If you are living in Ohio you are seeing some recovery from the recession. Home values which dropped significantly are beginning to recover. I just read that Ohio is seeing personal incomes rising. This is a patchy story across the country and indeed, globally. For people of my generation who took a huge hit with investments, downsizing and a very competitive jobs market, the most efficient way to recapture that wealth and lifestyle is to take the plunge to create a micro-business.
Last week I met with Jeri Vespoli, micro-business advocate and marketing guru to discuss the challenges of not only starting a micro-business but also the challenges of growing said business. We all know that it takes a lot of ADMINISTRATIVE AND MARKETING MUSCLE TO GROW YOUR BUSINESS.
Recently I have seen an influx of consultants, lifestyle and personal development coaches as well as more and more looking at direct sales. Whatever direction you decide to take your own micro-business here are 3 points to consider when developing your business model.
3 Tips for a Team Approach to Building Your Micro-Business
If you are, like me, transitioning at a later age in life you need to cut the startup time to a minimum and leverage your considerable talents to maximize your ROI. None of us are looking to spend the next 20 years rebuilding what we may have lost in the downturn. Your best approach is to look around you to build relationships with others who share your goals.
Look at the Value You Are Getting for Your Community Service Groups
When you were in Corporate America that Chamber membership and Rotary or fraternal organizations made perfect sense. Networking within Corporate America means building relationships that may sway a contract or negotiation in your favor but may have little impact besides making critical introductions as you build your micro-business.
Depending on your clientele you may need to offset these memberships with associations in your field of expertise that allows you to be part of a “gene pool” to reach your clientele. It may be time to renew that membership in the national or regional association that welcomed you when you were a recent grad and an entry level into your field.
Find A Way to Leverage Your Relationships To Build a Collaborative Buying and Service Network
When a major credit card player like American Express recognizes that the growth of the country’s economy is being fueled by small businesses and begins something like their Open program then you know that the time has come for small businesses. The micro-business takes this a step further.
Aside from the benefits of access to ready funds for startups, the cooperative buying power of a consortium is a HUGE benefit to reduce overhead. Jeri has recently introduced www.cmsohio.com. Collaborative Marketing Services works to help micro-businesses pool resources to better use their time and talents in growing their companies. Learn how to create a subscription newsletter to attract potential subscribers.
Learn from the Lifestyle Coaching Community to Develop a Business Model Structured Around Mind Mastery Groups
If you are just entering the world of the micro-business, you may not be aware of the mind mastery concept. Lifestyle coaches have taken this cottage industry and made it an essential part of growing their business. Internet marketers, consultants and experts see the mind mastery model as a way of facilitating innovation and creativity.
The model is based on the concept of building a group of 8-12 micro to small business owners together with a facilitator who leads discussions on finding solutions to common problems and training the group members in creative thinking and mind mapping strategies to build sales and marketing strategies.
Those in the micro-business community have become very familiar with this concept and embrace it. There are cautions to this, primarily, finding the right fit for your skills and interests.
Direct Sales marketers are taking this concept to a new level with their team building. Their twist…to form a group of skilled marketers around a product and build a sales team that is strengthened by the combined brainstorming of the pool.
This is the model that I chose. I seriously examined my business model for Gemma and looked at the returns. To be sure, it is a good model and my skills are in demand. Yet I saw the ROI in my time and resources and felt that the margins were not going to take me where I wanted to be.
The compound opportunity of building a sales team of like minded micro-business owners who have a wealth of real world experience and skills and like me, enjoy helping others find their success is a great way for me to build my business.
I still have Gemma. No tossing the baby with the bath water for me, but I have shifted my focus to the mind-mastery model and am looking for the like minded to join me in my endeavor. The team is being built and exciting results are already being realized.
If you are interested in more about this, simply let me know. I look forward to our comments.