Canadian Small Business Women

Connection, Synergy, Community

Is Fear of Failure Holding You Back?

CHuntly

You have your fabulous business idea, you have your goals written out, and you have written a killer business plan. The next step can be the most daunting one when it comes to launching any business – you have to tell people about what it is you do.

Once you start marketing your business one of three things can happen:

  1. You are an “instant” hit – it looks like you are going to meet or surpass your goals.
  2. Nothing – no one seems interested in buying what you are selling, or perhaps you aren’t reaching them in the right ways.
  3. Your audience vocally doesn’t like what you are offering – this is pretty rare unless you have completely misread your audience.

Often, for an entrepreneur, the fear of failure can hold you back from putting together the best marketing strategy you can. You are afraid that if you put yourself out there completely you won’t be received well. The best way to get over your fears is strategic planning and focus.

I know what you are thinking…  I read this blog for THAT?! As simple as it might seem, the one thing that gets pushed aside is great planning. You may have a lot of great ideas for a marketing plan, but is it a full strategy? And do you have a plan to keep yourself on track?

Here are 5 things to consider to help get over the entrepreneurial fear hump and get your marketing strategy in order:

  1. Have you considered your target audience’s needs and behaviours? Your audience should always dictate how you market your business. For example, if you are targeting an audience that isn’t very tech-savvy, that Twitter Q&A you have planned is the wrong place to invest. You may want to consider more traditional tactics like direct mail or event-based marketing.
  2. Do your selected tactics fit within your overall business goals? It’s easy to get caught up with what your competitors are doing or the latest and greatest technology that is on the market, however you should take a step back and consider those goals and objectives in your business plan. If your goal is to become an industry leader in your field but you hadn’t considered a strong content marketing or PR plan, then you should reconsider your planning.
  3. Focus is your best friend. It is easy to look at all of the things you have to do and find smaller, less important tasks that you “just have to” complete first. While cleaning out your junk drawer in your desk can probably wait as well, I am talking about all of the things that can derail a great strategy. For example, you have set out to market your business on Facebook, Twitter, and Instagram, but you heard about how neat Snapchat is and you thought you would “just set up” an account. Before you know it, you have spent half a day on something that you hadn’t planned on.
  4. Are you evaluating your strategy on a regular basis? Changing your original strategy isn’t a bad thing as long as it comes from a strategic evaluation of what is working and what isn’t. If you aren’t getting the traction you expected from Facebook, maybe you should consider a different social channel or focusing your time and resources into a different strategy altogether. It’s important to track the success of your efforts so you can look at your success over time and tweak your strategy as necessary.
  5. Are you trying to be an island? This is a huge cause of entrepreneurial fear (and failure). You may be the biggest champion of your own idea, however, sometimes it’s good to bring a third party in to look at your strategy with an unbiased eye. You don’t have to hire someone to do your entire strategy and execution for you (your budget might not allow for that!) but you can work with a consultant or coach to make sure you are on the right track. Your hesitation in starting your marketing outreach could stem from not feeling confident in your strategy and this will help with that.

As a business owner you should always give yourself enough space to take a step back, take a deep breath, and get back to the basics of what makes your business a business – your idea, your goals and objectives, your brand story, and your target audience. As long as you have a good foundation in the basics, you can approach everything else with confidence.

Candace Huntly is the Founder and Principal at SongBird Marketing Communications, an award-winning agency working to take organizational and individual brands to the next level. With a passion for all things related to creativity and strategy, she specializes in business intelligence, marketing & branding, content strategy & development, media & influencer relations, and social media. Basically, if you need to put your brand, product, or cause in the public eye, she will find a way to do it, while making the approach unique to you.

Connect with Candace

Facebook/Twitter/LinkedIn/email/Website

Why Your Business Model Needs to Evolve OR it will perish

Karima

 

When no risks are taken, there is no chance for a reward to be achieved. For a business model to continue seeing success, it needs to evolve over time because people evolve over time. Technologies are continually improving. If a business gets stuck in a world where they keep doing things because “that’s the way we’ve always done things,” then that is a journey which will inevitably lead to failure.

Target Canada is a prime example of this. In just two years of operation, the 133 store chain has decided to leave the Canadian market for good. It’s mistake? Assuming that operations in Canada would be similar to that of the United States. During the announcement, Brian Cornell stated that Target Canada had lost money every day.

More Marketing Doesn’t Save a Business

Many executives have a theory that goes something like this: maybe if we spend more money on marketing and make ourselves attractive to [fill in your favorite customer demographic], we’ll be more successful.

Unfortunately this thought rarely creates success. More marketing is not a substitute for ineffective business practices. If you’ve already got customers coming into stores like Target Canada had and they aren’t buying things, what will happen with more marketing? You’ll get more customers into a store that are still choosing not to purchase anything.

Sometimes going on social media is the approach. Engaging customers is a great tactic to use, but it also comes with a certain risk. People generally talk about the negative experiences they have with a business online and rarely talk about positive experiences. Businesses are expected to provide a positive experience. Engagement usually creates some feedback that is difficult to hear, which means it is ultimately ignored.

Social media must be part of a holistic approach. You’ve got to change the actual dynamic. You must choose to innovate. Once that happens, then you can begin a new marketing effort

Businesses Choose Whether or Not to Become Innovators

Change means risk. There is a chance that a risk may not pay off. Circuit City discovered that the hard way by losing over $100 million on their DivX product. Sometimes ideas are ahead of their time, like Microsoft’s tablets, which came out a decade before the iPad. Even looking at the struggles of McDonald’s right now show how quickly a company can begin to decline when changes aren’t received as well as expected.

Small businesses are not immune to the need to change. Failing to innovate and change is one of the top reasons why small businesses fail and die. Innovation has to be a component of change, which means change cannot happen without risk. It is a choice that every business makes, whether they realize it or not. Avoiding a risk is a choice to not evolve or challenge history, tradition, or the other roadblocks that might stand in the way.

How to identify places where innovation can thrive can sometimes be difficult. Adapting new technologies into traditional routines inevitably creates growing pains. Throwing more marketing at a problem, however, doesn’t make that problem go away. It just means more people become aware of it. This creates a negative spiral that inevitably ends in failure.

Evolving your business model can be uncomfortable, but it can also create enormous success. That’s why change, not more marketing, is so important.

Karima-Catherine is the co-founder of Red Dot Digital, a digital agency that strives to deliver top-notch solutions to various clients.  Red Dot Digital drives real, meaningful, quantifiable business outcomes for companies. Karima-Catherine is also the co-moderator of #MMchat, a Twitter weekly forum which focuses on business, marketing and social media.  

Connect with Karima-Catherine:

karima@reddotdigital.net

Website, Twitter, LinkedIn, Pinterest

Are you stopping three feet from gold?

Uchechi

If you’re into personal growth (which is highly recommended for all business owners), then you most likely have come across Napoleon Hill’s classic book Think and Grow Rich. There was a story he shares called Three Feet from Gold. It’s basically a story during the time people went digging for gold to achieve wealth.

There was a man (Mr. Darby) that used his savings and those of his family’s and bought a great deal of equipment in order to dig for gold. He went on his quest to dig, but then got to a point where all signs of gold seemed to disappear. Feeling disappointed and frustrated, he then sells all the equipment’s to some ‘junk man’ who sought counsel of an engineer that lead him to finding gold just three feet from where Mr. Darby left off!

This story struck me because there are so many times when many of us face what seems to appear as a defeat and failure as we take on a project that we hope will bring us success. This is something many business owners face. We get an idea that we are passionate about, and then we plan and start taking action. At first things are going well and we are surprised at all the opportunities that seem to present themselves to us. As time goes on, things may get stagnant and we feel that our business is not progressing and we find it difficult to get to the place we envision in our dreams. Months, even years go by and nothing. As a result, many of us see this as a sign that it was not meant to be and often times, just when the tide is about to turn, we give up!

What would have happened if Mr. Darby kept going? He would have had all his dreams come to reality. However, his dreams of finding gold never came to pass because he stopped just three feet from gold!

How many times has that happened to you? Have you ever started something just to give up because it was just too difficult? If you knew you could not fail, what would have been your choice? I truly, believe that we can never fail! I know some people may not agree with this statement, but that is my belief! If we are persistent enough and keep working on our dreams, we will see it in physical form.

I am also reminded of the story of Jim Treliving who is Owner of Boston Pizza International Inc. and also one of the dragons in Dragon’s Den, the show where “wealthy high-powered entrepreneurs are pitched ideas from hopeful entrepreneurs looking for the dragon’s investments.” I saw a feature story on Jim when he was just starting out. There were times that were so difficult for him and his business that it was difficult to make ends meet. He worked several different jobs just to keep his business going. It amazes me when we look at him now, and admire or even envy his success and not realize nor think about all the trials he went through before he “reached gold”. He did not stop when times got tough, but keep persisting until his goal became a reality.

This is not easy to do, I know this, and that is why I always advise people to have passion in whatever business they wish to pursue. Your passion will fuel your energy and not allow you to give up just shy of your goal. It is the passion and love for what you do that drives and inspires you to keep going and push past any delays or detours in your journey. During these times, it is important to remember that these delays are not denials and that it only becomes a denial when you say so! Only at the point that you call it quits will you lose because if you keep persisting you will eventually achieve your dreams. It is not a matter of if, but when!

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Speaker and Writer, but most importantly, a proud Mother and Wife. Uchechi is Founder of My Empowered Living (http://www.myempoweredliving.com) a website aimed at helping women shift their mindset and live their passion! Whether it’s starting and building their dream business, or helping them create a lifestyle they crave, Uchechi is the modern woman’s secret to success! Visit Uchechi at www.myempoweredliving.com to get her FREE online video training series The 4 Keys to your Business Success! This free 4-day business training reveals her 4 key strategies needed to build a profitable and successful business, and how to put them to work in your business!