique name that embodies your business personality and style.

Tip #5 – Don’t forget your online presence.

You are going to have a website and a social media page. These are today’s lifeblood when it comes to marketing and advertising a business. You would not want to have a business name with no available domain or one that’s been in use on Facebook, Twitter, Instagram, Pinterest, and so on. It will defeat the purpose of carving a unique and exceptional presence. So, before you register that business name, check for availability. Many Webhosting services can help you with that, or perhaps, a quick search on Google will do. Remember, search engines are also elemental for your business success later on.

Markets are primarily visual. So, make sure to create a logo that’s not just unique but one that truly complements your business name and personality. Hire a graphic designer—design one on your own. Use initials or specific shapes and forms. Just don’t forget.

Conclusion

Your business name must be easily relatable to your customers. It must also communicate to them without any explanation whatsoever. Use your inner genius, or consider reaching out to professionals who can steer you to that one perfect name.

Still in limbo on what to name your business? Let SiMar help you find one. We offer comprehensive business management solutions from start to finish. Call us.

Naming Your Business: Know The Essentials
business startup ideas

Business Startup Ideas for Less Than $100 (Part III – Special Skills)

Do you wish to start your own business but short on capital? While it is admirable to develop stellar ideas, these entrepreneurial ideas accumulated from various sources are proven to be achievable if you play your cards right.

Business Startup Ideas Part III – Special Skills

Here is the last of the series on Business Startup Idea for Less Than $100 to inspire you as you trudge into the world of entrepreneurial success. 

Consultancy Firm

If you are a lawyer, a CPA, or have special knowledge or experience in a particular area, start your own consultancy firm. You can provide legal advice or do accounting tasks for individuals or businesses. Got a new method on eco-gardening, gluten-free dieting, and so on? All you need to do is set-up an online site and social media page, market your services and network.

Direct Sales

Go into direct selling for established companies like Amway, Mary Kay, Tupperware, Avon, Nu Skin, Herbalife, and so on. You may also tap local businesses and set up an online website and organize a bazaar or host a party.

Business Startup Ideas for Less Than $100 (Part III – Special Skills)

Specialized Organizer

From organizing events to putting things in order in a home, you can monetize your skills and earn from them. All you need to do is set up a website and social media pages, send out flyers and local ads, and voila! Do make sure to buff-up your reputation to ensure referrals.

Homemade Foodie

Do you have a penchant for homemade gourmet foods? You can create your signature chocolates, cakes and pastries, dips, soup mixes, peanut butter, and so on. All you need is your own garden or a farmer’s market nearby—and your cooking skills, of course!

Life Coach

People hire coaches or mentor to give them sound, unbiased perspectives. This special skill requires strong reputation building to ensure getting a solid following in the market. Quite lucrative, you can charge clients on a per hour or per session basis. Check out Allison Todd for inspiration.

Decorator

The upcoming holiday is a boon to professional decorators. Arm with your artistic skills, you can create the look your client wants for a fee. Take note: the whole year is filled with anniversaries and holidays!

Business Startup Ideas for Less Than $100 (Part III – Special Skills)

Home Companion/Care-giving Services

Help families connect with the right caregivers and companions to an old or ailing family member or their special needs kids. All you need to have is a website, a contact number and email, a solid network of able professionals, and a good reputation.

Rental Services

Got equipment and stuffs lying around at home? Monetize these by renting them out from lawnmowers to chocolate fountain machines, bubble makers, tents, gardening equipment, vacuum cleaners, and so on. Start within your local community and slowly expanding to friends of friends.

Other notable business startup

Other notable business startups for less than $100 are grocery delivery services, tour guide services, e-book writing, homemade beauty products, personal trainer or chef, arts and crafts seller, referral services, promotional outfit, online travel agency, food delivery, and so on.

Conclusion

People often do not have the time to do these special requirements, and this is where you can start that entrepreneurial magic to work.  

If you love this article you’ll surely enjoy these:

How to Use Blogging To Get More Clients

How Can I Monetize My Skills And Expertise

Business Startup Ideas for Less Than $100 (Part II: Online)

Picking up from the previous list of business startup ideas, today’s list will tackle Internet-based ventures for less than $100. The online world is filled to the brim with opportunities for entrepreneurs.

To succeed, it is essential to carefully weigh your skills set, your target market, and the corresponding success goals you have in mind. You must Layout These three aspects must be laid out to choose which concept will best yield the optimal results for you.

Online Business Startup Ideas

Here are online-based business startup ideas for less than $100:

Freelancing

From content writer to web design to social media manager, online freelancing is one lucrative business idea that continually pulls in more investors and successes. Arm with your talent, a computer, and a solid Wi-Fi connection, you can virtually start offering freelance services to clients looking for reliable third-party operatives.

Virtual Assistant

Called VA by many, this is the Internet’s version of a personal assistant. Here you get to manage websites, social media posts, emails, phone calls, website content, accounting books, and other requirements a client wishes to pursue. It is akin to being someone’s secretary operating at a remote location.

Social Media Consultant

Maintaining multiple social media accounts can be challenging for businesses. Timing and content aptitude require skills and efforts. When done right, you can get more clients and increase your business portfolio.

Vlogger or Blogger

You can either be a product or service blogger delivering fresh new content like reviews, PRs, articles, and other written prose to market such. Or you may make good use of tech-savvy gadgets that easily capture or creates videos.

Post such on YouTube, Vimeo, and other platforms to start gaining clickthroughs leading to profiting from ads.

Affiliate Marketing

For prolific and popular bloggers or vloggers, engaging in affiliate marketing can mean good business. Learn the secret to persuading people to click through those links or purchase to earn incentives.

Business Startup Ideas for Less Than $100 (Part II: Online)

Web Design and Development

Arm with your skills in designing artistically powerful concepts, you can build up a third-party web design firm. All you need to do is learn basic and advanced web design development and begin managing businesses’ online interests.

For a more in-depth and comprehensive web service, learning how to code or program websites will also diversify your business portfolio.

Dropshipping

An online shop that bridges clients and suppliers dropshipping gives consumers better pricing and access to a wide array of products in the market.

You will not maintain any physical store aside from one that will house your personal computer or laptop and online modem to begin this venture.

P2P Online Marketplace Host

Rent out one of your rooms, a separate part of your duplex, or any available space for people looking for budget-friendly accommodations.

If you live in an area where vacationers flock, this one will definitely deliver the passive income you need.

Product Reviewer

Be the first to test and deliver reviews for new products in the market. Like affiliate marketing, starting a business that provides a no-nonsense review will help give consumers a more informed decision on what to buy.

Other Online-Based Business

Other online-based business startup ideas are resume writing services, instructional video creator, domain name buying, “flipping” websites, logo design, translator business, eBay seller, app developer, online content producer, sourcing services, and so on. 

Conclusion

The Internet is a thriving business market where consumerism thrives. Get a solid grip on your skills and talents and put them to good use. When done accordingly, you can guarantee to create a stable market base leading to success.

If you love this article here are more articles you will surely love:

  1. How To Use Blogging To Get More Clients
  2. How To Use Social Media For Small Business
  3. Social Media: How To Build A Strong Online Influence For Your Business

Website Launch: My Pandemic Pivot

Over the past few months, businesses have seen the effects of the global pandemic. They have faced closures and combat emotions of loss and lack. Now is the time to figure out the new normal now. Make your pandemic pivot! How many times have you heard that? Our immediate next steps are unknown. So, what can businesses do to stay ahead in the pandemic (and everything else in 2020)?

My Pandemic Pivot

People may be tired of hearing the “pandemic pivot” but I can attest, it’s a real thing. My decision to redesign my website and re-introduce my brand was not one made lightly. In December, 2019. I hired a coach to help me stay focused on the big picture. I planned some really cool events and more. As we began to make plans, I thought I had all the pieces in place. And then, the world changed.

One of the components of this plan was to redesign this website. I weighed the pros and cons with a focus on the budget. This is a time to stack, I thought, not a time for big purchases. It just didn’t seem like a smart decision. Many days, I would chuckle at my focus to plan growth goals instead of watch the news. Planning for moving forward, while it felt like time was standing still, what was I doing? Surprisingly, I think this is the “thing” that grounded me, amid chaos.

My message since March has been to remain focused and grounded. To keep going. Respect your feelings. Celebrate the wins. And, don’t forget to show yourself grace. For all these reasons, I had to figure out a workaround for the budget. Without many ideas, I reached out to a creative circle of friends. Whether they were cheering me on or lending their skill to get the job done, all were vital and needed.

Pivot, Position & Profit

If you haven’t guessed it, I’m here to share more about what I was working on (see blog title). And let me say, having my super friends support, was everything. I’m moved by their energy and expertise. They make me want to do more. I needed to do more. First, I created Position2Profit.com. This is a community for business owners to share and support while learning yours truly. And it’s in this community that I teach business lessons, share years of expertise and giveaway some goodies!

Next, I took 50% off some products in my shop. I want to build a community where business owners have support, accountability and motivation, like I do. That special circle of friends fueled me . They dedicated time and value to the redesign of allisontodd.com. As such, I hope to help and inspire others.

The energy, the late nights, the intricate details ….all the reasons I kept going on the many days when it felt easier to stare out of the window. The feeling of putting your heart into your vision, is unique and fulfilling. Creating something special and impactful is just what the doctor ordered.

What About the Team?

While wanting to stare out of that proverbial window, I wondered if it made sense to keep the team. Would I have enough work to keep them busy? They wanted to keep working. So, I figured out a way. And Team SiMar jumped all in. They managed work projects and collaborated with curiosity and creativity. I think working on the website and the new packages and products was a good dose of what all needed. Thankfully, my pivot project kept us busy and active.

During this time, I understood how crucial coaching and guidance is to entrepreneurship. I can’t help but wonder how many business owners need someone to help them find their reset button. How many more business owners needed to hear my message? How many needed superfriends in their life? Maybe 456 because that’s how many Position 2 Profit members we have so far. I want us all to win. Creating this website will help me to find more business owners with a story, untold.

The Keys to the Digital Door

With that, I snap the digital red ribbon and open the virtual doors to allisontodd.com. Today, August 16, 2020, I announce the relaunching of my website. My intentions are to ensure that I am more available in a digital space. To motivate and inspire business owners. To guide them in the positioning of their businesses and their brand. To assist them in building profitable teams. And to offer my expertise and information where it is needed.

I’m hopeful this site will help me reach a wider audience and solve more problems. Eagerly, I share my knowledge with brands and businesses. My goal to position businesses to profit and scale. I want to do my part to make the world of entrepreneurship a better place. In the meantime, I promised my twins I would move the launch up a day, today, their birthday. And here we are, let’s celebrate!

P.S. Please share your feedback. I would love to know what you think.

social media for businesses

Learn 2 Love Social Media for Business Owners

Learn 2 Love Social Media for Business Owners will help business owners position their brand for growth. You already know how to post content, but does it fit into your digital marketing strategy? And is that strategy working to attract your ideal client? During this 3-Day Challenge, you will understand the value of social media for small businesses.

Above all, you will gain a greater understanding of your data which improves your social media strategy. Learn why businesses need social media. Then understand how to grow your business simply by telling your brand story. With some simple tips and social media management strategies, businesses of any size can grow. Plus this event provides a community to connect with other supportive business owners.

No more missed opportunities. I love social media and hope you will Learn 2 Love it too. Let’s get to work and reveal your brand’s true potential. Let’s have some creative, strategic fun. As a result, you will Learn to Love LinkedIn, Instagram, and Facebook Groups.

Event Highlights:

> Collect digital marketing tips, tools, resources

> Content creation templates from digital marketing experts

> Understand the types of content perfect for your social media plan

> Automate your social media tasks and increase the engaging personal touch

> Create meaningful digital business connections

> Execute your social media plan for real-time results

PLUS, all registered guests receive a Learn 2 Love eBook, Email Marketing Cheat Sheet, and a Digital Marketing Planning Tool. Most importantly, you do not have to post 12x a day to get something done. And you do not have to be on social all day to make an impact. And….. it can be tons of fun.

This is a fully interactive event. What better way to jumpstart your 2021 business goals! Learn 2 Love Social Media for Business Owners only has 20 virtual seats available. Act now! If you market your brand, your audience will find you.

Join Position 2 Profit with Allison Todd to receive event updates and exclusive content.

Identifying Your Edge

As micropreneurs, we are the underdogs by default. In most cases, we find ourselves in a competitive and highly fragmented market space.
Standing out and cutting out your share of the market is an uphill battle. However, it would be best if you didn’t give up.

Understanding your edge

There is always a unique space for your business to fill; you have to find it.
The key to successfully running a small business lies in understanding your edge. Your edge can be a number of things:

  • Your personality,
  • the price of your products,
  • your eye for details,
  • your distinct position in the supply chain,
  • the authenticity of your design,
  • flexibility, etc.

As much as I love KFC, it isn’t my favorite restaurant as it doesn’t meet my preferred dining experience. I love to eat at a restaurant where I feel at home, where the waiters and chefs are my friends.

Not just polite but friendly and slightly chatty. My favorite restaurant fits this profile. What’s more, my friends are like me, and this restaurant has become our go-to hang out spot.

Why you should always look for new clients

We walk in, and we feel like stars with everyone greeting us and sparking short conversations before going about their business. On slow days, it isn’t uncommon for a staff member to sit with me and chat.

Therefore, My favorite restaurant’s edge: isn’t speed, variety, or taste. However, those bases are well covered. My favorite restaurant’s advantage is the interpersonal relationship it builds with every one of its customers.

A short interview with the owner made me realize that it was an intentional strategy. His niche was to make his customers his friends and part of his community.

The good, the bad and the profit of being your own boss.

Conclusion

In conclusion, Identifying your niche isn’t going to be easy. However, once you do, you would easily carve out your market share and even expand it over time.

The best place to start identifying your edge is by understanding what extra or unique value you want to offer.

Once you have your advantage figured out, the next step is infusing it into your business and your brand. Your edge is going to keep your customers loyal and make them ambassadors of your product or service.

Are You a Terrible Boss? These Four Subtle Signs Will Show You

How Bad Managers Prepared Me for Entrepreneurship

Bad managers prepared me for entrepreneurship in many ways.  I think back to the beginning when my first managers. I was in awe. I thought they were geniuses. And as I grew, I learned they were humans, not superheroes. And then my managers became more like my teachers. There were some good and some bad. There were some that taught me a lot and some that I never quite understood. With each opportunity, I learned something new. My past managers taught me a lot about what type of leader I wanted to be.

I learned both what type of leader I wanted to be and the traits I knew I didnt want. I can best remember the managers who were great teachers. They modeled good leadership behavior, encouraged curiosity and innovation, and by all means, they understood that micromanagement was an unwelcomed characteristic. This is definitely how I started compiling my recipe of the traits of a good manager. And then, I started my business and became a teacher for others.

Managers as Teachers

I figured early in life that human beings have a natural curiosity for learning and new things. It’s how you present those things that lead to the curiousness of learning. It is no secret that passion leads, not power. In school, the best teachers had a passion for their work with affection for their students. In managers, that is translated into compassion, patience, and inspiration. All of these traits create an opportunity for development and learning. For me, I can appreciate a manager who is understanding of you as a person and your knowledge and skills. After all, employees should be encouraged to grow whatever their job description. But this isn’t always the case.

The best teachers were consistent in sharing important facts, transparent in communication, and laid out “what’s next”. They reinforced the things we did right and worked with us on the things that needed improvement. No one is perfect, in school or business. A good manager teaches you what you need to do to complete your job best.

However, a bad manager is more focused on getting the job done than the development of his team members. That type of manager is more of a task director than a teacher. Unfortunately, this results in high team turnover. Developing the right team has far more benefits than continuously onboarding new team members. That’s why a good manager doesn’t mind going the extra mile to make sure their team has what they need. They also make learning interesting in spite of the task. Thus team members are more committed to learning their subject matter.

How Bad Managers Prepared Me for Entrepreneurship

Don’t be a Bad Manager

Nobody wants to learn from a bad manager. Admittingly, it’s a challenge to do so. And if your team members can not do their jobs, it reflects poorly on management. Have you ever noticed the difference between a manager who is forced to train you vs a manager who enjoys training you? I have! You either get all of the information you need to do the job or spend all of your time trying to gather what I need to do the job. The latter doesn’t make anyone happy.

It’s fairly easy to spot the difference between the two types of managers. One is committed to understanding the business goals and the team goals. The other type of manager is task-focused and primarily transactional. They often leave their team members feeling like they are something to check off of the to-do list. Undoubtedly, developing a dedicated team has far more benefits than continuously onboarding new team members.

How to Be a Good Manager

It may sound cliche but it reigns true. Empower your team to be the best they can be. You want your team to grow out of their positions rather than resign. A team member who understands the business, the goals and the consumer is a commodity. The management style includes creating a connected workplace culture in which all members can thrive.

This leads to your team communicating with you and others, with ease. Team members are eager to contribute and have a good attitude about their job. They are motivated to produce. They take ownership of their work. And they are willing to help other team members as well. All of these attributes are a result of the leadership you model. The business, in turn, grows and scales.

The Entrepreneurial Lessons Learned

Can you tell which traits I learned from a bad manager? I hope those would be the things I do best. It’s odd but learning about micromanagement prepared me for entrepreneurship. As the team member, I was forced to keep a well-detailed list of the work I was doing and the results. I had to be prepared to answer questions at all times. And it taught me to automate as much as possible. You don’t have to hoover your team members to know what’s happening in your business. Plus the time commitment to micromanagement is a time-waster.

But that’s not all I learned. First of all, as a small business, you can not afford to continuously train new employees. It’s costly and non productive. You end up spending more time working in the business than on the business. As a result, you can not position your business for profit. If you can even make a profit at all.

Secondly, all of my team members complete an extensive onboarding experience. If there is a mismatch, it’s often revealed during this time. We use all of our communication tools – email, video, manuals, templates. This provides an opportunity for continuous learning. It also motivates the team member to learn more about their job responsibilities.

Lastly, the team is often recognized for their effort and commitment. It’s not easy working for a business owner who is also a coach. Of course, I am going to motivate them to stretch their knowledge and skills. The key is a fine balance of teaching, understanding and information share.

To be the best teacher, be ok with being honest and direct. Your team will appreciate you for it. Remove the ambiguity and get to work. Everyone makes mistakes. Those mistakes only have value if you learn from them. Having this understanding creates an environment where employees feel understood and valued. Rest assured there are business challenges. However, those challenges are addressed with solutions and reasoning.

Conclusion

I learned every lesson, good or bad, is instrumental in the entrepreneurs’ world. It is your job as an entrepreneur to open your eyes to learning and opportunity and take them to heart. Becoming a good leader is a continuous process of learning and fine-tuning. It is as much science as art.

Entrepreneurship is hard but you don’t have to do it alone. Position 2 Profit Membership is for an online business community of leaders who want to position their business for profit. Business evolves at a different level when profit begins and how does your business grow from there? The group is led by Allison Todd, Operations & Digital Growth Strategist. Our members are committed to building a network of referrals, resources, and accountability. 

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