Where’s Your Potential? – It Might Be Closer Than You Think
Written by Jennifer Layman, Small Business Strategist
Jennifer Layman is the founder of Forward Thinking Consulting, a strategic advisory firm for small business. She is an engaging speaker and author of the entrepreneurial marketing book, Forward Thinking For Your Business. A strong competitor, she draws on her experience in professional golf to create ways her clients can win, over and over again.
There are three words in my business that either bring a smile to my face or tears to my eyes: so much potential. Either a business recognizes they have so much potential and they’re ready to get to the next level, or the business opts to stay in the status quo and so much potential goes undeveloped. It’s not an easy decision as a business owner to know what to do because it requires a bit of faith; there is no guarantee that anything you do will give you the result you want. However, there are ways to tip the scales in your favor if you can recognize the potential.
Choose your competition
I worked with a business that was looking to grow from a side hustle to a full-time operation. They had initially run the side hustle by selling to local people, but when they focused on growing the business, they suddenly found themselves competing with national brands in the retail space. The family had invested a lot of money to compete like the national brands, but they didn’t have the budget these massive companies had for promotion and packaging, so it just didn’t work. They lost a lot of money and didn’t advance their goal.
It was not a unanimous decision to seek me out. Some of the family felt I wouldn’t know much about competing nationally, being from a small town. They wanted a consultant from a major city to help guide them. The problem was, they couldn’t afford it.
We met, and I asked them about the business goal they had in mind for revenue. Specifically, how much did they need to make to have a full-time business? They didn’t know. “More than we have now. A lot more,” said one of the family members.
I explained that there were many ways to grow the business into a full-time operation, but we had to know what that looked like to map out a plan to get there. Three of the family members dismissed the idea. One, the most dedicated of the family members in the business, saw the value. She did some thinking and came up with a number.
How to recognize potential
She hired me to work with her; the other family members opted to be uninvolved. She was determined to make the business work, and she felt that my advice so far had been valid.
We put our efforts into finding a niche market for her product, a market that was also available locally. This strategy came about because she didn’t have the money or resources to compete nationally, and to reach her goals, she didn’t have to. A niche market, which could grow over time, would get her to where she wanted to go. Although she was a little reluctant, she agreed to try.
It took a year and a half, but she built a full-time business. Within two years, she had expanded. It cost her less money in marketing and operations, and the big national brands in her space became irrelevant. They weren’t interested in niche markets.
Three things to think about
Potential may exist in your own backyard; you just might need some help to recognize it. Here’s what helped my client capitalize on her niche market opportunity:
Know the numbers. Guessing is an expensive option in business. Know the financials behind what you want to do and what it will take to do it before you make any decisions.
Maximize your assets. Every business has strengths, even in the face of huge corporate competition. The way the big companies do things is not the only way they can be done. Small businesses have assets, use them to their fullest potential.
Commit to the goal. When you change your focus to what you want, and you start looking at things from a successful outcome, you begin to see opportunities that you didn’t notice before. Changing your focus can change your path.
Look beyond the obvious
As a marketing expert, I appreciate the work that goes into creating the image of an industry leader. Most brands want to be known as “the brand,” and they invest a lot of money into achieving that persona.
Also, as a marketing expert, I value building an opportunity that can grow your business the way you want to grow and give you everything you need to live the life you want.
Learn real-life examples of these and other business marketing solutions in the book Forward Thinking For Your Business. You can also reach out for 1:1 consulting on developing a marketing plan to scale your business.
It can be hard to see your own potential at times, so an outside perspective can often be the difference between reaching your goal and abandoning it. Give your business the best opportunity to explore potential.
Read more from Jennifer Layman
Jennifer Layman, Small Business Strategist
Jennifer Layman is a speaker, author, and strategist for small businesses. For 20 years, Jennifer has been at the helm of Forward Thinking Consulting, working with businesses and entrepreneurially-minded organizations to develop strategies that drive results. Jennifer draws on her experience in professional golf to bring elite performance techniques to small business owners around the world.
