the Free Hypnosis Social Network
Best & Worst Business Decisions
I have to admit, when it comes to business savvy, I'm not exactly a "Donald Trump". If it were a perfect world, I would have someone else look after my books, marketing, client relations, etc. However, a perfect world, it is not. Therefore, I'm curious to hear about some of the lessons learned by others. So, if you don't mind sharing...If you could name your worst, and as well, your best business decisions, what would they be? Ideally, I'm looking for feedback from other stage hypnotists, but I'm also curious to hear from hypnotherapists, as the topic of business management applies to all of us.
Tags: best, business, decisions, management, worst
Replies to This Discussion
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Permalink Reply by Donna Carter on -
One of the best decisions... I bought QuickBooks! and read the book (~with a bit of one of my friends help ~ so I could use it). By far, the best 'business' decision because the area of lacking (for me) is how to keep records. I'm more of a right brain, artsy type. I am capable of keeping books... but I don't like it (procrastination tends to rule me in this area).
However, after I got QuickBooks and with a tutorial on how to use it, it is actually...kind of fun and I no longer have to worry about that part of things. I love it!!
My worst decision... is basically not realizing that the world is just sitting there waiting for me to say, "hey...here I am."
After twiddling my thumbs for a good long while, wondering "am I good enough", "will I look stupid when I approach them to advertise my services", "what should I do?"...etc. etc. ~ I spent a great deal of time doing this ~ to then find out that by JUST DOING IT - you find out that they needed/wanted you but didn't know you where there. It is mind boggling and causes a bit of self reprimanding for not DOING IT sooner.
~~D.
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Permalink Reply by the grumpy hypnotist on -
Many bad decisions but here are a couple that stick out in my mind:
1. Yellow Pages -- boy did they stink. Or at least my ads did. Plus the folks who got in touch via YP were really not my ideal clients. Plus the YP rep threatened to take legal action against me if I did not meet her for lunch when I told her I didn't want to renew.
2. Spending cash (or even worse using credit) on stuff that I didn't need. Now I've conditioned myself to feel great whenever I can turn away from something with no possibility of ROI and muttering to myself "Don't need it. Don't need it."... like Ratzo Rizzo from Midnight Cowboy.
Reading your post I notice you mention in a perfect world you would have someone else look after your marketing? I think that needs to be your main business, not the technical work you do. In fact that is the single best business decision anyone can make, I think - to decide that their main role is to be a marketer of their services (since that is the way to provide most benefit and value to the most number people anyway).
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Permalink Reply by Susan French on -
Hi Buzz,
I've been in business for myself most of my adult life. In the end, I've ended up being successful unless I decided that the business I chose wasn't really for me. Here are some things I've learned:
1. Don't spend more money than you can afford to not get back for 6 months or so. Businesses don't pay for themselves immediately.
2. However, you do need to spend some money. Spend it wisely, asking yourself this question: how necessary is this expenditure at this time. For instance, I believe that business cards reflect who you are. They should be professional looking, neat, invoking confidence in the possible client. They don't need to have a $1000 design nor be printed on 1/4" thick embossed card stock.
3. My biggest downfalls have come, I think, from trying to do too much too fast and in spending more money than I could afford to wait for to come back into my cash flow.
4. Businesses take time to evolve. It's kind of like a dance: you do a little and you observe the results. Then you do a little more and observe the results. That way you don't crash and burn and you give yourself time to autocorrect when an idea doesn't pan out the way you expect.
5. Another quality I have that has served me well is that I ask tons of questions and I read a lot about how to accomplish things. This way I can avert a lot of expensive decisions.
Good luck
The other thing that you might need to think about is that at some point, you're not going to learn any more until you step out and make your mistakes. And then you adjust from there.
Susan
www.hypno4success.com
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Permalink Reply by Buzz Collins on -
LOL...Ya, so far I'd have to say that second one of yours is also my biggest regret. I blew a bundle right out of the gate on sound and lighting equipment that I'm still paying for. I've had the stage lights for 2 years and have not used them once. Almost every venue I play either has their own - or if they don't, the client isn't interested in paying a lttle extra for the cost of me hiring someone to assist with their set-up and operation.
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Permalink Reply by Buzz Collins on
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Donna, you and I were cut from the same cloth apparently. I am also somewhat of a procrastinator and extremely right brain. I've also similarly experienced that the business is out there for the taking - I just had to get off my a$$ and do it! Thanks for the feedback!
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Permalink Reply by Buzz Collins on
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Susan, thanks for advice - much appreciated! I wish I had consulted you a couple years ago (see my reply to "the grumpy hypnotist".) Fortunately, things are getting much busier these days and we're quickly moving from the red to the black.
Buzz
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Permalink Reply by Katherine Zimmerman on
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I tend to be somewhat impulsive so to avoid making decisions on the spot that I might regret, I tell everyone that I'll think about it for a few days and then give them my answer. That also applies to responding to emails with complaints. My goal is to respond rather than react. It works very well when I remember to do it!
Paying a webmaster to design and update a professional website has been a good decision (money well spent). A good part of my business comes from an internet search. People are more likely to call if they are impressed with my website.
Katherine
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Permalink Reply by Eric G. Schneider on -
Worst decision: take care of my own books/accounting etc..
Best decision: Hiring an accountant to take care of it all and send me a monthly spreadsheet for course correction
Worst: Doing everything myself, making appointments, etc....
Best: Hiring someone else to do all of that for me
Worst: Sitting around waiting for the phone to ring
Best: getting out there and making great stratigic alliances by creating amazing relationships with those that I can refer to as well as refer to me.
Worst:Trying to make and create my own marketing materials
Best: Hiring www.ssqaredstudio.com to do it for me.
Worst: investing in endless training
Best: invest in specific training and then invest in learning about practice management and business.
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Permalink Reply by Eric G. Schneider on
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More:
Worst: not knowing the difference between an investment and an expense.
Best: learning that difference: investments have a return, either more money or more time so that you can make more money.
Worst: treating anyone with a pulse and a check book
Best: pre screening clients..
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Permalink Reply by James Malone on -
Worst:: most paid advertising, really poor ROI and tended to make me lazy in pursuing what ended working for me.
Best: Learning how to do my own website, publishing an online newsletter for the past 10 years (it has really helped to build some important connections), writing and publishing self-help ebooks, developing a referral program so my clients know how to refer and have an incentive to do so, postcard mailings to past clients 3-4 times a year, public speaking whenever the opportunity presents itself, subletting office space from a mental health practice.
Worst: The dollar spent on my hypno-coin, it didn't work and they wouldn't give me money back!
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Permalink Reply by Bonnie Robinson on -
James would you be willing to share how your "referral program" works?
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Permalink Reply by Bonnie Robinson on
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Best: Joining this site (grin) well I just had to didn't I
Best: Quick Books suggested by our accountant. My husband handles all our accounts for both of our business's but he does it all in Quick Books then at the end of the year we save it all to the flashdrive and take it to our accountant. It has saved us tons of headaches and money. My husband is one of those people he gets things down to the last cent when balancing where as I'm happy if I'm even within the ball-park.
Best: Know your strengths ..see above (grin)
Middle of the road: Yellow Pages - I invested in these this year but I do not believe I will be doing it again. For my husbands business they have worked wonders, he is a Handyman, so I thought they would for me as well but in the last 6 mths I have not had one call from them. This year I am going to take the money and invest somewhere else but not sure where.
Worst: Local health food store that had places for fliers outside. Paid $160 for 6 mths and didn't get one call.
Best: Got an actual office rather then try to work from my home.
Worst: Probably like so many of you not having full confidence in myself. So not getting out there and pushing it.
Best: Realizing the above and working with myself on it and committing myself to changing that.
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