Why I started the Little Business Coach.
Ever since I was out of University I knew I wanted to have my own business.
I was 21 when I owned my first “business”. I bought into a networking (MLM) opportunity that actually seemed pretty good. I sold annual memberships to a consumer buying club. For an annual fee a consumer would get access to commercial prices like fleet costs for cars, for example. My father-in-law bought a new car and saved over $6,000. The Club worked.
But I didn’t do my homework. I trusted the person that brought me in. $3,000 later and a small claim lawsuit that resulted in zilch, I learned my first lesson. Do your homework!
Business #2. I was now 28. I discovered that “Direct Marketing” was an interesting new concept where you could sell items directly to consumers thru ads in magazines. Perfect. The money was limitless – I thought. I could do it part time. Could outsource everything. So I studied it for 2 years and read every book there was. I did my homework this time! But I made the wrong assumptions, ordered lots of inventory and spent over $20,000 in “Marketing” for 1 Ad. I lost money. Lesson #2. You need to plan. The right way.
Jump ahead 16 years. I’m now married, 2 kids and a well paying job. But it’s just doesn’t feel right. I’m meant to do something better. One of the numerous business books that I have read stated that you should combine your passion with your business. Great. I LOVE muscle cars. Ever since I was a kid. Loved going to the Hot Rod shows. Always dreamt of owning a classic muscle car.
Again, I learnt that people were building websites based on your passions (gardening, cars, etc) and then selling affiliate products and earning a commission. Perfect! Low investment. No inventory. But I really knew nothing about muscle cars specifically. I spent 2 years researching, writing and creating a website that actually had 5,000 visitors a month via google. But I didn’t understand my customer. I had lots of traffic to my website, but made no money. I didn’t understand the muscle car owner who was VERY particular about where he bought car parts! Lesson #3. Understand your consumer and make sure you combine passion + expertise.
Jump ahead 3 years. Still working at that job. but I feel somewhat lost. I know deep down inside I want to do something else. But I’m not getting any younger. How can I possibly have time for that? I came across a business coach who stated that you needed to combine purpose, passion and expertise. And THAT is success.
My purpose in life? I have determined it’s to help others. I mean shouldn’t that be ALL of ours?
My passion? Business and Marketing. I have been doing this for so long it now just makes complete sense. Funny how most things are right under your nose.
My expertise? I’ve heard 10,000 hours at something makes you an expert. 40 hours/ wk x 52 weeks is 2,000 in 1 year, so min 5 years full time or 20 years if 10 hours/ wk. Wow. I had no idea! I spent a week on that question. Then realized it was what I had been doing for the last 20 years. Business and Marketing! Lesson #4 Purpose. Passion. Expert. That is success.
So here I am. I want to share the mistakes I made and all the learnings from the last 20 years. The small business owner has great odds against them. But with the right coaching and training I believe I can help change those odds.
I look forward to the next chapter of my life as I begin this new journey. With you. Let’s begin.
In my next blog post I will talk about opportunities vs business.
I wanna hear from you. Why did you get started?
The little business coach.