Hey Funky Junkies, it’s a new year, and that often comes with new goals. One of those goals may be launching a business or taking your business to the next level. Here are 5 lessons I’ve learned as the CEO of Uncle Funky’s Daughter.
1. Stay in the front line to drive change.
I am not a person who likes to sit on the sidelines as a committee member. My entire life I’ve tried to be on the front line, and if you are starting a business or have a business…you are likely also that kind of person. In order to have a successful business, you need to get out there and help drive change.
Your job is to put yourself in environments that will get you exposure. If your brand is a service, networking is very important. Show up to the luncheons, networking events, and conferences and meet people. Connect with people and offer “little nuggets” of free advice that can help them along the way. That way, once someone has a paid opportunity for your services, you will be at the forefront of their mind!
If your brand is a product, you need to put it in the hands of people by showing up at tradeshows, pop-up shops, and other events where your brand can get exposure. Start with smaller events in your local community that doesn’t require a lot of investment. Remember…the first step in winning is showing up.
2. Leverage people who advocate for your brand.
Throughout my lifetime, I’ve worn multiple hats, including as a sales manager. When I bought Uncle Funky’s Daughter, I thought one of the keys to growing the business would be to make a ton of sales calls. But I learned very quickly that unless someone is advocating for your services or products, your sales calls do not matter! What I mean by that is, you need the end consumer asking for your product at the retailer he/she visits in order for that store owner to buy your business. If you have a company that sells business-to-business (like printer supplies or construction), then you need someone who has used your services giving recommendations to their colleagues.
This doesn’t mean that you are asking your customers directly to sell for you, but you can do things like giving a referral discount. In the end, viral marketing and influencer marketing is real. Just think about the last time you bought a brand you were unfamiliar with. The first thing you likely did was to see if anyone in your friend group used that product. If not, you likely checked out online reviews.
3. Maximize your time.
Due to COVID, many of us are working from home! This is a great opportunity for you to work your 9-5 job while growing your business on the side. One way to do that is to use what would have been your commute time to work on your business.
During lunchtime, grab a bite to eat with a mentor who has a business that is not a direct competitor but adjacent to your own. You can use this time to pick their brain and ask for advice. Make sure that you are not overbearing. Be relaxed, and ask a few open-ended questions. And don’t forget to treat this person to lunch! After all, she just spent over an hour giving you (hopefully) a lot of intel and saved you a ton of time on research.
Here are some great questions to ask:
- What are the biggest challenges you’ve faced in the industry? How did you overcome them?
- If I’m getting started for the first time, where do you suggest I start? What industry conferences are worth attending that either get my brand exposure or will help me learn more about the back-end side of the industry?
- Looking back, what would you have done differently?
- What advice would you give me if I am trying to get into (customer account)?
4. Use social media as a tool.
Another valuable lesson I learned early on is the importance of having a social media presence. Eight years ago, when I first bought Uncle Funky’s Daughter, social media was not a tool widely known for marketing your business. We started off with around 300 followers, opposed to the 115K that we have now.
The big “aha!” moment was when I realized we didn’t have a marketing budget, so we turned to social media instead. If you don’t have money to spend on print ads, radio, and billboards, you can still create a social media post – for free! Use social media as a tool to educate consumers out there about your product.
I realize that it’s much harder today than it was when I first started due to the algorithm changes and social media platforms requiring you to “pay to play.” However, it is still doable! There are influencers on social media still gaining followers every day.
The other thing that I learned really early on is the power of influencers! You can talk about your brand, but viral marketing is the key aspect to getting your brand elevated. You want to have people out there talking about your brand! Educate yourself on who those key opinion leaders in your industry are and get them to talk about your brand! In order for them to talk about your brand, it’s going to require you to give away your services or products for free for them to try! This is why having money to invest is very important. So, if you have a 9-5…keep it! You can pay your bills and still have enough cash flow to send free products.
5. Be adaptable.
The last lesson I learned from running a business is to be adaptable! COVID has taught us that things can happen outside of your control that has a big effect on whether you sink or swim! Focus on what you can control and find new ways to survive in the marketplace. You may need to pivot quickly to address an issue or respond to a customer’s needs. That’s the great thing about being small…you can move quickly without the bureaucracy that big companies have.
Finally, just remember that when you first start your business, you will most likely be operating for a couple of years at a loss. You will need to invest a lot of time (and sometimes money) to grow your footprint and your business. At some point, you should start to turn a profit…and be at a decision point on whether or not you are ready to quit your job and go cold turkey. Just make sure you have a few dollars saved up for the slow weeks or for when you meet unexpected expenses.
Maybe you are ready to step out on faith right now!
Thank you Funky Junkies for your continued support and I hope that these tips help you kickstart your business! Talk soon.
xoxo
Renee Morris (@lifebyrenee)
