Beating the Sophomore Slump
Don't let a successful first year distract you from attracting new customers.
Q: How do I protect myself from income fluctuations? When
I started my business, I had so many customers, I didn't have
time for marketing activities. But now I've gone into my
"sophomore slump," and I'm struggling to get enough
business. What's the balance between serving customers and
getting new ones?
A: You're fortunate to have started off with so much
business. But it's important to focus on acquiring new
customers, too. For many entrepreneurs, this means going to
networking meetings, creating and maintaining a blog, making phone
calls, putting out a newsletter, and participating on listservs and
in online forums.
To find the balance you need to keep your business afloat, use
our 5-5-5 marketing formula from our book Getting Business to Come to You.
Initiate five different marketing activities each day. We suggest a
mix of activities, because when you're starting out, you're
not sure what methods will work best. Then, follow through every
day on five activities from the prior day or week. For instance, if
you sent a mailing to someone, follow up with a phone call the next
week.
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To keep business flowing despite the fact that you're busy,
initiate and follow through on five activities per week instead of
five per day. If there's a seasonal pattern to your business,
you'll want to provide other types of services during the down
period. Alternatively, use your lax season for more intensive
marketing, or offer off-season specials.
Authors and career coaches Paul and Sarah Edwards' new
book is The Best Home Businesses for People 50+.
Send them your questions at www.workingfromhome.com or in care of
Entrepreneur.