Have you noticed, the people that come to you aren’t quite right? They don’t have the money, or after a discussion, it’s just not the right time?
Some Small Business Statistics
It might shock you to know that 29.7% of small business turnover less than $50,000 annually. Now that might not be you there’s another 36.8% billing between $50,000 – $200,000. That’s 1,338,000+ Businesses in Australia billing less than $200,000. That’s billing, not profit! And according to the ABS, the average full-time wage in Australia is $74,724, typically for a 40-45 hour work week. How’s your lifestyle compare?
Having started Growth Mentors in 2013, I appreciate as much as anyone that in the early years, there’s a steep learning curve and that business growth is about creating momentum in your business. After all, I’ve owned and operated a small business since 1999. During that time I’ve have been working with many small businesses owners and leaders.
There are many reasons why we don’t achieve the results we feel we deserve. Today Let’s focus on the biggest single reason. I’ll confess, I’ve been guilty of this too.
The Number 1 Reason Many Small Business Don’t attract More Clients
The Paradox of Choice, it’s a great book by Barry Schwartz and explains a lot about our desire to keep our options open. Hating to miss out on an opportunity, while developing my business, I aimed to help as many people as possible. A broad range. With over 2,000,000 small businesses in Australia and over 400,000 in Queensland, I’d estimate half of those are within a couple of hours drive from the office. That’s a fertile market, right?
To be successful, all I need to do is attract enough business from that 200,000, Right? Well Yes – And No!!!
What the Beatles taught me about business
Here is where the challenge begins for most of us small business owners. It starts with trying to be all things to all people/businesses. We’re free to do whatever we want right?
Over the weekend, I was listening to 70 music, as I do, a Beatles classic came on, “Nowhere Man” and I found myself actually hearing the lyrics for what I believe to be the first time ever.
You know the song: Click Here
He’s a real nowhere man
Sitting in his nowhere land
Making all his nowhere plans for nobody
How often do we, have a real passion for what we do, yet when it comes to getting clear, to putting a stake in the ground and committing to the challenge, how often do we shy away from making this commitment tangible and real?
And the song continues…
Nowhere man, please listen
You don’t know what you’re missing
Nowhere man, the world is at your command
The Beatles got it, back in 1966, they even told us the solution, yet, for many and I include myself here. We simply missed the point and continued on our vague yet merry way.
Doesn’t have a point of view
Knows not where he’s going to
Isn’t he a bit like you and me?
Are you missing out?
Here’s the number 1 mistake, in my view. Not being Specific enough.
- Get to know who your ideal client is!
- Then get to know them!
- Start to relate to them, their interests and their problems
- When you analyse the difference between what you do and what they’re buying, you’re on the right track.
Trying to be all things to all people, does not attract anyone. Everyone feels like your talking to someone else. It’s exhausting! Trust me and my experience.
Save Time, Energy, Money and Stress
With over 2,000,000 small businesses in Australia, the day I realised they’re not all prospects; things started to get a little easier.
Business is less stressful when you target a specific core of clients, there’s time to breathe, to enjoy.
It saves a fortune in advertising efforts too. Your marketing dollar goes much further when you can pitch to just the people you want and, others know who to refer to you also.
I encourage you to stop trying to attract everyone. Starting to focus on those that fit as your ideal clients. Take the time and explore who your ideal client is and how you make a difference to them.
When it comes to your business, there are three key elements.
- Identify your passion in helping others; there will be enough challenging days in your business, so you better be passionate about what you do.
- Take time to make a plan, for your business and, how the business fits your bigger picture.
- Create the lifestyle you desire through your business.
If you’d like a cheat sheet, a checklist of ten things to look for in an ideal client, reach out. Send me a message or contact me at email@example.com and I’ll forward it to you.