20 years ago...
By now, you would have a beautiful tree, full of fruit and shade for the hot summer.
When is the second best time to plant an apple tree?
Right now!
At the start of the summer, I had several business ideas that I felt were best for my business, but I was scared of implementing them. Raising fees, moving from manual payment to a monthly auto draft, implementing a new cancellation policy that would make it harder to just "stop coming", etc.
All of these, individually or as a group, have the potential to drive customers away. However, once implemented, both current and new customers are very sticky and loyal to the business ... just the type every business desires.
So, I made the decision to implement all changes starting 09/01/2009. Since July, I have been working hard on getting everything ready - new forms - conversation points - registration dates - etc. Implementation and registration started 08/15/2009.
I'll not lie, we've had some grumbling from customers. We've lost a couple of customers. But on the other hand, we've signed up the majority of students - all pre-existing students - with our fall registration and "new" students under the "new" policies all yet to come.
I wish I had all these processes in place from day 1 - it would make my life today soooo much easier. But, since I didn't plant that apple tree on day 1 - I decided that I want to taste that fruit soon - so I've prepared the garden and will plant the seeds for my improved business starting 09/01/2009.
Apple pie, you will soon be mine!
Monday, August 24, 2009
Friday, July 31, 2009
Letting loose with the $$$
If you're an optimist, the news is giving the appearance that we're at the end of the recession and will be turning back to growth by 3Q09 or 4Q09.
If you're a pessimist - well, lighten up! You're going to stroke out or something. Eat a cookie.
One thing that I've done over the last 6 months that my competitors have not is spend money on marketing. Print media, online media, website updates, etc. Some cash here and there to keep my business in the view of my target demographic.
It works - but you have to track it. Most people who don't believe in marketing are likely those who spent money without thought to target audience or tracking. Then complained that it was money washed down the drain.
Well, I'm starting a new method this month. Direct Mail.
I've printed up 6000 postcards, I have a demographic list pulled for my target audience and will mail two separate groups of 3000 (the same 3000 homes). One at the end of August promoting our back to school programs and a mailing 4 weeks later promoting Fall registration.
Notice that I'm sending two postcards to the same 3000 homes rather than 6000 homes in one shot? Well, I'm doing that because approixmately 3043 homes met my demographic criteria. By sending two mailings, for those that I don't lock in immediately, I'll have planted the seed for future calls (Christmas, Spring Registration, Summer Camps, etc).
This direct mail, in addition to my print and online ads, is a big hit on my income. Tracking will be critical. If my ROI is met and exceeded, I'll continue this method of mass saturation to the target demographic.
If it fails to deliver - I'll have to figure out how to tweak it. After all, if you don't advertise at all, how will anyone ever hear about you?
If you're a pessimist - well, lighten up! You're going to stroke out or something. Eat a cookie.
One thing that I've done over the last 6 months that my competitors have not is spend money on marketing. Print media, online media, website updates, etc. Some cash here and there to keep my business in the view of my target demographic.
It works - but you have to track it. Most people who don't believe in marketing are likely those who spent money without thought to target audience or tracking. Then complained that it was money washed down the drain.
Well, I'm starting a new method this month. Direct Mail.
I've printed up 6000 postcards, I have a demographic list pulled for my target audience and will mail two separate groups of 3000 (the same 3000 homes). One at the end of August promoting our back to school programs and a mailing 4 weeks later promoting Fall registration.
Notice that I'm sending two postcards to the same 3000 homes rather than 6000 homes in one shot? Well, I'm doing that because approixmately 3043 homes met my demographic criteria. By sending two mailings, for those that I don't lock in immediately, I'll have planted the seed for future calls (Christmas, Spring Registration, Summer Camps, etc).
This direct mail, in addition to my print and online ads, is a big hit on my income. Tracking will be critical. If my ROI is met and exceeded, I'll continue this method of mass saturation to the target demographic.
If it fails to deliver - I'll have to figure out how to tweak it. After all, if you don't advertise at all, how will anyone ever hear about you?
Wednesday, June 3, 2009
Synergy - Part Two
Hi there...
If you've browsed through the bulk of my 5 or 6 posts (humor attempt), you likely saw a post about Synergy and your business.
That relationship is still going strong. His business is doing absolutely fantastic ... to the point of his purchasing his own advertising - which brings additional customers into my studio at no cost to me.
Well, I stumbled upon another business idea that I would not have thought of had it not happened out of necessity.
My daughter turned 13 last April. Instead of having two separate parties for both sides of the family, we wanted one, big party. We decided to have it at the studio because we could crank the music for the girls, have a nice quiet area for the grandparents and plenty of room for the kids to have a great time.
Here is the interesting part ....
Even though the closed sign was up, with all the lights on and the music playing, people kept coming into the shop. When I explained we were closed due to having a party, three different customers asked how much we charged for birthday parties.
DING DING DING DING - the proverbial light bulb going off - DING DING DING
In reasearching my market, I found that private, themed birthday parties fetch $250-$500. Additionaly, there were very few choices for boys. Most themed parties were princess parties, tea parties, etc.
So, after some internet research, I developed a music themed party - One for boys built around Guitar Hero and one for Girls built around American Idol.
So, we're now doing birthday parties at the studio on Saturday's. And you know what? It is a great recruiting tool for new students. The kids come in, we have cool music going, we have Guitar Hero or Karaoke hooked up, we have the lights and the fog machine going and a cool vibe happening.
By the end of the party, most of our studio brochures are in the hands of the kids/parents for private music lessons.
So, not only am I bringing in additional revenue with the parties, I'm also keeping our teachers booked with a steady stream of new students - made even more important that we're now in our slow season, summer.
So in conclusion, keep your business radar on at all times for new ideas. You'll never know when something will come up that will take your business to the next level.
Until next time, work hard and best of luck to you!
If you've browsed through the bulk of my 5 or 6 posts (humor attempt), you likely saw a post about Synergy and your business.
That relationship is still going strong. His business is doing absolutely fantastic ... to the point of his purchasing his own advertising - which brings additional customers into my studio at no cost to me.
Well, I stumbled upon another business idea that I would not have thought of had it not happened out of necessity.
My daughter turned 13 last April. Instead of having two separate parties for both sides of the family, we wanted one, big party. We decided to have it at the studio because we could crank the music for the girls, have a nice quiet area for the grandparents and plenty of room for the kids to have a great time.
Here is the interesting part ....
Even though the closed sign was up, with all the lights on and the music playing, people kept coming into the shop. When I explained we were closed due to having a party, three different customers asked how much we charged for birthday parties.
DING DING DING DING - the proverbial light bulb going off - DING DING DING
In reasearching my market, I found that private, themed birthday parties fetch $250-$500. Additionaly, there were very few choices for boys. Most themed parties were princess parties, tea parties, etc.
So, after some internet research, I developed a music themed party - One for boys built around Guitar Hero and one for Girls built around American Idol.
So, we're now doing birthday parties at the studio on Saturday's. And you know what? It is a great recruiting tool for new students. The kids come in, we have cool music going, we have Guitar Hero or Karaoke hooked up, we have the lights and the fog machine going and a cool vibe happening.
By the end of the party, most of our studio brochures are in the hands of the kids/parents for private music lessons.
So, not only am I bringing in additional revenue with the parties, I'm also keeping our teachers booked with a steady stream of new students - made even more important that we're now in our slow season, summer.
So in conclusion, keep your business radar on at all times for new ideas. You'll never know when something will come up that will take your business to the next level.
Until next time, work hard and best of luck to you!
Friday, April 24, 2009
Things I "Hate" about running my own business!!!
So, there is no doubt that I love what I do! Since I left at&t, I have not worked a single day. I love it!
But...
Here are some things that I hate about running my own business...
1. People that spit their gum in the urinals! Do the think it will dissolve in a flash and just melt down the drain? No folks, I have to pick that out of the urinal. Thanks!
2. People that pull their old, crusty band aids off and throw them in the floor! Again, is the "band-aid fairy" going to come along and pick it up? No, it's the owner/head janitor that has to pick it up. Ewwwww....
3. Kids that absolutely go insane and tear the place up. I'm talking about siblings that come to their brother/sisters lessons. They run, scream, run, knock things over, tear posters off the wall. All while the parent watches and let's them do it. Home training folks, make those kids behave.
That's all for now. I'll post a few more soon!
But...
Here are some things that I hate about running my own business...
1. People that spit their gum in the urinals! Do the think it will dissolve in a flash and just melt down the drain? No folks, I have to pick that out of the urinal. Thanks!
2. People that pull their old, crusty band aids off and throw them in the floor! Again, is the "band-aid fairy" going to come along and pick it up? No, it's the owner/head janitor that has to pick it up. Ewwwww....
3. Kids that absolutely go insane and tear the place up. I'm talking about siblings that come to their brother/sisters lessons. They run, scream, run, knock things over, tear posters off the wall. All while the parent watches and let's them do it. Home training folks, make those kids behave.
That's all for now. I'll post a few more soon!
Monday, March 16, 2009
Synergy and your business
Synergy
The interaction of two or more agents or forces so that their combined effect is greater than the sum of their individual effects.
Hi again.
Here's a two sentance update to get you up to speed on where I am...
Despite the tough economic times, we're growing. Revenue and profit are both up, and all in all, we're doing well.
Now, here's the latest addition to my business, a instrument repair technician.
At the end of last year, I received a solicitation to rent space in my studio by a person who wanted to set up an instrument repair shop. We negotiated terms in November, had a plan to set up the shop in December and go live in January.
Well, that fell apart. The guy was flaky and with my red flags going up all around me, I called him to tell him that the deal was off.
As soon as I made that call, here comes another guy wanting to do the same thing. But there was something different about this guy.
He had a business plan...
He wanted to work 6 days a week (as compared to just one day for the other guy)...
He had excellent ideas for using our space after our talk and walk through...
So I decided to give it one more shot.
We worked up an agreement in which I was to charge him more per month than the first gentleman and he cut me a check that day (01/06/09) for his rent. The very next day, we were setting up his space and he was in business within 5 days.
Now, this guy is serious about his business. He went out, busted hump and picked up repair contracts for several of the large music stores in town. He turned a $1500 profit his first month and has improved month over month.
So, I get additional revenue each month from his rent, but more importantly, we are now picking up several new students each week from his walk-ins. These are people that had no intention or thought about taking lessons until they came in and saw our studio. As they're waiting to get their instrument repaired, or pick it up, we'll chat them up about lessons, take them on a tour of the studio (which is a major selling point based on our space and programs) and usually pick up 1-5 new students per week just from the repair side of the business.
On the flip side, we're keeping the repairman in business with all our students and teacher repairs. So both of us are benefiting well from the business agreement.
In your own business, look for ways to partner with others that are in the same field but different enough from your business model to be non-competitive. By establishing a partnership, both parties could benefit. And with the tough economic times, there is strength in numbers, no?
Until next time (whenever that is) ... Best of luck to you!
The interaction of two or more agents or forces so that their combined effect is greater than the sum of their individual effects.
Hi again.
Here's a two sentance update to get you up to speed on where I am...
Despite the tough economic times, we're growing. Revenue and profit are both up, and all in all, we're doing well.
Now, here's the latest addition to my business, a instrument repair technician.
At the end of last year, I received a solicitation to rent space in my studio by a person who wanted to set up an instrument repair shop. We negotiated terms in November, had a plan to set up the shop in December and go live in January.
Well, that fell apart. The guy was flaky and with my red flags going up all around me, I called him to tell him that the deal was off.
As soon as I made that call, here comes another guy wanting to do the same thing. But there was something different about this guy.
He had a business plan...
He wanted to work 6 days a week (as compared to just one day for the other guy)...
He had excellent ideas for using our space after our talk and walk through...
So I decided to give it one more shot.
We worked up an agreement in which I was to charge him more per month than the first gentleman and he cut me a check that day (01/06/09) for his rent. The very next day, we were setting up his space and he was in business within 5 days.
Now, this guy is serious about his business. He went out, busted hump and picked up repair contracts for several of the large music stores in town. He turned a $1500 profit his first month and has improved month over month.
So, I get additional revenue each month from his rent, but more importantly, we are now picking up several new students each week from his walk-ins. These are people that had no intention or thought about taking lessons until they came in and saw our studio. As they're waiting to get their instrument repaired, or pick it up, we'll chat them up about lessons, take them on a tour of the studio (which is a major selling point based on our space and programs) and usually pick up 1-5 new students per week just from the repair side of the business.
On the flip side, we're keeping the repairman in business with all our students and teacher repairs. So both of us are benefiting well from the business agreement.
In your own business, look for ways to partner with others that are in the same field but different enough from your business model to be non-competitive. By establishing a partnership, both parties could benefit. And with the tough economic times, there is strength in numbers, no?
Until next time (whenever that is) ... Best of luck to you!
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