Innovation for Small Businesses
Start and grow a small business that profits: Innovate
Thinking about starting a small business or have you already started one?
If so, congratulations!
You’ve joined or will join a club of more than 600,000 Americans that start small businesses each year. Sadly only half of those will be in business five years from now. Truth is a small business goes bankrupt every day in every work hour in America, but don't let that get your entrepreneurial spirits down. Many small businesses thrive. Stay with me and I'll show how you can join an elite club of successful entrepreneurs. Before we go there have a look at the statistics below;
Starts and Closures of Employer Firms, 2005-2009
Why the bad news?
The numbers are grim and gruesome, but you need to understand the threat in order to embrace the opportunity. Pie-in-the-sky hopes will not get your business where it needs to be to be successful but a clear vision and strategy will.
According to the Small Business Administration there are currently more than 27 million small businesses operating in America.
If you want to succeed in business for years to come then you’ll need to stick out among all the new businesses in your industry, as well as the rest of them already in your industry.
Those of us who have been in business for a long time are not going to surrender our market share to you so easily. So if you plan on being a laudable competitor, listen up.
Entrepreneurship is the holy grail of financial freedom.
Besides enjoying all the benefits and potential of what an uncapped income can bring, entrepreneurs don’t have to worry about;
· Getting fired for calling in sick
· Missing their kids soccer games or events
· Working around or with people they don’t like or who don’t like them
Those are just some of the benefits.
Innovate! Be Different! Seize An Opportunity!
Wondering how I know this stuff?
I founded my first company in 1989. At the height of my firm’s success, I employed more than 500 people throughout Mid-Michigan. Not only did I have to give it my all; my blood, sweat and tears, I also had to market and position myself and business differently than my competitors. Most were national companies like Manpower and Kelly Services with large marketing budgets. I committed to mission and refused to let their resources stymy the results I envisioned for my business.
My vision was to employ as many light industrial and technical workers from my hometown as I could, but even that wasn’t enough. Similar firms shared that same vision.
I knew I had to be different. If you want your business to live beyond the five year failure rate then, you’ll have to be different too.
Don't Fall For This Old School Trap That Will Trap You and Rob Your Pocket of Profits
But You Have a Better Mousetrap
What entrepreneur doesn’t think they have a better mousetrap? If they all didn’t think that way why would they be in business anyway?
You’ll need to have more than a better mousetrap to beat the competition, reap profits from your work and create a legacy that will last beyond your years. Politics may be local, but today, competition is global.
You will need to innovate.
Innovation is more than building a bigger mousetrap, that's invention.
Innovation is bringing something new to the market in a new and different way.
The Sounds of Innovation
Innovative products and services make people say and ask things like: “Wow, I didn’t know that? Hmm, why didn’t I think of that? I didn’t know something like this existed? I didn’t know I had this problem? I didn’t know that I could solve this problem like this? Where have you, it or this been all my life?”
Does your product or service do that?
If not, perhaps you should go back to the drawing board.
If I don’t hear those words from a customer, I get really scared. Hearing those words from customers are music to my ears and money in my bank account.
When I launched Industro-Temps in the late 80’s no other agency did what I did. I innovated by introducing “Industro-Vans” to my client companies. Most were manufacturers located in the outskirts of major cities and because of their location they had a hard time recruiting skilled workers to work. If they did find people willing to work they didn't have reliable transportation to get to the work.
And then there was Industro-Temps…providing skilled, background check and experience workers to these firms via Industro-Vans.
It took my national competitors a long time to make a decision about whether to offer such a service. Corporate red tape is something small business owners usually don’t have to worry about. By the time my competitors could respond, I had a substantial market share and my customers loved me, my business and service.
Why would they go back to a national company that couldn’t meet their needs in the first place?
Let Innovation Ring In Your Business
Get Your Business Tuned in to the ChaChing
Innovation is not rocket science; it’s seeing an opportunity and seizing it in a new way differently.
Innovate and join the elite club of successful small business owners that have survived more than 20 years in business.
Stay tuned for more start up and personal financial freedom tips like how I started my first business without going into debt or using my own money.