If I could go back in time and relaunch The Moery Company, I’d make some key changes to my approach.
First off, I’d put more work into my pricing structure. When you first start a business, you are naturally concerned people won’t “buy.” Here’s what I learned: I was so worried people weren’t going to sign up for what we had to offer, I set my prices way too low. I quickly learned you could be working your tail off and still starving to death. It’s also difficult to raise your prices once your clients are on board. So, you need to price yourself for sustainability – it’s critical.
Second, I would put more resources into selling our services. When you launch a business – as the CEO, Founder, or President – you become the #1 salesperson for the company. You’ll be selling more than you’ll be doing anything else – so, embrace that idea. And, if you don’t want to be that person, my advice is to reconsider whether you should be launching the business in the first place. Selling the company takes up 80% of my time, but what I learned is, I need help. I need support.
I didn’t put enough sales resources into the business early on to help sell the company, and we didn’t experience the robust growth I’d anticipated there in the first few years. So, make sure you don’t stretch yourself too thin and hire the help you need.
Third, I would have created a distribution platform for information. If I were rolling out today, I’d spend 80% of my time on distribution channels like Facebook, Instagram, LinkedIn and YouTube to launch all of our content. The telephone that most people consume their information is the remote control of our lives. I’d rather be pushing our message on social media than spending time building out a website. No one is sitting in front of a computer looking up websites anymore. Social media would be my #1 focus for promoting my business.
Finally, I would have spent much less money on real estate or office space. The people who want to work for you now – coming to the office is less important to them. Workplace flexibility is a top priority for these folks. Employees certainly want a place to hang their hat from time to time, but today’s organizations spend an incredible amount of money on building out these incredible office spaces just to keep people inside of them.
That’s not where people want to be. In fact, we have a great deal here at TMC in Alexandria, and I love it. On any given day – out of our 12 staffers – we’ll have 2 or 3 people max at the office– and, that includes me.
So, that’s what I would change. Hope these insights are helpful to some of you burgeoning entrepreneurs. Onward!