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Are You Having A Scarcity Conversation?

Are You Having A Scarcity Conversation?

money

    With the economy the way it is, lately I’ve heard a lot of comments like, “I want to start a business, but I just can’t afford it right now,” and “I want to invest in learning how to start a business, but I don’t have the money to put into it.”

    This is a legitimate, honest concern, but this kind of thinking could destroy your business dreams and sabotage your success. I’m going to show you how to make a small shift in thinking so you can stop the “scarcity conversation” and start an “investment conversation” that will transform the way you see your finances and your business.

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    “The scarcity conversation,” is a term I picked up from a client, who once said to me, “I’m scared to death because I know in my heart that I should start this business, but I don’t know if I can spend the money to do what I need to do to make it succeed. I’m having a major scarcity conversation with myself.”

    First, I want to tell you that I’ve been there. I had times when I was living paycheck to paycheck, barely getting by, praying nothing would go wrong with the car or the furnace. And once, in a single day, I received $3,000 in bills that I didn’t know how to pay. I’ll never forget those moments of abject fear and panic, wondering where I was going to find that money. I’ll never forget wanting to do things I didn’t think I could afford, needing to buy things and knowing I couldn’t.

    What is a “scarcity conversation,” anyway? A scarcity conversation is the dialogue you have in your head (or sometimes with other people) and you hear any of these words cropping up with regularity: “I can’t afford….” “I don’t know how I’m going to pay for….” “I wish I could ______, but I don’t have the money for that.”

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    Why is a scarcity conversation a problem? If you’ve read my blogs and e-zines, you know that I approach business in a way that’s different from most other startup experts. I have a hybrid approach that brings in all kinds of disciplines, including psychology and personal growth – because I know that your mindset and not just what you’re thinking but how you’re thinking have a massive impact on the level of your success. So the first reason why you want to get out of the scarcity conversation is because it constantly hammers away at the mindset you need to succeed. The scarcity conversation is all about fear. It’s about uncertainty. It’s about self-doubt. And you absolutely must get out of those thinking patterns to be able to make decisions as an entrepreneur, without doubting everything you do.

    The second reason to move out of the scarcity conversation is also mindset-related. The “I can’t afford it” mentality locks you into a way of thinking that you’ll find extremely difficult to get out of, and that becomes a real issue in business.  The “I can’t afford it” type of scarcity conversation has a way of growing and spreading so that it starts applying to anything, even things you need to grow your business. You won’t put your dollars in the right places if you have “I can’t afford it” floating around in your head.

    My company would never have become the success it is today if I hadn’t gotten out of this mindset. I forced myself to stop thinking in terms of scarcity at a time when my business wasn’t growing and I needed help. It would have been the easiest time to let “I don’t have the money for that” become the scarcity conversation in my head, but I took another path. I thought, “What does my business need to grow and thrive?” and that’s when I hired the consultants and attended classes and seminars that made the difference. If I had said, “I can’t afford this,” I’d still be back where I was, when finding $3,000 bills in my mailbox was panic-inducing.

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    The point I’m making is, if you spend your life focusing on what you can’t afford, things won’t change. But if you change your focus, everything will change. If you focus on putting your money- investing it- where it can bring you back the most return, your life, your business, your mindset will transform.

    Instead of having the scarcity conversation, have an investment conversation. And I don’t mean stocks and bonds. I mean a conversation about what you can invest in that will make the difference for you. It’s like that old adage, “Give a man a fish, and you feed him for a day. Teach him how to fish and you feed him for a lifetime.” For you, that can be transitioned into “Find a consultant who can give you a fish, and you’ll invest in a nice fish dinner. Invest in a consultant who will show you how to fish, and you’ll be able to feed yourself for a lifetime.” 

    Figure out what classes, workshops and consultants will teach you how to fish – not just give you the fish for now – and invest in what they have to offer. You’ll be making a wise investment that will take you to a place where “I can’t afford it” will be a thing of the past.

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    Incidentally, that client I spoke of at the beginning of this article, the one who said, “I don’t know if I can spend the money to do what I need to do to make it succeed”? She went on to invest in her business. She invested in designing a  business that would work for the lifestyle she wanted, and got trained on how to create a unique brand with a clear target market, how to create and launch new products, how to let the world know she exists, and how to establish herself as an expert. And her business is thriving.  She no longer has the scarcity conversations because she knows now that each time she invests her money in her business, it’s going to come back, multiplied.

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    Susan Baroncini-Moe

    Susan Baroncini-Moe is an executive coach and business leader with over sixteen years’ experience.

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    Last Updated on September 29, 2020

    How to Start an Online Business That Will Grow and Succeed

    How to Start an Online Business That Will Grow and Succeed

    Unsurprisingly enough, all businesses are online today. Considering the advances in the smartphone industry as well as the increasingly accessible internet facility, it was only a matter of time before businesses took advantage of the online environment.

    This increasing popularity makes for a promising future for a lot of young entrepreneurs. And knowing how to start an online business will open up a world of possibilities for you that was not possible 10 years ago.

    So, keeping the potential for exponential growth in mind, let’s dive into the article below, and explore the steps of starting an online business that will bring you success.

    1. Becoming the Master of ‘ONE’ Trade

    Most successful online businesses are the master of one trade. And that’s why beginning with a niche is always a good idea.

    A niche market is a focused segment within a larger market. Imagine a men’s shoes market and then, imagine handcrafted brown Italian leather shoes for men. While the previous one is a bigger market, the latter one is simply a more focused segment within that market.

    Knowing the niche helps a lot to start an online business and if you are feeling a bit lost, here are some self-queries that will act as a perfect guide:

    What Speaks to Your Heart?

    This first way of discovering the niche is perfect for those who want to do what they love. Working in a market that you love will ensure that constant excitement and drive to do better, eventually leading to ultimate prosperity.

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    Decisions Based on Knowledge

    The second way is perfect for those who have a lot of untapped knowledge about a specific industry. Utilizing the insights on a specific industry is a great way to find a niche. This way, you’ll already know all the ins and outs of the industry and can easily get ahead of all the competitors.

    Undiscovered Potential

    Lastly, conducting research into various industries and finding an untapped segment is another amazing way of finding the right niche. This practice will require you to come up with a new and unique solution for uncatered audiences.

    2. When Is Your Idea Valid?

    All the great ideas for starting an online business needs to be valid. And once you have found the niche, this validation process is what comes next.

    Proving the soundness of the idea is not at all hard. A detailed industry examination is all you need initially to understand the value of the concept and recalibrate it to turn into a great online business.

    Market research is a systematic unraveling of the target market. This research will include all the information on the product/service you are about to sell, the target audience, and how the competitors are operating in this crowded market.

    This in-depth research will give you the initial idea of how the products can make an impact in the outside world. And once the small online business ideas are validated, it will be time to move on and craft a plan and start working on establishing the business.

    3. Crafting the Map to Success

    Having a proper plan for an online business is like having a map when you travel to an unknown city. This is a document that includes all the factual information on the business and crucial business data.

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    To help you out, here’s a list of all the information online business plans must include:

    • An idea of objective – The best online business plans always have a clear outline of the business goals and intentions. Having this clear outline will increase the efficiency of business functions later on. The target demographic, business model—all kinds of information needs to be a part of this document.
    • Taking stock of available resources – A startup needs to utilize all the resources it has, and that’s why the plan needs to have an in-depth outline of the financial resources in use as well as the employees and their expertise. With a better idea of all the resources in hand, starting an online business will be an easier process.

    4. The Virtual Storefront: A Process of Development

    The steps of how to start an online business are incomplete without the website creation process. With the right website approach, you can easily succeed in increasing business revenue.

    What does that perfect business website look like? Let’s follow these steps to create an effective business website.

    Choose Your Approach

    There are numerous ways of making a website and for a positive outcome, you need to choose the perfect approach. Depending on the business model, initial finances, and end goals, there are two kinds of approaches for the online storefront:

    • Third-party approach – Third-party platforms will connect you with the customers out there. For small online business ideas, Creating an account or site with these platforms will be beneficial because these platforms come with a large array of services as well as a big enough existing consumer base ready to utilize.
    • Creating a new website –  A business-specific website will help you eliminate the third party go-between and connect directly with the buyers. With this approach, you get more control over the business and how it is presented to the consumers out there and the revenue you make. Any of the above-mentioned approaches can be beneficial for easy online business startups. However, to achieve some specific business goals, having a customized website will be more beneficial for you.

    Design Can Bring You Maximum Success!

    For those who have decided to create their own site, the design is of paramount importance. With a great design, you will be able to engage and interact with the visitors better and encourage them to make a purchase.

    The design, however, is not just a matter of aesthetics. A website’s design encompasses all aspects of it, from the visual effects to the content that’s used on the site.

    To create a truly amazing design that reflects new online business concepts here are a few matters to consider:

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    • Keep it responsive – Many markets are simply skipping over the desktop phase and launching the business for mobile users around the world.[1] Considering this popularity of the mobile internet market, the business website has to be responsive. This approach will help you to reach a bigger audience and conduct business on a larger scale.
    • Users want a fast experience – Using high-quality images on the site does improve the visuals, but make sure all those images are compressed. Having a faster website will enhance the user experience on the site. Besides compressing all the media content on the site, you can also utilize an asynchronous loading technique that loads all the contents simultaneously, reducing friction. With a faster site, it will become easier to implement the online business startup ideas into reality.
    • Define the brand – The design stage determines a lot of things for the business website and one of those things is the business image. To make an impact on the world with the business, you have to create a perfect image and for that, a brand guide is necessary. The brand guide is a document that includes all the information and guidelines on various visual elements on the site that makes up the business personality. Based on the kind of image you want to create, all the elements will be outlined in this documentation.

    Where the Website Becomes Reality

    Since we know how website design helps to launch a successful online business, it is time to move onto development. Online business development is where the idea becomes a reality. And to make this reality perfect, you need to make sure that the development and deployment process goes well.

    A high performing site always includes all the right features that enhance the user experience as well as helps you to convert more traffic. And for the best results, ensure the use of only the latest tech stack during development.

    Here are some development issues you have to pay attention to while building the business website:

    • The right partner makes all the difference – For small startups who are wondering how to start an online business, finding the right development partner is going to make all the difference. However, before making a decision, there are a few things you should contemplate. The team that you are about to hire should have experience in catering to your industry, as well as an extensive portfolio and good reviews. Additionally, it will be perfect if the agency or freelancer also provides a 360-degree service, from development to maintenance.
    • How to assure the quality of the site? – Testing the site is an integral part of the answer to the question of “how to start an online business?”. An experienced partner will be able to help you the most with this. From security testing to split testing, this stage in development will help in understanding how well the site functions and what needs to change. And once the changes are made and the test results come clean, it will be time to launch the website.

    5. Some Tricks to Increase Online Sales

    Selling online is not easy, but not hard either. In a physical store, you can use campaigns, go door to door with pamphlets, and such. However, successful online businesses have their own style of campaigns that helps them to sell more without any problems.

    So, what are these tricks?

    Utilize the Magic of SEO

    With an increase in quality traffic, the sales ratio will go up too. And to drive quality traffic on the website, you need to utilize the SEO tricks, and probably hire an SEO expert.

    When starting an online business site, ensure all the content on the site is optimized to rank for the right queries by target consumers. With a higher rank on the SERP, the traffic will increase on the site.

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    With the increase in quality traffic, it will become easier for you to convert visitors. The visitor data will help you to adjust the site performance. In brief, utilizing SEO will open the doors to a lot of possibilities for your small online business ideas.[2]

    Entice With Free Value

    Consumers today have lots of options to choose from. And keeping all that in mind, it will be wise to create a business plan for an online startup that provides free value to the users before asking them to buy something.

    Consumers want to buy from someone who knows what they are doing, especially in the case of a curated service or goods provider. And that’s why to turn the profitable online business ideas even more effective, you need to start offering free value on the site, with free products and content.

    Having a blog is also another way of displaying your expertise. With specialized content on the industry, you can easily grab the attention of the audience. And once assured of your knowledge on the matter, consumers will feel a lot safer about making a purchase.

    A Killer Customer Service Is Everything

    Your small online business idea needs a better service option. Using AI-based interactive features to implement better support for the global consumer base will prove to be extremely beneficial. With a 24/7 automated support channel, customers will be satisfied with your business and come back more often.

    It’s an Easy Process: All You Have to Do Is to Start

    And there it is, the simple five-step process of starting an online business that is bound to succeed. If you look closely, you’ll notice that there are not a lot of differences between creating a physical business and an online one. The main differences are only in the consumer and competitive landscape.

    While a physical store faces and caters to local competitors and consumers, the online business has to deal with the same on a global basis. So, focusing well on the global market landscape while crafting the plan will help you succeed.

    More Tips on How to Start an Online Business

    Featured photo credit: Austin Distel via unsplash.com

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