Your Zip Code Doesn't Matter

Zip Codes Don’t Actually Matter

 

 

You’ve either started a new business or have tossed the idea around. The prospect of financial freedom and a flexible schedule are appealing to almost everyone. To become successful or to take your business to “the next level” may require investment of time and money, but what about location? How much of a business’ success depends on location?

I guess that depends on the nature of your business.

Here are some factors that actually do matter:

1. Don’t sell snowmobiles in Florida – Know your target demographic.

 

 Supply Vs. Demand 101.

 I teach Eyelash Extensions, manage an eye enhancement spa, and distribute our company’s line of products.

 I Advertise

 A lot.

It’s extremely important to peddle your products and services, to those who are actually interested in what you have to sell.       

My target demographic is not 13 year old boys…

 

2. Social media is for advertising – not video’s of your cat.

Okay... we all love a great Cat video - so keep posting that sh#t!

But really, wake up! Pay attention to what you are scrolling through on the various social media sites you use. Many businesses – in your area – are using “sponsored stories” and hash tagging like crazy.       

Which brings up another factor - Hash Tags. If you don't know how they work, don't use them. You’ll just appear uber annoying and ridiculous. Use hash tags as a cyber file folder. A hash tag flags a post and/or photo, and will store your photo on the web with other photos/posts that contain the same hash tag. When a potential customer searches a hashtag or clicks on someone else’s hash tag every post that contains that hash tag will be brought up. #dontberidiculous .

 

3. There is no “I” in “GROWTH” – Build a team of people you trust, then trust your team.

In a sole proprietorship a single person may very well be capable of providing a service, maintaining a small inventory, managing business finances, and providing great customer service. Once any one of these areas consume more time than a single business owner can budget for, while maintaining the other requirements of the business, the business will suffer. Time to get help. Whether it’s just a book keeper or an employee to service customers, a team is an invaluable asset to a growing business. You can’t fill all roles required for a successful business, unless you are on illicit street drugs, but that won’t end well either. 

One man alone cannot create an empire. You can try, but you will likely soon burn out and become useless to your business and anything or anyone else who needs you. I’ve been there.

 

4. Price to sell.

Supply Vs. Demand 202.

It doesn't matter what your service or product sells for in New York, Paris, or Montreal, If you are priced too high, you'll be out of business. If you are priced too low, you may be busy in the short term, but your overhead costs will consume your revenue, and your customer will question the quality of what you are selling.

Now that you have a service and or product that is in demand IN YOUR AREA, make sure you are competitive.By all means, if you are so successful and busy that you cannot serve more customers, a huge sale makes little sense – raise your prices. But if you are floundering in a market where others in the same business seem to be fine – check the quality of your service/product, or lower your expectations on revenue. Only a fool will pay top dollar for the same product he can get down the street for half the price.

 

Oh! And ignore the Nay-Sayers. They are likely too frightened to start a business, and likely are deep inside quite jealous of your zeal – stick to your vision, it will pay off.