from the President
Time to Grow Up
It’s your business, so own it! Evolving from hobbyist to true business professional is more than just a business plan. It is a commitment to gaining the knowledge and wisdom necessary to transform your business from your original mission—or lack thereof—to something awesome. There may also be a temptation to use others as you claw your way to the top. If your mission is to raise your business to a higher level of professionalism, you will need to take a hard look at how you do business, with whom you do business, and with whom you align yourself and your business. This matters. Remember your reputation is always at stake. Regardless of your actions, perception is often the reality others believe. If you’re not sure what type of business you’re running, take a look at what Jeff Cantrell of JC Audio said during his presentation at KnowledgeFest Dallas: “You may be in charge of [your business], but [all] you have [is] a job if all you’re getting is a paycheck. If there is nothing left at the end of the day, you don’t have a business.” Many factors help establish a business. For now we’ll focus on a few key areas that will make a difference.
Competition Versus Copycats The competitive landscape is a great place to start. First look around and find out who is doing what you do. How well are they doing it? There are a couple of types of legitimate business types to review. Competitors are in business to win customers and grow the market. You can measure your business against them to see how you stack up. There are also copycats who recognize an opportunity you have capitalized upon and find a way to do the same, or at times better, by offering a competitive product or service like yours. Some will even go as far as to source things from vendors you may have thought were your partners. Regardless, both competition and copycats are legitimate competitors. Both are part of any marketplace and both provide a healthy view to their respective customers of an opportunity to buy a product or service that is in demand.
Respecting Your Competition Now, a less exciting topic: your competition and how best to differentiate your business from them. What should your message be when a current or potential customer asks you about your competitors? Should you: A. Tell them all the derogatory information you have (true or untrue) to make them appear weak. B. Tell them why your competitors are not as good as you.
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C. Tell them there are many great companies that represent the industry, explain why yours is better, and provide great examples of what you do best. The answer should need no explanation. You do the right thing and make the entire industry look good. Your customers will be able to differentiate who is the best if you simply set the bar higher than that of your competition. Tell your customer what standards you apply to your business. Let them know how others view you. Use past reviews, as well as certifications and awards. Simply pointing these things out will reveal the type of business you have. So, how do you let everyone know what you’re about before they step inside your store? Let’s explore.
Market Smarts To say marketing is easy would be disingenuous to marketing professionals. It is an artform that takes a lot of savvy to make it effective. There are many methods to use when marketing your business. Many of them can be effective. It’s important to be specific and focus on something that brings a defined benefit to the intended target. Focus on what you want everyone to know about your business. For example, your business might be highly capable of integrating and upgrading safety systems in late model vehicles. Make sure the focus in on the problem (e.g. situational awareness for changing lanes to avoid an accident). Then offer the best solution with a compelling message that leaves a potential customer with a question that only you can answer with a great solution you’re ready to install. Make sure you stay ahead of the pack. When you view the competitive landscape, look for what sets you apart from others. Measuring up to the status quo only shows a potential customer that you’re just like the rest. When developing your message, think about what sets you apart from the others.
Growing to the Next Level What does it take to turn your hobby into a thriving and professional business? Professionalism in every category. Think through everything first before you make your message public. Do this in everything you do. Your reputation is paramount to success. Don’t do anything that may tarnish it, because it’s what you’ll rely upon and refer to as you build your hobby to a long-lasting and professional business you can be proud of for years to come.
