I’m about to make a statement that you wouldn’t expect from someone providing communications services to organizations. Ready? Here we go: It’s never been more affordable to start your own business and still be extremely competitive.
I’ve sadly been reminded of this as I meet with local entrepreneurs who have sunk thousands of dollars and countless hours of time into websites, advertising, direct mail and branding that has done little for their business other than give their check writers something to do.
This was well illustrated in yesterday’s Daily Worth eNewsletter. It’s my daily reminder of financial prudence and a savvy savings … admittedly, wish I’d had this about 25 years ago, BUT better late than never. A post by Heather Allard titled, “Start Your Business for $500” that originally appeared on The Mogul Mom ran through a scenario that sounded familiar:
In 2004, I started 2 Virtues Inc. to bring my inventions, Swaddleaze and Blankeaze to market. I spent money like a rock star. Out of the gate, I spent:
- $15,000 on a website with a custom shopping cart that didn’t work
- $2,000 for a logo that looked more like a Kama Sutra position than a symbol of safe sleepwear for infants.
- $1,300 on stationery and business cards
- $2,000 on a merchant account setup and monthly fees
- $1,000 on PR leads from ProfNet
- $12,000 on a publicist
- $17,000 on advertising in Pregnancy Magazine
- $4,000 on Google AdWords
$54, 300 … and that didn’t even include product manufacturing. Who did I think I was? Kimora Lee Simmons
And then she goes on to detail how the tide has turned for the entrepreneur with her “5 Things She Would Do Differently” list (click the link for the specifics – GREAT ideas and what we’re recommending here at Pickett & Associates!).
I can’t agree more. Does a “do it yourself” approach to entrepreneurism take money AWAY from Pickett and Associates? No, if anything, my clients know I’m going to steer them in this direction; and, if they’re not comfortable in the role of a “do it yourselfer,” I can do it for them (using the same cost efficient platforms and charging a reasonable hourly rate) as well as connecting them with like-minded, competent, professional LOCAL vendors who can and will be accountable for their work.
Whirlwind Wednesday on tap … I’m heading to the (beautiful) coffee area of the Carmel Library to meet with a potential client this morning (by the way NOT the library discussed in last week’s blog!), then a Woman Business Enterprise (WBE) workshop this afternoon with collaborative partner, White-Hot Marketing. A sunny day, a happy tune, a positive attitude … who could ask for anything more?