Chasing tail

Hello everyone. This is my second visit to this site (first was yesterday). I came here searching for ideas and direction. I have tried and researched many different types of ideas and business opportunities. I have my hand in many different pots. I market bird hangers, I am technical recruiter (for a living), I rehab homes and rent them, I am pursing waste consulting (reducing companies disposal bills) and I am still not happy or have found my niche. Some of this is related to my personality, which as I have become older (35)makes it harder for me to overcome. I make a okay living doing what I do and I have lost the ability to be patient enought to start small in my ventures (small rewards vs. big rewards). My biggest problem is "PATIENTS". I feel like I am so far behind, that I need to make a quick score to validate the many years of my pursuit for the one thing that will make me happy in my business endeavors. I need immediate gratification and I need direction. Someone or something that will show me right away if I on the right track. That can be in the form of money or personal advice. I have been on my own for a long time and have always been self sufficient. I know though that I need more and have yet to find that person or thing that will fill this void. I work from home and everyday I get my twin boys ready for daycare and I drop them off and then I have anxiety over what I am going to accomplish today that will put everything in order for me. I do this every day and after a few years this really wears on you. Will someone send me some seeds of widsom or something that has worked for them? I do not know how much longer I can keep chasing my tail. My entrep. drive is becoming a anvil around my neck that I can not get rid of to accomplish what I am trying to find. Also, don't let me get my copy of Inc. Mag. in the mail and read all about the successful businesses and people who run million dollar companies in their PJs. Then I really freak our and start searching for my niche in triple time. This is my dilemma (please excuse any spelling...no spell check here)

Jake

I think a lot of the folks visiting sites like this are in the same boat.

But let me say trying to find a 'big score' opportunity on the net or in Entrepreneur magazine is like trying to find a needle in a haystack.

Everyone I know that has reached a level of sales beyond $1,000,000 per year or more has started small or by accident (unless they purchased a going concern, which is another topic). And typically it has worked like this:

The entrepreneur starts small with one product or service... then at some point an explosive opportunity opens up (a key competitor closes shop, a new fad starts that causes your product or service to become a 'hot' commodity or what ever) or the entrepreneur suddenly sees another opportunity that has greater potential than what they are already in and with their experience, credit history, work force and contacts are ready and capable of running with the opportunity. I chronicled below how Bush Industries became a powerhouse in the knock-down furniture market. Previously I talked about how Kingdom Inc., www.kingdominc.com became successful selling blank audio tapes. Heck even Michael Dell (as told by Dien) started off selling collectible postage stamps through mail order and parlayed his experience in that business into his mail order computer company. All these success stories started out as different businesses or with different product lines.

Regardless, I don't think 'big opportunities' are going to slap you in the face. Big opportunities are hidden, little opportunities that are well exploited.

I think what you have to do is be willing to try different things for a while... at least until you get to the point of seeing if a real growth opportunity exists. If not, then go on to something else. If it does then do what all successful entrepreneurs do--apply maximum force so you turn this opportunity crack into a chasm. You can't dilly-dally. You can't waste time. You have to go forward with all guns a blazin.

If what you are presently doing does not offer good growth potential you should be looking at other opportunities... You're looking so hard for big scores you aren't likely to see them for what they really are... much smaller, niche opportunities.

Peter Drucker says the 'A-ha, middle of the night' type million dollar idea... isn't very likely. You are much more likely taking a mundane everyday type product or service, giving it additional value in the eyes of the consumer and turning that into a million dollar idea.

Hope this helps,

Mike Winicki

> Hello everyone. This is my second visit to
> this site (first was yesterday). I came here
> searching for ideas and direction. I have
> tried and researched many different types of
> ideas and business opportunities. I have my
> hand in many different pots. I market bird
> hangers, I am technical recruiter (for a
> living), I rehab homes and rent them, I am
> pursing waste consulting (reducing companies
> disposal bills) and I am still not happy or
> have found my niche. Some of this is related
> to my personality, which as I have become
> older (35)makes it harder for me to
> overcome. I make a okay living doing what I
> do and I have lost the ability to be patient
> enought to start small in my ventures (small
> rewards vs. big rewards). My biggest problem
> is "PATIENTS". I feel like I am so
> far behind, that I need to make a quick
> score to validate the many years of my
> pursuit for the one thing that will make me
> happy in my business endeavors. I need
> immediate gratification and I need
> direction. Someone or something that will
> show me right away if I on the right track.
> That can be in the form of money or personal
> advice. I have been on my own for a long
> time and have always been self sufficient. I
> know though that I need more and have yet to
> find that person or thing that will fill
> this void. I work from home and everyday I
> get my twin boys ready for daycare and I
> drop them off and then I have anxiety over
> what I am going to accomplish today that
> will put everything in order for me. I do
> this every day and after a few years this
> really wears on you. Will someone send me
> some seeds of widsom or something that has
> worked for them? I do not know how much
> longer I can keep chasing my tail. My
> entrep. drive is becoming a anvil around my
> neck that I can not get rid of to accomplish
> what I am trying to find. Also, don't let me
> get my copy of Inc. Mag. in the mail and
> read all about the successful businesses and
> people who run million dollar companies in
> their PJs. Then I really freak our and start
> searching for my niche in triple time. This
> is my dilemma (please excuse any
> spelling...no spell check here)

> Jake

Hi Jake,

Thanks for posting....

I dunno if this will help, but here's the way I see business opportunities nowadays.... It's good to solve a problem, especially one that's essentially unsolved for a particular market niche. Of course, it also helps to do something which you enjoy doing as your business too.

If you read Don Alm's posts (you can find many in the archives), you'll notice that often what he writes about are local unfulfilled niches. They are businesses which some people might be doing elsewhere, but not everywhere - which creates a local opportunity to be the only one (or one of the few) doing that kind of business in your area.

There are a LOT of business opportunities around. You can get a sense of that by reading this forum for a while, and also by reading The Great Ideas Letter (which I co-author with Michael Ross). All over the place, there are people exploiting new niches, solving new problems which need solving, and creating successful businesses by doing so.

I'll reveal one fascinating idea which we wrote about in The Great Ideas Letter not long ago. The idea was one being used by a pet store owner in Hong Kong - to rent pets! He rented pets out, with the option to buy. It solved a problem, because people got to "try before they buy" - they could see how the pet got along with their family, and with any other pets they had. They could see if there was a problem with the pet barking, scratching the furniture, and so on - BEFORE they had to make a commitment. He found, after offering his pet rental service, as well as extra income from renting pets, his pet sales went up 500% !

Now, I'm not saying you should go into pet rental - it's just an example of how there can be opportunities right under our noses, so to speak. The idea is not complicated, yet it solves an unsolved problem people have when buying pets. There are many ideas like this.

Anyhow, I hope that helps at least to guide you where to look. :)

Best wishes,

Dien Rice


For more great Business Ideas & Opportunities, check out the Great Ideas Letter... click here

Hi Jake, your post struck a chord with me, as I find myself in a similar position, looking for something bigger. I have come close to a million turnover, with a staff of 2.5. By the time you pay the bills, its not enough, in a product based business, unless you have exceptional markups. At the moment, I work solo from home now, kind of marking time while I bring up my son. But it is time to start building something big. I am casting around for the right levers to pull to get things happening, without forgetting to cover my back side.
I like the idea of building enterprises vertically within an industry, preferably one I understand. Unfortunately the industry I understand best does not have enough potential.

No answers, I'm afraid, but stick around.

Jake:

I'm going to "lift a few things out of your post and them comment on them...

*I came here searching for ideas and direction.

*I have tried and researched many different types of ideas and business opportunities.

*I market bird hangers,

*I am technical recruiter (for a living),

*I rehab homes and rent them,

*I am pursing waste consulting (reducing companies disposal bills)

As I read through your post, I couldn't help but notice how many of these things you do involve you actively doing something to get people to come to you.

You persue waste consulting opportunities, you recruit, you market bird hangers, you look for tenants for your rehabbed homes.

*I am still not happy or have found my niche.

Maybe you need to stop chasing all the things and do something where the people come to you.

Back in March I wrote a post called "Some days I feel an urge to dig holes for a living" and you can read it here:
http://www.sowpub.com/cgi-bin/forum/webbbs_config.pl?read=7440

Let me quote from that post...

...Throughout our lives we try lots of things - sports, hobbies, skills, etc. And we don't let 'fear of failure' stop us - even if we know we won't be any good at it.

So why should it suddenly stop us when it comes to business?

I don't think it does.

The answer is contained in what I wrote at the beginning of this post "I'll experience an undirected, unfocused BURST of action-enthusiasm... that would have me shoot off and dig a hole for money if...

someone should happen to call me and ask me to come dig a hole."

Think about it...

No customer generation. No quotes being given. No sales talk. Just servicing a customer who calls you all on their own.

Ask any tradesman who does repeated sub-contract work for the same contractor. Ask them if they prefer doing the sub-contract work (which usually means the contractor calls them and gives them the new 'job') or getting and dealing with potential customers all the time to find the few real customers.

Ask any lawnmowning guy if he prefers servicing regulars who are on a schedule - he just turns up and does the work - or if he prefers going to see potential customers to give quotes.

From birth we pretty well have everything handed to us on a silver platter. Sure we may have to bug mom and dad to get some things. But we learn that this works and how to 'play it up.'

At school we are spoon-fed everything. Even assignments are given specific topics from specific sources.

We then get a job and are told what to do and left alone to do it.

Then, as Michael Gerber says, we have en entrepreneurial seizure.

But after years of 'doing what we are told' we find the new road ahead hard. We must now generate the customers who will tell us what to do (what they want to buy, etc). But we don't like that bit. We just want customers to come to us out of the blue. And because that's often not possible we then look for shortcuts. An easier way to generate customers without actually having to deal with them.

We often hear 'do what you love and the money will follow' and 'figure out a way to make money from your hobby.' And people try this and it doesn't work.

WHY?

Because when it's a hobby it's their choice. They control it. But as soon as customers come into the picture, then it stops being about what you want and more about what they - the customers - want.

The photographer who loves landscapes suddenly finds themself taking photos on commission. Photographing things they have no interest in because it's what the customer wants. Their creativity - the very thing they enjoyed about their hobby - is gone. And it becomes annoying - like a passenger telling you how to drive.

The person suffering from an entrepreneurial seizure wants customers handed to them on a silver platter. The hobbiest wants customers to buy what they have already created and to also have those customers handed to them on a silver platter.

Door-to-door sales got you down? What if the leads to pre-qualified people are provided to you? Not so bad then, is it? You might even do it, wouldn't you? (you would probably prefer them to have already made up their mind to buy from You and your visit is just to fill out the order form)

The difference? The pre-qualified lead is already half sold AND handed to you on a silver platter.

Cold calling on the phone. Same thing. But returning a call to someone who has left a message enquiring about your widget is different. And even better if the person who left the message just wants what you're offering without the baggage of quotes, questions, etc. ...


You may be impatient... because things aren't moving ahead at a speed you would like them to. Could it be possible though, that your impatience is more related to a feeling of frustration because you keep chasing everything instead of letting customers come to you?

Everyone has heard, by now, that it's best to sell what people want and not what they need. - The idea being that people spend money on what they want and not what they need (buying beer instead of paying rent, for example).

In a sense that is true. But it also means, you are trying to convince people to want your widget.

The advice is then to find an already existing market where people are buying these widgets and then enter that market.

And that is good advice.

But there is another angle to this...

When does a want become a need? And when are people forced to spend money on this want-turned-need? Is it a long-term want/need or a short term want/need?

Dien touched on Solving Problems as one way to come up with "opportunities." And seeing problems can be a skill in and of itself. Because sometimes, the problems are short term... only last for a day.

Let me give you some examples so you can understand what I mean by short-term problems and long-term problems...

Shelter is a want/need that is long-term. The tenant want/needs a place to live. Once they have found that place - which solves a long-term problem, their immediate problem of finding a place is gone for quite a while.

During the rehab process you have short-term want/need problems. Painting, cleaning, yard, etc. Once these short-term problems have been taken care of, you won't experience them again for a long time (hopefully).

There is another related problem revolving around this shelter...

The deposit - if the tenant doesn't have it, do they get it from a place that lends deposits?

No-one considers looking into Deposit Loans UNTIL they WANT/NEED one. Then they go looking - no need to talk them into it.

No-one searches for gas while the tank is full. But as it gets near empty, you want/need gas. Then they go looking - no need to talk them into it.

No-one cares about the ferry across the river until they need to cross in the morning to go to work. Then it becomes something they really want/need. They go looking - no need to talk them into it.

This would appear to be the whole reason for any "repair" business. Just wait for the person to want/need the thing repaired (their short-term problem solved). They call you.

Of course, you have to let them know you exist. But you don't have to talk them into wanting what you have to offer because they now NEED what you offer.

It's the difference between Selling Air Conditioning and Repairing Air Conditioning. In one situation there is a salesman/customer interaction and a yes/no buying decision to be made (The A/C might be something nice to have - want). In the other, they just need it fixed (there is no "should we / shouldn't we? decision to be made - need).

In one case you have to find the people and sell them, in the other, they go out of their way to find you.

Hope this has given you something to think about.

Michael Ross


For more ideas, click here

First I would like to thank you all for your individual insight and assistance in trying to help me solve my problem.

Out of all the replies though, the one that hit home the most was the level of frustration in building a client base or getting customers. I have a lot of experience in doing this and know what it takes to accomplish a successful level of this. I just do not have the level of concentration or patience to do this with the ventures I have taken on to be successful in my eyes (today). I am making money in them all but not to the level that is possible. I have been on this rollercoaster of starting and stopping new ventures for quite some time and each time it gets harder and harder to get pumped up. So as a result of my past expereriences I been able to hone on opportunities that will peak my interest and are more in line with my personalality.

I prefer to work alone, however I need one other person around who has the same ambitions and drive as I do, to work, with for me to truley be successful.

I am competitive in nature and when it is only me I always win. This may sound kinda weird, but when I work with someone else it brings the best out in me and gives me a sense of team. I find this very necessary in the early stages of the customer building phase...when things are at the toughest and most frustrating.

When you are working by yourself you can easily go off on a tangent and question your decisions and go looking for shortcuts or forums like these and spend all day in these efforts.

I have always been a person who wears many different types of hats and have them all going at the same time. I like the challenge and diversity of the problems or situations it brings. I feel I can do anything and I also know my limitations.

It is funny that since my first post, I have spoken to a president of a software development company who I originally contacted about selling wireless access points, and we are discussing a application I have been trying to bootstrap develop for the past 4 years. We are in the early stages, but it sounds very promising and has given me burst of enthusiasm or hope.

All the things I am concerned about regarding my personality are the same things that have helped me get where I am today. I am not where I want to be yet, however I am not doing bad.

I wish there was a way to harness all the people simiular in circumstance to me and build a company around them. I would be very curious how it would do. I believe it would do very well. And once the person has reached a level of gratification (financially or emotionally) they can set off on there own and let another energetic person come on board. A incubator of energy that needs to be channeled and focused to make a laser.

Keep your feedback coming, because I have a lot more to learn and a lot more to say.

Sincerely,

Jake

Jake,

It sounds like you're doing a good bit of introspection, figuring out what drives you and what holds you back, and that's great. If you haven't already bought & read Michael Ross' "The Success Report", I would highly recommend it. I just finished reading it earlier this evening, thought it was excellent, and I think it would definitely "resonate" with you. I would also highly recommend "The Art of Leverage" to those of you who haven't got it, yet. Good stuff!

Regards,
Chris

Great post! Tho I did think it was a bit of advice to the love-lorn when I first read the headline! There sure is something attractive about the "unattainable" in life! Or perhaps we're all slightly dismayed by someone who's over-keen.

:-))

Margaret

Build a Better Mousetrap -

And the world will beat a path to your door.

If you provide product(s) or service that the customer needs, they will come to you. If you have a consumable product, they will come again and again. This is the obvious way to build a residual income.

If you have a backend product, they are already prequalified to buy, and if they were satisfied the first time, you will be their likely choice for the additional purchases.

If you have a distinctive product or Unique Selling Position, buyers who know their need will be searching for your product that satisfies it.

If you have competition with similar products or services, a lower price will be to your advantage.

If you can motivate those satisfied clients to spread the word and give you referrals, then you
can harness the power of network marketing. NWM is not the exclusive province of MLMers. NWM can provide you a never ending supply of warm markets.

Depending on the product, it may be easier to capture a niche market within a broader market. Focus on satisfying customers within the niche, building your reputation and credibility, and subsequent expansion outside the niche will be easier.




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