Survival of the Fittest
Meet an entrepreneur who has survived the struggle of starting a business, and find out what you need to survive, too.
URL:
http://www.entrepreneur.com/magazine/homeofficemagcom/2002/november/57278.html
Surviving as a woman in a male-dominated industry wasn't
always easy for Mary Ellen Sheets, who started Two Men and a Truck,
a moving company, out of her home in 1985. Associations
mysteriously raised their rates when she tried to join, and her
competitors constantly reported her to the Michigan State Police
Motor Carrier Division for no good reason. Despite the opposition,
she was able to succeed by "just ignoring it and focusing on
our customer," says Sheets.
Sheets took a grassroots approach to marketing by distributing
fliers anywhere from laundromats to apartment complexes'
leasing offices. Her thick skin and hard work have paid off
(see Survival Tip #6, below). The company--with
her daughter, Melanie, now at the helm--now has 117 franchises and
expects sales of $100 million this year.
As Sheets can testify, it's a jungle out there. Being in
business these days requires some heavy-duty survival tactics. To
help you navigate, we've compiled a list of 10 homebased
survival tactics, with the help of John Rarrick, president of
Rarrick Business Solutions, a management and marketing consulting
firm in Nyack, New York, and Kenton Thomson, general manager of
CFSE Business Services, an accounting and business consulting firm
in Winter Park, Florida.
| | RESOURCES
- Leap of Strength: A Personal Tour
Through the Months Before--And Years After--You Start Your Own
Business (Silver Lake Publishing) by Walt Sutton
|
| |
1. Get a line of credit when you don't need one,
since emergencies don't announce themselves.
2. Double the amount of time and money you spend on
training yourself and/or your staff, so you'll be covered when
the economy picks up.
3. Have a well-thought-out, 3-year business plan before
embarking on a business adventure.
4. Create standard operating procedures for your business
and document them in a manual, so your employees can follow
them.
5. Shine the light on your business by hiring a good PR
firm and looking for every possible media opportunity to publicize
your business.
6. Develop a thick skin--you'll need it
to protect your self-esteem when customers say
"no."
7. Pay attention to the competition, making sure your
product or service is at a safe distance ahead, and that you
don't lose your spark!
8. Ply your customers with great service so you'll
have something to build on even when times are tough.
9. Constantly reevaluate your product or service
offerings. Reengineer every aspect of the process and continue
to improve quality, profitability and market receptivity.
10. Don't forget to call your CPA, your attorney or
anyone else who can help you deal with an emergency.
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