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Common Mistakes First-Time Entrepreneurs Make and How to Stop Them

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Starting a business is a risky endeavor, even for seasoned professionals. The good news is the common pitfalls can be avoided by identifying and understanding them.

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Opinions expressed by Entrepreneur contributors are their own.
https://www.entrepreneur.com/leadership/7-common-mistakes-first-time-entrepreneurs-make-and-how-to/435058?fbclid=IwAR15yUlzI3oJGmsD0GjlTjQXA-M3a1JyFlBOlz62TyOJ-DaqmEhljOSh-vc

As you enter your first enterprise, you will likely face many challenges. It’s important to understand the common mistakes made by first-time entrepreneurs so that you can preempt them.

Hiring who you know, rather than who is best

As a first-time entrepreneur, you may be tempted to hire people you know looking for work. Perhaps it’s a friend or family member who has expressed an interest in working for your company. While this can be a good way to help out someone close to you, it can also lead to problems down the road if their skills don’t match what’s required of them on the job. Hiring based on skill set rather than who you know and trust is best.

 

Related: 8 Mistakes First-Time Founders Make When Starting a Business

Not having a great product or service

Even if you don’t want to compete on price, which many small businesses do because they can’t afford to compete on service, you still need to have something unique about your product or service to succeed. Without this unique element, your customers will go elsewhere and find someone offering something better than what you’re offering them. Their loyalty goes with them when they do that, and they may never return.

Not mastering your finances

Your financial management skills are crucial to the success of your business. Whether you’re a first-time entrepreneur or have been in business for years, there are always ways to improve your money management practices. Here are some tips for getting started:

  • Make a plan. You need to know where your money is going and how much of it you have at any given time. A good approach is to set up a budget and stick with it so that you don’t get over your head financially and become overwhelmed by stress.
  • Keep track of expenditures and revenue streams throughout each month to see where new trends may be emerging for both positive (new clients) and negative (increased expenses). This will allow you to make more informed decisions about future spending plans based on what has worked well in the past versus trying out something new without knowing how much impact it will have on cash flow over time.

Related: 10 Top Reasons Why First-Time Entrepreneurs Fail

Expecting everyone to work as you do

As a founder, you may think that you can expect everyone to work as you do. And while it’s true that every employee should be working hard toward the success of your business, it’s important to understand that not everyone works the same way. Some people are better at communicating than others or have different strengths and weaknesses in their work performance. If you want your company to succeed and thrive, then it’s vital for you as an entrepreneur to be flexible and adaptable when dealing with employees who don’t use the same approach as yourself.

The good news is that being understanding of others’ differences doesn’t mean compromising your values; instead of trying to force employees into becoming like yourself, try looking at ways that each person fits into the bigger picture of what makes up a successful organization. By taking this mindset into account when hiring new workers, conducting performance reviews or giving feedback on projects completed by existing staff members (and even vendors), entrepreneurs can improve workplace culture by promoting positive relationships amongst all parties — including themselves.

Spending too much time in the office

A first-time entrepreneur’s most common mistake is spending too much a in their office. In the early days of your company, you need to be around the office to build culture and relationships with employees. But once you get going, you don’t need to be at work for every single hour of the day.

You will not be able to hire someone better than you at managing your team if you don’t give yourself some space from them — which means working from home occasionally or taking a few hours off during certain days.

Letting ego get the best of you

Ego is a big problem for first-time entrepreneurs. It’s easy to get caught up in our ideas, convinced that they are the best and the only ones worth building. But when you’re starting a business, it’s important to let go of your ego and listen to others around you.

Ego is also one of the biggest reasons why people hire unqualified employees. If you think everyone around you is beneath you because they don’t have your degree or experience, then it will be hard for them to give advice or help out with your business in any way other than as an employee who does exactly what he’s told without thinking twice about whether it makes sense or not.

Related: Why A Big Ego Reduces Your Chance At Business Success

Doing everything yourself

Being an entrepreneur is hard. There are plenty of things to worry about, and you can’t do it all yourself. One of the most common mistakes first-time entrepreneurs make is doing everything themselves — which means they take on too much risk and don’t realize their true potential.

If your goal is to build a successful company, there are specific tasks you should outsource or delegate entirely to other people who can do them better than you:

  • Hire someone else as your accountant instead of doing your taxes every year.
  • Get a lawyer to review contracts before signing them instead of trying to learn the legal language yourself.
  • Make sure HR processes are in place so employees can get paid on time, rather than having that be your responsibility every month.

First-time entrepreneurs must be willing to learn and adapt

As you begin your new journey, it is essential to keep in mind that you are not perfect. Even the most seasoned of entrepreneurs make mistakes — and that’s okay. The key is not to make the same mistake twice. You will learn from your mistakes and adapt as you go along.

 
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7 Ways to Become Smarter Every Week

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Spend time every day learning something new.

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Opinions expressed by Entrepreneur contributors are their own.
https://www.entrepreneur.com/living/7-ways-to-become-smarter-every-week/327754?fbclid=IwAR03VPzYxNidqF95V04xprs9UWqYmIZBDFy0-pqoLra1REc5lAPF97Eriss
 

To be successful in business, you need a nimble mind to react to problems faster and you need to be adept at understanding whatever is thrown your way. In short, your ability to succeed is often determined by how smart you are.

With practice, anyone can increase their knowledge base, sharpen their intellect and learn new skills. There are a number of ways to boost your cognitive ability and expand your mental capacity. We should aim to spend time every day learning something new. The more we learn and the more deeply we understand, the better we can improve our brain performance and increase our capacity to learn and thus live a smart life.

The list below includes the best ways to engage your mind and grow your intelligence so a smart person like yourself can meet the ever-mounting challenges you face. By following these seven useful tips, you can become a little smarter every week.

1. Spend time reading every day.

The mind is like a muscle: the more you use it the stronger it will become. Reading is an important element for developing your mind, as it’s one of the basic ways we gain knowledge and learn.

 

Through reading, you can discover new things and educate yourself on any topic. Reading also helps develop your creative side by engaging your imagination. Words, both spoken and written, are the building blocks of our social existence — and through words, you can go anywhere in the world.

If you’re looking to quickly grow your knowledge, one simple way is to speed up your reading so you can charge through books, written material and even online articles (like this one!). Most people read at an average rate of 250 words per minute. At that rate, it would take you about six minutes to read this article. But with speed reading, you could cut that time in half. Just remember, the goal is to help you rapidly consume more information, not just zoom past words without fully comprehending their meaning.

Related: Learn to Speed Read and Retain More Information

2. Focus on building a deeper understanding.

Becoming smarter takes more than just absorbing information — true wisdom comes from deeply understanding a subject. The most successful people consistently outpace everyone else because they’re able to quickly learn new skills, adapt to changes and work both collaboratively and independently.

They use a deep and meaningful knowledge of their world and a flexible mindset to understand problems and quickly come up with solutions. Their deep knowledge base gives them the foundation they need to perform.

Work to steadily build a deep and meaningful knowledge base on a few key topics and issues. Be honest with yourself about areas you are weak in and seek to reinforce your understanding of important subjects until you have a rock-solid foundation that you can build on. Knowledge is cumulative, so start with the basics. You need to have a firm grasp of how something works before you can fix it. It’s good to have a breadth of knowledge, but it’s also important to take “deep dives” to truly understand difficult and complex issues.

3. Constantly question and seek clarification.

Asking questions is the single most important factor in becoming smarter. Innovation always begins by asking questions and being curious. There is value in asking questions because it’s the way we push the boundaries of our world and our mind. That’s why it’s so important to hone a curious, open mind by constantly questioning everything.

It’s not just a matter of asking questions; you should be asking insightful questions that probe the validity of assumptions, analyze logic and explore the unknown. Practice asking questions that get to the heart of a matter and cultivate a willingness to push for answers.

Like anything else, developing this skill takes time and hard work. As you’re working, reading or engaging in activities, keep a running log of questions that come to mind about anything and everything that you’re involved with. Don’t be afraid to seek clarification when something isn’t clear.

Related: 3 Questions ‘Always On’ Entrepreneurs Need to Ask Themselves

4. Diversify your day.

One of the best ways to increase your intelligence involves flexing different areas of your brain. You aren’t going to get any smarter by doing the same ol’, same ol’ every day. While having a routine is a good thing (so your body knows when to get up and when it’s bedtime), you don’t want to spend your waking hours stuck in a rut.

By inviting a little novelty into your everyday life, you keep things fresh and interesting. That might mean checking out a new place for lunch, or going for a midday stroll on which you pay attention to the sights and sounds around you. You can also mix things up during working hours by simply finding new ways of doing your everyday tasks and getting out of your comfort zone.

If you’ve been working for a while on one thing, it could benefit you to try switching to something else. Look for ways to do things slightly differently. This will fend off boredom and help your mind stay sharp and focused. By mixing things up, you’ll use parts of your brain a little differently each day. This helps you increase your intelligence by forcing you to flex your brainpower in different ways — think of this as an overall workout for your brain health.

5. Review learned information.

We recall new information most crisply right after we’ve learned it. If you don’t use that information again soon after you’ve learned it, it will quickly fade from your mind. After a few days, we may only be able to recall a little of what we initially learned. In order to increase our ability to remember, we need to store this information in our long-term memory, and the best way to do this is to frequently review what we’ve learned until it’s locked in our memory banks.

Make notes while reading or researching something, or take a few minutes when you’re done and write down the main points. Then spend even a few minutes every day reviewing this material. It takes a little effort, but once it’s a habit you’ll be amazed at how well a quick review of the information will help confirm that you understand it — and help you see what areas you need to focus on.

You can also try rewriting the information or reorganizing your notes — this will actively reinforce what you’ve learned. The act of rewriting notes helps us clarify our understanding of a topic and reduces the time it takes us to “relearn” it when we need to use that knowledge in the future.

Related: Unless You Track Your Progress, Setting Goals Is a Waste of Effort

6. Keep track of your ideas.

As you work to build your knowledge base, you’ll find your mind expanding and growing in new ways. If you’re filling your brain with great information, your mind is going to do its thing and start interpreting that information in a useful way. You may find that you’ve suddenly become an idea machine. You’ll start experiencing “aha moments” — those little breakthroughs where you suddenly connect one idea to another to form an even bigger and better idea.

Make sure you’re taking note of these ideas. Write them down, keep them handy and make sure you continue to refer back to them. Remember, even your biggest and best ideas are utterly useless unless you actually do something with them. If you have a stroke of genius but lose your train of thought and never go back to build on that idea or refine it — well, then you’ve just missed a great opportunity!

Not all of your new ideas are going to be winners. Some may be fleeting or simply won’t pan out. But once in a while, you might have a lightbulb moment that could change your life.

7. Allow yourself to change.

Whether we realize it or not, sometimes we hold ourselves back. There are times when even the smartest person allows themselves to become bound to obsolete or erroneous ideas and ways of thinking. To become truly intelligent, you must allow yourself to make mistakes, to take risks and leap at opportunity and learn from all these experiences.

You must allow yourself to change, to be open to new things and to ultimately become a different, better version of yourself. By opening yourself up to new sources of knowledge and pushing your mind to learn new things, you may ultimately question some of your old, foundational thinking. You may find that some of your perceptions were off, or that your viewpoints weren’t grounded in fact.

Challenge ideas, discuss them with others, hear out other sides and flex your analytical skills. But be open to changing your mind. And above all, give yourself room to grow and continue on your path to seeking wisdom. As you become smarter, success will follow.

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The Case for a 4-Day Work Week

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A four-day workweek leads to more satisfied workers, narrows the gender gap and the return on investment is better than expected.

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https://www.entrepreneur.com/leadership/the-case-for-a-4-day-work-week/434066
 
Opinions expressed by Entrepreneur contributors are their own.
 

Digital marketing agencies navigated the waves of the COVID-19 pandemic with proportionate ease. We are a remote-friendly part of the industry and did not have all the same ship steering issues our more long-established colleagues had to face. Even with pulling staff back to “business as usual,” many of us were able to shift focus so we could retain our teams for the future.

Planned or not, people found out quickly during the pandemic if they loved the work they found themselves doing. We have watched it play out in the Great Resignation, with workers willing to make enormous sacrifices for a better work-life balance and more flexible schedules to care for family members or fortify their mental health. Offers of pay increases, unlimited PTO and full healthcare benefits were no match for those experiencing burnout or on the verge of quietly quitting.

 

So what’s one method successful digital marketing agencies practice to keep committed employees and recruit new talent? They offered them a shorter workweek.

Related: Is the 4-Day Work Week Better? Evidence Points to Yes.

What is a four-day workweek?

The 40-hour workweek, with its 8-hour days, sometimes time off for lunch, and extended coffee breaks is outdated. Historically, it was a way to protect workers and increase overall productiveness for specific industries. It is the very thing that gave structure to the modern-day office, though not without some effects being lost in translation since work at a digital marketing agency differs significantly from tasks done on an assembly line.

Iceland, Japan, New Zealand, Spain and the UK have all successfully experimented with the four-day workweek. While the old guards of corporations may view a compressed workweek with a skeptical eye, data illustrates that a schedule with four days on and three days off only increases employee well-being, family balance and productivity. Extended weekends might seem lavish, but extra sleep, quality time with loved ones and the opportunity to move slower truly benefit our bodies and minds.

Related: Why I’m Shifting to a Four-Day Workweek This Summer

Remote work further proved something that we creatives knew all along: so long as deadlines are met, the when, how and where of work does not really matter. Remote workweeks saw an uptick in productivity and even saw workers starting their days earlier or ending them later. We all began to grasp how the absence of an unsympathetic daily commute and fewer office life distractions made for more satisfied employees. No one really wants to attend yet another subcommittee meeting or pause their workday for required personnel celebrations when they are on a deadline.

Ways to implement a four-day workweek

Piloting a four-day workweek can look different for companies. They can start slow and test out one week of compressed hours per month. All staff could take the same day off, or a rotating employee’s choice schedule can be put in place if an agency must be open for a classic work week. Workplace management software and task automation tools will help the process go more smoothly, whichever route a company takes. Companies can make skill-building resources available, especially in time and task management, prioritizing and organization and verbal and written communication.

A four-day workweek leads to more satisfied workers, narrows the gender gap and the return on investment is better than expected. It should not, however, come at the expense of cramming more into what might feel like a shorter time frame at first. Jamming in extra meetings or duties defeats the purpose of a new schedule aimed at increasing motivation and morale, deep work, granting more autonomy and making space for talent to shine.

Why the four-day workweek is a fit for digital marketing agencies?

Two extra hours in a workday are not lost on digital marketers, especially if it means there is a potential for distraction-free time to accomplish the deep work so often required of us. Minus the essential meeting, product launch or important client event, days off can be maneuvered around a calendar with enough advanced notice.

Joe O’Connor, the CEO of 4 Day Week Global, leads six-month pilot programs for four-day weeks. The business leaders he has worked with have described company transitions to a compressed week as “the cheapest, most efficient process improvement strategy.”

A flexible work schedule is not just an advantage over competitors but has become an expectation. It is even easier to try with an office following a hybrid schedule with team members already working a certain number of days in and out of the office.

Digital marketing agencies can lead

Remote work has benefited the world, and it is here to stay. When it comes to spreading the word about the efficiency and well-being benefits of the four-day workweek, digital marketing agencies can lead the way for other industries. Why not give this “ahead of its time” concept a go? Our teams will be happier and more productive, so let’s support them and strike out burnout culture simultaneously.

How to Start a Consulting Business: Get Ready to Launch

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Every day when I walk to my office in Brooklyn, the majority of people are walking in the other direction towards the subway. I assume many of them are heading to their jobs in Manhattan, and by the looks on their faces, that a good number of them are completely miserable. Mind you, it’s 8 am and they’re about to get on a crowded subway train, but I’m sure it runs deeper than that for some people.

It is my assumption and my experience that they’re marching towards a job that doesn’t inspire them or doesn’t pay them enough or doesn’t express who they are beyond what they do. This is one reason why we’re seeing so many professionals consider starting a consulting business. They want to operate in their zone of genius and do so on their own terms. 

I daydream about standing near the subway entrance yelling, “Turn around, come to my office, let me help you!” However, ignoring all the insane things you encounter on a daily basis is a base level coping mechanism for most people who live in NYC, so I don’t think that would work too well. This series of articles will have to do the trick. 

I help consultants monetize their knowledge so they can grow their business without sacrificing their health, family or personal interests. But it all starts with them knowing what they want to do. I know there are all sorts of tests you can take to find your true calling, but I’ll assume you already have an idea of the services you can offer based on your previous experiences. Besides, I took one of those “ideal career” tests in junior high and it said I should be a forest ranger. Ever since then, I’ve somewhat lost faith in a standardized test being able to determine your career. 

Assuming you have a general idea of what you’d like to do or are already offering consulting services, I’m going to detail how you can start or scale your business over a series of articles. Here are the first two steps. 

Do deep research on your target audience

I’m sure you have a target audience in mind, but you’ll need to perform extensive research to make sure you fully understand who they are and how you can help them. This goes beyond a user persona — you’ll need to develop a deep understanding of their psychographics as well.  I strongly suggest creating an Empathy Map. As per HubSpot, “Empathy maps visualize customer needs, condense customer data into a brief chat, and help you consider what customers want — not what you think they want.” You can view an example and a complete guide on how to build one on their website. If this sounds hard, that’s a good thing. Most people will skip this step so it provides you with an opportunity to separate yourself from the pack. 

As the name suggests, an empathy map will help you better connect with your audience. For example, let’s say you’re a sleep consultant. Sure, you know your target audience includes people who have trouble sleeping. You may even have some other basic demographics. Creating an empathy map will allow you to uncover how their lack of sleep impacts their life, how they’ve already tried to solve the problem, where they get information and other nuggets of valuable information. You can then say “I understand what it’s like when people think you’re moody or withdrawn, but the truth is, you’re just under-recovered. I’ll assess your sleep challenges and design a custom plan to help you get a sufficient night’s rest, so you can be the best version of yourself the next day.” That sounds a heck of a lot better than “I’ll help you get more sleep.”

When you do this research, it’s beneficial to focus on people who have already paid money to address the challenges or aspirations you help with. You want to take your cues from people who see the value in the services you offer. This is your audience, not just people who have a need for what you provide. 

If at all possible, you’ll want to get this information directly from these individuals through surveys and individuals. I understand this may not be an option for everyone, so I suggest performing social listening as well. As per Sprout Social: “Social listening refers to analyzing the conversations and trends happening not just around your brand, but around your industry as a whole, and using those insights to make better marketing decisions.” Let’s go back to the sleep consultant. She could follow #insomnia on Twitter and Instagram to research her target audience. For you, it might be #newparent or #relocating. Just find the hashtags that make sense for your audience. Seekmetrics.com is a free tool that will help you discover popular hashtags based on the keywords you enter.  

Define their problems and develop a solution

Now that you have a better understanding of your audience, you can craft a solution that addresses their specific challenges or aspirations. This is where being an expert can actually hinder you. It’s vitally important to craft this solution from your audience’s perspective. Minor details that seem obvious to you may be a critical step on their journey. If you fail to mention it, they may not think you understand them or are capable of helping them. 

Since I’m not a sleep consultant, I’ll talk about the clients that I do help: other consultants. 

Although every situation is unique, there are general themes I hear in regard to their challenges.

  • How much should I charge?
  • How do I get more clients?
  • How do I present myself?
  • How do I create proposals and contracts?
 

The questions you hear will inform the solution you create. When creating this solution it’s extremely beneficial to map things out in a way that is easy for your audience to understand, while also deploying empathy. This is the solution I offer clients in my consultant training program. 

Clarity: We’ll nail down the services you offer, how much to charge, who you offer them to, and why you’re their obvious choice

Process: Focus on doing what you love by implementing routines, apps and services to streamline your business process

Branding and marketing: You’ll learn how to position yourself, provide value to your audience and perform “passive prospecting” through in-person events, media mentions and podcasts

Pitching and proposals: I’ll supply you with training and templates to make this part simple, pain-free and predictable

Fulfillment: From onboarding to relationship management, I’ll teach you how to deliver on the promises you’ve made with a systematic approach

My goal is to demonstrate an understanding of their challenges, and a defined path towards resolution. Often, a prospect will say “I don’t need help with that, but I really need help with this part you mentioned.” That’s totally fine, my goal is to reflect the journey then refine it based on their needs. 

Back to you. What journey will you take your clients on? Developing this narrative is extremely important. Unfortunately, I see many consultants exhaust themselves trying to develop and reinforce a unique differentiator. Your audience doesn’t want unique, they want to be understood. Once you prove you understand their challenges, they’ll want to hear about your plan to solve them. That’s it.

Packaging your solution in a concise and understandable way also makes it much easier to navigate sales or prospecting calls. You won’t say, “Um well, it kinda depends on, let’s see here…” You’ll simply say, “I have a process to address your situation. Now, I know every situation is unique, but this process is aligned with the outcomes you’re seeking. So long as we follow the process, we can be as creative as we’d like while still reaching the goals we’ve established.” From there, you can walk through your process and address their unique situation as you go along. 

 

Next Steps:

Perform audience research. If possible, connect with people who have paid for the service you offer, or something similar in the past. As a bonus, this will also help you determine pricing, which we’ll address in the next article.

Develop your solution. Based on your research, and your area of expertise, determine how you can help. It’s perfectly fine if you can’t address every challenge they have. You want to operate in your zone of genius and not overstate what you’re capable of.

A Consultant’s View On Getting Comfortable With The Uncomfortable!

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Between two trapezes – The Transition Zone!

Don’t you feel like life is a series of trapeze swings? You either hanging on to a trapeze bar swinging along or, for a few moments in life, hurtling across space in between trapeze bars, hanging on for dear life to the trapeze-bar-of-the-moment. Today the moment is Covid-19. Six months into the pandemic, it’s carrying us along at a certain steady rate of swing with the feeling that ‘I’m in control of my life.’ I now think I know most of the right questions and even some of the answers.

As I move from one point to another, it’s that in-between, uncertain time of letting go and waiting to grab the next thing – a new trapeze bar, that’s the most challenging at the best of times and for some, even debilitating.

I know that this new trapeze is my next step, my growth, my aliveness coming to get me. In my heart, I know that for me to grow, I must release my grip on this present, well-known bar or old world and move to the new one, the world ahead.

We really do not like change, so part of me hopes that I won’t have to let go of my old bar completely before I grab the new one. But I know that I must totally release my grasp on my old bar, and, for some moment in time, I must hurtle across space before I can grab onto the new bar. In that transition, the uncertainty & unknown, I am filled with terror. It doesn’t matter that in the past, I have previously made it. I am afraid that I will miss, that I will be crushed on unseen rocks between bars. I do it anyway and leap ahead. Perhaps this is the essence of what the mystics call the faith experience. No guarantees, no net, no insurance policy, but you do it anyway because somehow to keep hanging on to that old bar is no longer on the list of alternatives. So, I soar across the dark void of “the past is gone, the future is not yet here.”

It’s called “transition.” I have come to believe that this transition is the only place that real change occurs. I have noticed that this transition zone is looked upon as a “no-thing,” a no-place between places. Sure, the old trapeze bar was real, and that new one coming toward me, I hope that’s real, too. But the void in between? Is that just a scary, confusing, disorienting nowhere that must be gotten through as fast and as unconsciously as possible?

NO! What a wasted opportunity that would be. I have a sneaking suspicion that the transition zone is the only real thing and the bars are illusions we dream up to avoid the void where the real change, the real growth, occurs for us. Whether or not my hunch is true, it remains that the transition zones in our lives are incredibly rich places. They should be honored, even savored. Yes, with all the pain and fear and feelings of being out of control that can accompany transitions, they are still the most alive, most growth-filled, passionate, expansive moments in our lives. But we can only experience it by being fully present in it!

We cannot discover new oceans unless we have the courage to lose sight of the shore.

Anonymous        

True transformation is about giving ourselves permission to “hang out” in the transition between trapezes. Transforming our need to grab that new bar, any bar, allows ourselves to dwell in the only place where change really happens. It can be terrifying. It can also be enlightening in the true sense of the word. In the transition, we just may learn how to fly. 

As Covid’s dizzying spin starts to slow, leaders steel themselves for the long road to recovery. An essential early step will be effectively addressing the anxieties of millions of workers worried about the future of their work and their health. Given the pain of this moment, leaders are urged to handle the journey’s challenges mindfully with resilience, authenticity, and connection.

With the ringing injunction to “normalize the new” and get back on the treadmill.  If leaders want to use this moment to do more than return worried, distracted employees to old jobs they once knew, we need to still the maelstrom in our minds; most of all, we need to break the semi-automated responses that continue to chain us to the old trapeze. If we don’t, we will find ourselves frantically doing the same things yet expecting a different result. We must become comfortable with the uncomfortable and embrace the suck.

To embrace the suck means to have discipline. Having that mental toughness to see the hard work through to the end. You continue with the hard-charging attitude of being able to keep moving forward and never give up.

We are wired for survival and staying in comfort – every fiber in our being wants to hold on to the old trapeze and not let go, but nothing will come of staying put; we have to keep moving. “The first step towards getting somewhere is to decide you are not going to stay where you are,” JP Morgan

According to a Green Beret, Jason Van Camp, there are 7 ways to get comfortable with being uncomfortable.

1. Start.

The first step is always the most uncomfortable. All you have to do is show up. The battle is half won if you just show up.

2. Don’t quit.

You’ve decided to start. You do not see the results. It’s difficult. You want to quit. It’s OK. Just keep pushing forward. That voice in your head is going to make you think of a way out. Don’t do it. Don’t give yourself an out.

3. Push yourself past your comfort zone.

At some point, you are going to say to yourself, “I’ve never done this before” or “I don’t know what I’m doing.” We’ve all been there. Here’s a trick: Just pretend to be confident. Fake it till you make it.

4. Embrace “the suck.”

The situation is bad–deal with it. And don’t just deal with it–open your arms and welcome it as you would an old friend. You know him well. You are building your mental and physical toughness.

5. Be around like-minded people.

Create a support network. Talk about your experiences. The worse the experience it is to you, the better the story it is to everyone else.

6. Recognize your improvements.

Track your progress. Revel in it. You are now a changed person. You know it because you see it. Build your confidence by going back to what before was uncomfortable and go through the experience again.

7. Rinse. Repeat.

“repetition is the mother of learning.”

The more you perform the same activity, the more confident you become. Confidence is a tangible thing–it comes from practice and repetition.

 

Perhaps the most difficult part of this pandemic is the uncertainty we are all facing.  Uncertainty about how contagious and deadly Coronavirus is.  Uncertainty about the travel that we have planned.  Uncertainty about the economy. Uncertainty about our jobs. But the real world is highly uncertain, and that can be uncomfortable. So, to succeed, we must keep moving, take that next step in faith, and welcome in the discomfort of the transition zone as you reach for your new trapeze of growth.

 

-Priyal Ramdass

How to Use Your Expertise to Start a Consulting Business

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We all reach a point in our careers when we start getting questions about our experience or expertise. Perhaps you’ve been asked if you can do someone a favor and “look something over.” Or maybe someone has even asked if they can pay you for a consulting session. Perhaps you tapped into a new way to create marketing campaigns or conduct market research that you know other people would want to know about. Whatever your expertise is, it’s likely you’ve felt the tug at one time or another to offer consulting services. 

Here’s how to get started marketing your expertise to do just that.

1. Understand your unique expertise, then offer it for free.

Of course, the first step to starting a consulting side hustle is to know what it is you have to offer. This could be based on experiences you’ve had or an area of specialty you’ve studied at length. Depending on your reputation in your industry, you could go out there and immediately start selling sessions. But, you’ll have more luck on sales calls and in marketing yourself if you have clear deliverables on what you’ve done for companies and individuals in the past. 

So, commit to working for 2-3 companies for free at first. This will give you a good sense of your consulting style, and there’s a clear difference between being able to say, “I can help you increase your profit margin” and “I helped two companies triple their profit margin.” Potential clients want to hear about clients you’ve worked in the past. The Ambition Plan writes that offering to work for free is also a great way to “meet and spend time with influential people in your industry.” Get out there and show them what you have to offer!

2. Craft an offer and a payment plan. 

Once you get some experience under your belt, craft an offer that makes sense. Choosing a price is also why it’s so important to know what exactly you can do for companies or individuals. If you help companies hit six figures in their first six months, it’s reasonable to charge at a higher price tag than if you just “help companies become profitable quickly.” Cory Jean, a credit and receivables consultant, noted to this end that, “Clients respond well to numbers. Telling potential clients exact percentages in sales growth helps them understand the full picture of what their investment in you is, and what it will reward them with.” 

Then, figure out if you’ll offer consulting on a retainer or just on one-off sessions. Both serve different purposes. If you have one core branding strategy session for startups, perhaps it will just be a two-hour immersive meeting at one set price. But, if you help with a longer-term strategy and go into the trenches with them, a retainer would be more appropriate. Consulting services usually go on retainer.

3. Create materials promoting your consulting business. 

It’s important that all numbers associated with your consulting promises are listed somewhere; ideally on a funnel or a landing page. Create the exact specifications of what your consulting services entail, including hours spent in 1:1 meetings, materials included, and what the potential client can expect to learn and get from you. The more specific you can be, the better. Make sure to write to their pain points and rely heavily on past experiences for credibility.

Then, brand strategist Erin Feree recommends marketing through a blog, a newsletter, and a small website. Create more succinct versions of your sales script, such as small paragraphs that can be used as a bio on blogs or in the “about” section on a newsletter.

4. Engage in content marketing.

Finally, remember that the best way to demonstrate your expertise to your audiences online is to release content associated with what you consult on. This type of content is often referred to as “top of the funnel content,” and will give potential clients a taste for your style and insights, thus establishing trust. They need to be able to see your obvious expertise in order to want to hire you. 

Do you offer social media consulting? Post a few social media tips a week. Do you offer HR consulting? Post a few HR tips or stories a week. Over time, this will begin to equate with your brand and appeal to your audience. If you feel like you’re running out of content, Tsavo Neil recommends asking your audience what they’re struggling with. The more you can start to solve their problems, the more they’ll see you as the industry leader. 

Over time, as you continue to land clients and help them, you’ll have enough case studies and numerical evidence to expand your consulting business beyond a side hustle. You have something to share and a way to help entrepreneurs or businesses; get out there and show them!

4 Things You Should Change About Your Email Marketing

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More than 306 billion. That’s how many emails were expected to be sent and received each day in 2020, according to Statista. With millions of companies switching to remote work and brands sending more emails, the number may well exceed Statista’s prediction this year.

Email marketing is performing better than it has in a long time. There’s been a spike of 200 percent in engagement since March, writes Ray Schultz of MediaPost, a clear sign that people are spending a lot more time in their inboxes.

What are they looking for, and how can your business respond? Moreover, how can you anticipate your customers’ needs and expectations? Being quick to adapt is vital. Let’s take a look at four things you should consider changing in using email for marketing.

1. Prune your lists more often

If you used to clean your email lists of bad contacts every quarter, email hygiene involves more initiative right now. Think about the massive loss of jobs across almost all continents and industries. In the U.S., the unemployment rate is 11.1 percent. Although that’s a decline compared to March and April, millions of business-to-business (B2B) email addresses are now invalid.

“We’ve gotten feedback from customers that many of their B2B email addresses are bouncing,” ZeroBounce COO Brian Minick told me. No surprise there. Many businesses have had to reduce their staff or shut down permanently. That’s awful for the people involved, and it also poses a risk to email marketers. “To avoid deliverability issues, we recommend keeping an eye on your bounce rate,” Minick added. “If it’s above the industry benchmark of 2 percent, you know it’s time to validate your contacts again.”

2. Be empathetic and offer practical help

Your message and the way you convey it can make the difference between choosing your business or cutting you out of their lives for good. “People can be very sensitive, especially during a crisis. Some of your customers may be facing countless challenges right now,” says InvoiceBerry founder and CEO Uwe Dreissigacker. How is your business there for them?

“You don’t have to mention the pandemic in every email you send,” Dreissigacker elaborates. “Rather, ask yourself: Is this helpful to my audience? How can I show more clearly that I care? Make sure to run your content by your PR department and all the executives/ There may be nuances you fail to catch. More eyeballs looking at your emails means fewer risks.”

Expressing empathy during difficult times is common sense, but words are not enough. Back them up with practical, immediate assistance. Make the crisis easier to bear with offers that help your customers the most. Can’t figure out what that is? Use email to encourage conversations and run a survey if you can. The sooner you get to the bottom of your customers’ problems, the more prompt and relevant your response will be.

3. Be more aware of spam complaints

Here’s a cliché. No matter how good your intentions are, someone is going to be unhappy. It applies to email, too.

It could be that your newsletter or marketing offer came at a bad time. Or perhaps the person feels you shouldn’t be running any promotions during the crisis. By labeling you as spam, these subscribers are telling inbox providers that your content is bothering them.

More than one spam complaint about every 1,000 emails is worrisome. Abuse emails — accounts that belong to frequent complainers — will taint your sender reputation and cause your future campaigns to land in spam or be blocked altogether. You can’t afford that, especially if you’re hardly keeping your business afloat. To secure your spot in the inbox, be more diligent about removing complainers.

Apart from weeding them out from your list, you can also prevent them from getting there in the first place. An email verification API checks every subscriber’s email address in real-time and rejects the bad ones — including abuse emails.

4. Stick to a consistent sending schedule

Speaking of spam complaints, a simple way to keep them under control is by following a consistent sending schedule. Being punctual fosters familiarity, so your subscribers are less likely to feel your messages are spam.

Emily Ryan, an email strategist and co-founder of Westfield Creative, confirms, “When you stay consistent, your readers stay engaged. If you send one email and then don’t show up for two months, you risk getting unsubscribers the next time you email.”

Nervous about emailing people too often? “Just remember they want and expect to hear from you,” Ryan continues. “Whether you send something once a month or once a week, showing up for your subscribers is so important. One of the biggest things we do for our clients is to help them stay consistent with their email campaigns. After determining a frequency that aligns with their overall marketing goals, we make sure to stick to an email campaign calendar. A simple spreadsheet works. Also, we constantly monitor the need to increase or decrease the consistency if there are too many unsubscribes happening.”

So, create your own calendar, fill it up with content ideas, and stick to it. “Even if it’s a short, simple email,” Ryan concludes, “show up for your people.”

5 Questions Every Consultant Must Ask During a Sales Call

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What’s the easiest way for a consultant to completely flop on a sales call? Talking about yourself the whole time. I help consultants efficiently scale their business, and this is one of the most common mistakes I see them make. I know it can be challenging. You may have been taught to perfect your elevator pitch or to speak about some magical proprietary process you developed. Unfortunately, your prospects don’t want to hear your sales pitch or about your unique approach — they want to be understood. And once you prove you understand their challenges, they’ll want to hear about your plan to solve them. That’s it.

You shouldn’t even think of it as a sales call, it’s an enrollment conversation. At the end, you want them to be excited about the potential of partnering with you. You never want to feel like you talked them into doing something they didn’t fully understand, or aren’t completely committed to. 

That dreaded “sales-y” feeling

If you’re not overly “sales-y,” the selling part of your consulting business can be terrifying. Fortunately, you don’t need to be sales-y. You just need to have a genuine desire to help your clients. Beyond that, with the right process in place, you’ll most likely never need to do any cold calling. Instead, you can connect with prospects through referrals or a lead magnet on your website.

A lead magnet is content you provide in exchange for a prospect’s contact information such as a guide or checklist. A good lead magnet solves a real problem and is specific to your intended audience. Mine is an eBook “The 10 Biggest Mistakes Entrepreneurs make on Social Media and What You Should Do Instead”. If you don’t already have something like this in place, you should make a plan to do so. These conversations go much easier when you’ve already proven your value and expertise. 

When chatting with a prospect you should be listening more than you talk, but you’ll need to make sure you’re receiving the right information. These are the five questions you must ask during any enrollment conversation.

1. What’s going on and how is it affecting your business/personal life?

 

You most likely have some information before entering this conversation. You can use that to tee things up, but you’ll still want them to essentially start from scratch. The more information you can get about their specific need, the better you’ll be able to explain how you can help them, assuming that you can. If you can’t help them, this is the time to make that known. Maybe you have a colleague who can, or you have some resources that might help, but the whole “fake it till you make it” approach is a good way to damage your reputation and it’s not right to waste someone’s time and money. Hopefully, you’re still in a position to help them, and you can continue asking probing questions. 

If you’re able to quantify revenue impact, this will make it easier for you to explain your fees later on. You’ll be able to show them a clear ROI from the partnership. If you can help someone make $80,000 and your fee is $10,000, it’s clearly a good investment. However, some challenges aren’t associated with revenue, such as the inability to get a sufficient night’s sleep. In this case, you’ll want to better understand how this problem is affecting their personal life. 

Take notes, and ask them to pause if necessary. It’s not rude, you’re proving that you have a genuine need to understand their challenge. 

2. What have you already tried to address this problem?

Again, you don’t want to start talking about yourself until you have a better understanding of their challenge. Their response will help you in a few ways:

  • You won’t recommend solutions that have already failed for a legitimate reason.
  • You’ll be able to course-correct solutions that could have been successful with the proper guidance.

Beyond that, you’ll get a better insight into how important it is for them to solve for this challenge, and the pain associated with this resolution. This is also your time to show genuine empathy by paraphrasing and hypothesizing.

For example: “It sounds like you’ve been working on this for a while, I imagine it’s been a drain on morale and productivity implementing one solution after another.”

3. What are some approaches or resources you haven’t explored yet?

This can easily be one of the most unselfish questions you ask. Together, you may both determine there’s another internal resource or someone they could hire full-time to solve this challenge. You may be able to assist or reengage if the problem persists after they attempt to solve it on their own. Your goal is to help them resolve their problem, even if they don’t need you to do it. 

Again, this is an unselfish approach, but it will go a long way in boosting your reputation for being trustworthy and solutions-oriented. I’ve consulted myself out of job opportunity during this phase, only to receive a referral from the same prospect months later. 

4. What would need to happen in order for you to feel good about our results? What outcomes are you looking for?

This is a paraphrased version of an approach developed by Dan Sullivan of Strategic Coach. Get ready to take notes on their response. They’ll tell you exactly what they want from you, and — inadvertently — exactly what would earn you a referral or testimonial. You’ll also hear more about their vision. Just talking about this vision will make it more tangible for them, and you can position yourself as the person who will help them get there.

Paraphrase this response back to them, reinforce any poignant or mission-critical aspects of what they said. Once this part is complete, you can start talking more about how you can help achieve this vision. Again, only move forward if you’re certain you can help them achieve their goals. 

5. Would you like my help?

This is a simple but powerful question I began using based on the advice by Mike Koenigs, Advisor and CEO of MikeKoenigs.com. 

Always ask this question during the conversation, overtly. This can lead to a no, yes or they’ll ask more probing questions. Don’t say, “Well, I can send you some more information.” Or ”Would you like to think about it and set up another time to call?” Just ask. If they want more information or to think about it, they’ll tell you. 

Of course, you should only ask this question if you actually want to work with the client. You want to be a friend of their future, not just a service provider. 

This can be a challenging question, but you’ll have a more immediate understanding of how things are going and can start planning any necessary next steps. Hopefully, things go well. If not, you’ll be able to better focus on the next opportunity. 

Final thoughts on consulting sales calls

It’s important to remember that the prospect wants this call to go well. They have a problem and believe you may be able to assist. This isn’t a contentious situation, so you should be relaxed. Focus on being who you are, listening to their needs and enjoying the conversation. The best version of yourself is all you need to be, and you can’t do that if you’re trying to be someone you’re not.

Memo to Expert Service Providers: Carve Yourself a Unique Niche

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When you ask an average business audience to name the first person to fly solo, non-stop across the Atlantic, most people know it was Charles Lindbergh. Most can also name Amelia Earhart as the first woman to achieve that feat.

But silence usually prevails when people are asked to name the second or third aviator to do it. The fact that the third person was Earhart reveals an important facet of human psychology, namely that we tend to remember people and things based on their category rather than as part of the broader whole. If you are the first or the best, that tends to stick.

Consultants and professional service providers would do well to heed this lesson at a time when they’re swimming in an ever-expanding pond of similar firms. There are an estimated 700,000 business consulting firms globally, and many of their services are fast becoming commodities.

Whether it’s getting help on an audit or installing Salesforce, customers know they’re going to get similar types of people and services from the industry.

Figure out what makes you special

Rather than keep fishing in these vast waters, expert service providers need to shrink their pond by honing in on what they do best. So you can’t be the best barbecue restaurant in town? Fine. But maybe instead of being the second or third best maybe you can position yourself as the premier dry-rib joint.

Carving out a niche for your practice — whether you are self-employed or running a practice inside a bigger company — takes on even greater importance when you consider how technology has dispersed an industry’s clientele across the globe. It’s harder for these far-flung clients to differentiate between one provider and another. The way to cut through this absence of signal is to be the worldwide expert at one particular thing.

The simplest way to position yourself as a niche expert is to focus on your most successful case studies. Where have you achieved the best results and added the most value to clients?

Build on your successes to create a niche

 

Your practice may have the ability to help any kind of management team, but perhaps, for instance, it’s worked closely with several mining companies and achieved strong improvements to their supply chain. Backed by this record, maybe you should try to build a niche as the world’s only practice that helps mining sector COOs to drive down costs and control their supply chains.

I know one law firm with a regulatory practice that was maybe good enough to make the top 200 firms in the country based on reputation. But it happened to be based in Colorado and California where those states have legalized cannabis and hemp in recent years.

The firm has leveraged that geographical advantage to build a practice around helping cannabis and hemp companies navigate regulations and is now fast on its way to becoming the number-one law firm in the country in that niche.

Create channels to put your expertise on display

After deciding what pond you want to dominate, you can start taking steps to cement your ownership of it. You might publish articles on it or create a regular newsletter highlighting recent trends in order to achieve name recognition among those who matter.

You might seek speaking engagements or fund cocktail parties at relevant events. The aim is to narrowcast, not broadcast. We know that it only takes a small collection of select clients to build a successful practice so focus on the 200-300 executives globally who can make this happen.

Once you’ve dominated a niche, you can extend that success by entering adjacent niches. You’ve done great work with North American mining companies, so maybe an expansion to South American mining firms would work. Or perhaps you could expand into supply-chain solutions for agricultural commodities and hire people accordingly.

Resist the urge to be multi-faceted

None of this is rocket science but there can be hurdles. Perhaps the most common objection heard from providers is not wanting to downplay or give up on all the other wonderful things they can do. This misses the point. It can be fine to do other things, as long as you have a clean, crisp go-to-market strategy in your chosen niche.

Your niche practice should have its own microsite that occupies a relevant URL and features 2 to 3 illustrated case studies explaining how you helped people. If you’re part of a larger family of companies, it’s fine to point that out on the site; just don’t throw everything on this particular website with drop-down menus for each specialty.

If your mining sector expertise, for instance, is displayed alongside your achievements in crypto-currency accounting, it’s going to dilute your credibility as a specialist and erode your target customer’s trust in your ability to get the job done.

Keep things simple and direct and that focus can bring surprising results.

Actualizing Dreams of a Consulting Career

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Consulting is a Dream Come True for many B-School Graduates

Many management graduates and professionals “dream” of getting into consulting jobs during their placement season or afterwards. The allure of the glamorous consulting profession is so intense that many management graduates enter the business schools with the sole intention of being recruited by the consulting firms. What makes this career option such an attractive one and what do consultants perform professionally that they are coveted by industry and the corporates? Moreover, what is it that sets apart consultants from other professionals who can perform similar activities? These are some of the questions that would be addressed in this article.

What do Consultants Do?

To start with, management consultants are professionals who advise the corporates on restructuring, reorganization, rejuvenation, and revitalization of their companies. A simple question as to why cannot the organizations do this themselves by their own employees yields the answer that consultants bring to the table their deep expertise, wide experience, their familiarity with similar companies and industries, and above all, a perspective about how companies should be managed that is invaluable and indeed, worth the money that is paid to them. Mind you, the reason why consultants get paid astronomical sums in salaries and benefits is that their clients likewise do so for their services.

In addition, consultants are often called in when companies are going through a rough patch and their leadership wants an unbiased and objective analysis of the situation along with recommendations to improve their situation. In many cases, the internal resources often have vested interests in pushing for a particular strategy which means that more often than not, there is a need for a third party to evaluate what is wrong with the company. Moreover, many employees who contribute to the feedback that consultants receive as part of their consultations and deliberations within the organizations find it easier to talk to someone from outside of the organization rather than open up to their peers in the organization. Therefore, this is one of the reasons why organizations prefer consultants to advise them when things are going wrong.

Having said that, it must be noted that consultants do not merely perform the role of objective observers. Because they are trained in the best business schools on management theory and practice, they have knowledge of the corporate world that other professionals do not have since the latter work in niches whereas the former straddle a wide spectrum of activities. Apart from this, consultants mature with age when they consult with a wide variety of organizations across industries and sectors and this experience provides them with the insights that they can use when consulting.

Consultants and Investment Bankers

A key point to note about the consulting profession is that they are in direct completion with the investment bankers since both these professionals are essentially aiming for the mind space of the senior leadership in the organizations. Having said that, it must be noted that whereas investment bankers are concerned about financial aspects, consultants encompass a broad swath as they deal with operational, strategic, and organizational aspects. In short, investment bankers suggest the external components and the internal restructuring in financial terms whereas consultants take a broader view in addition to a deeper analysis. However, it must be noted that in recent years, consultants have specialized and branched out in niches according to the sector, the industry, area of management, span of control, and other aspects. This progression from being generalists to specialists within specialists has been mainly due to the increasingly complex internal and external environments in which organizations operate.

The Big Five Firms and How Professionals can Develop Consulting Skills

Finally, consultants such as those from the Big Five Firms, McKinsey, Booze Allen, Boston Consulting Group, Anderson Consulting, Price Waterhouse, and to some extent Deloitte are the pick of the lot among the entire consulting industry. It is no wonder that these firms form the Day Zero and the Day One in the placements seasons in business schools. Before concluding this article, we would like to remind you that while there has been much criticism about consulting and consultants as well as much praise and adulation that they receive, the bottom line for any management graduate or professional is to develop a perspective on how the business world and in general, the world works and evolve as professionals who practice values, follow the industry trends, spot and anticipate future changes, and more importantly evolve as visionaries ought to make a difference to their clients as well as themselves.