Tag: how to start a business

Why it is so valuable to be shallow.

The single greatest challenge of entrepreneurship is finding a way to get clients to buy what you are selling. It is the pass-fail measure of business success. You either sell things or you don’t. Not even Kellogg’s can sugar-coat this. Close simply doesn’t count.

When I first launched my advertising and idea agency, The Weaponry, I wanted to make it easy for potential clients to engage in a small project with no long-term commitment. Because I knew that if clients tried a small project with us they would like the results and come back for more. It’s the same technique used by razor blade companies, crack dealers and Pringles.

Under No Pressure. (Ding Ding Ding Digga Ding Ding)

In my business development discussions I started talking about our engagements like swimming pools. I told prospects, ‘If you know you want to commit to a serious engagement with us, you can cannonball into the deep end of the pool right away. But if that is not how you want to start, and I don’t blame you if you don’t, we have another, more customer-friendly approach.’

Testing the Waters

I then invited all prospective clients to think about working with The Weaponry like walking into a zero-entry pool. Which means that if all you want to do is get your toes wet with a tiny project, we’re up for that. And if you like the way that feels you can go a little deeper, say, to your ankles. If that goes well you can proceed deeper and deeper, until you’re in up to your knees, your nethers, or your eyeballs.

Along the way we found that clients loved this no-pressure, earn-your-depth approach. It has been instrumental to our growth and business development efforts ever since.

A Business Is Born

I was reminded of our zero-entry pool approach a couple of months ago when my wife and I went to see the movie A Star Is Born, a movie that also started slowly, and took 10 years to make. The signature song of the movie is Shallow, by Lady Gaga and Bradley Cooper. On Sunday night Shallow won the OSCAR for best song.

When I first heard the song it reminded me how The Weaponry came to life in the shallow waters of low commitments and small projects. But one line in particular stands out to me every time I hear the song. It’s at the end of the chorus when Lady Gaga finishes with the line ‘We’re far from the shallow now.’

Getting Deep

This entrepreneurial journey I am on with The Weaponry is far from the shallow now. Today the business has major commitments from major brands. We have deep-end-of-the-pool retainers. And while we are still happy to have clients engage with us for projects that are measured in the hundreds, most of our client engagements now are measured in the hundreds of thousands of dollars annually. And our total revenue projections are measured in millions.

By March 1st we should take possession of our second office in a second city (not the improv theater troupe). We have 18 active clients that span from Florida to San Francisco. And I attribute much of the depth of our current success to starting in the shallows. The shal-lal-lal-lal-lal-lal-lows.

Key Takeaway

Great big things start as great small things. The key is to get going. If you are thinking about creating a business, a habit or a movement, start by asking for a small, easy-to- make commitment. If the first small step is a success, take another step forward, into deeper water, with even greater results. Small step by small step you will make steady progress. Before you know it you’ll find yourself far from the shallow. And thankful you took that first small step that started it all.

Starting your own business is as easy as getting pregnant.

It is easy to talk about starting your own business. I started talking about it within the first year of landing my first job in advertising. I have heard countless colleagues and friends dream about starting their own business over the years. But few have done it. Last year I started my own advertising and idea agency called The Weaponry. I also started this blog to share my learnings about the process.

So, what have I learned?

Most people think that starting a business is really hard. It is not. It is actually pretty easy.  In fact, as the title of this post suggests, it is as easy to start a business as it is to get pregnant. And for many people it’s actually way easier.

How to get pregnant.

To get pregnant you simply need two people to agree to a somewhat awkward exchange. One time. That’s all. And boom, your pregnant! You don’t need foreplay or formality. You don’t need to be experienced or even be particularly good at it.

Starting a business works the exact same way. Two people agree to a very basic, if not awkward initial exchange. They connect a problem and a solution. And when the money changes hands you have a business transaction. Once you have created a business transaction, even a micro-transaction, you have started a business.

The rest of it is romance. Window dressing.

Congratulations, it’s a business!  Now what?

Once you have made that exchange (become pregnant or started a business) you can figure out what to do next. In fact you don’t have to do much. You don’t have to be a good business owner, or parent. Certainly there are many parents who make their greatest, if not only contribution at conception.

You don’t have to get married to have children. And you are not required to make your business official by creating a separate business entity. It can remain a sole-proprietorship.

Sole Proprietorship

Income and losses are taxed on the individual’s personal income tax return. This is the simplest business form under which one can operate a business. It aint even a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.    -Entrepreneur

Remember, the pass-fail question here is, ‘Did you exchange a product or service for money?’ Once you have done that, you have a business, whether you claim it or not. Putting a lot more energy into the business is up to you. You get to decide what kind of parent of owner you want to be.

Conclusion

Stop thinking it is so hard.  Stop thinking you have all sorts of prerequisites to starting a business. You don’t. You don’t need any foreplay at all. You just need to play. And if you like it, the after-play is where you can develop the business further.  You have time to figure all of that out as you go.

But if you really want to start a business just take that first small step. It’s really not that hard.

If you know someone who has been talking about starting a business forever, please pass this post along to them. And if you found a bit of value in this post yourself, please consider subscribing to my blog.