In today’s episode of the ThriveTime Show business coach Clay Clark is going to be answering real questions from Thrivers all over the world. We will be getting into topics like what you should be looking for when opening a new brick and mortar location and advertising when running a small business.
Things to Think About Before Opening a Physical Location
Question – “I have been doing bootcamps outside and this has become a limiting factor. I have $80,000 saved, but I need to know what things I need to consider before opening a store?” – Fitness Trainer and Thriver
Look up the company “Burn Bootcamp” in Jenks, Oklahoma
Google Maps Registry
Women work – therefore they need childcare
People want consistency
Conveniently located – Be empathetic with your ideal and likely buyer.
Must show how you compete (Stack up0 versus the competition
Must have all of your contact info
Testimonials from real clients
Teardrop (feather) signs out front
Sign Flipper waving at cars as they drive by
Red and white banner flags hanging from your building
You must mystery shop your top 3 competitors
Look for something great that they each do
Look for something obviously terrible that they are doing
Advertising for Small Business 101:
Question – What percentage should you invest into advertising?
5% if you are a sain and reasonable business owner.
10% if you are an aggressive business owner.
Question – Of that advertising budget how should it be split up?
Create a 3-legged marketing stool focused on your ideal and likely buyers.
Elephant In The Room –
VALPAK Mailers every month
Targeted digital advertising
Define. Act. Measure. Refine.
Question – How big should you be, or when is the point that you move from only advertising to generate leads/jobs to advertising for the purpose of branding?
NOTABLE QUOTABLE – “Marketing is a competition for people’s attention.” – Seth Godin (Best-selling author and the founder of the Yoyodyne which he sold to Yahoo for $30 million)
Dealing with Emotions in Business:
Question – If you are a naturally emotional person, how do you turn it on and off to have a clear business head?
NOTABLE QUOTABLE – “You are the average of the five people you associate with most, so do not underestimate the effects of your pessimistic, unambitious, or disorganized friends. If someone isn’t making you stronger, they’re making you weaker.” – Tim Ferriss (Successful author, investor and best-selling author of The Four Hour Work Week)
You must be intentional about about who you are spending your time with.
Stoicism 101 –
DEFINITION MAGICIAN Definition of Stoicism – “The endurance of pain or hardship without a display of feelings and without complaint.”
Feelings That You Can Display-
Feelings That You Cannot Display
Talking down to people
Creating the Time to Call Your Leads
Question – How do you follow a rigid schedule while also making sure that you follow up with your leads as quickly as possible?
NOTABLE QUOTABLE – “To enjoy life, you don’t need fancy nonsense, but you do need to control your time and realize that most things just aren’t as serious as you make them out to be.” – Tim Ferriss (Successful author, investor and best-selling author of The Four Hour Work Week)
The goal is sustainably.
ACTION STEPS –
Step 1 – Put it in the schedule – You must schedule in your F6 Life
Step 2 – Turn your phone off
Step 3 – Make a list of activities to punt out of your schedule.
Mindless Conversations About How I Feel or Things I Can’t Control
Kill Gotta’ Minute Meeting
Don’t Respond to Emails
Unless They Are a Customer
Unless They Are a Potential Customer
Step 4 – Block time on your schedule to make sales calls
Print off leads and make sure you are using a 3 tiered bin system (wire rack)
Label the bins
Ask yourself “What are you saying “no” to?”
Story – Calling in route to Faith Highway and Oklahoma State University (Okmulgee)