I've had seen through my years in business that usually, one's
treasure is in their talent.
Certainly this has proved true for Entrepreneur Chick, as I actually started all my positive cash flow now simply from the ability to dance well, which I then leveraged into many other opportunities- and I believe it is especially true for Susan. (The Pollinatrix. "The Whole Blooming World.")
Susan's talent is writing, and writing well.
Recently she launched Illuminated Manuscripts, joined her local chamber of commerce, and has begun receiving work.
Let's evaluate Susan's new venture through Entrepreneur Chick's six point success check list, if you will, that was mentioned in the last post.
(1) Is Illuminated Manuscripts relevant?
Oh, heck yes!
Why do I know that?
Susan recently sent me a link to a literary agent's blog, Nathan Brandsford.
Just guess how many followers Nathan Brandford has?
Three thousand and seventy eight!
Those are just his Google followers.
How many other followers/readers do you suppose he has that are not even listed?
I'd say you can safely double that number.
Now we are up to six thousand one hundred and fifty six readers!
Let me ask you- out of that six thousand one hundred and fifty six readers, how many of those writers and aspiring writers write spot on? Write well? No misspellings, no grammatical errors?
Maybe even only two in ten are up for that task.
That's where Illuminated Manuscripts shines.
Besides that particular market, which is writers, on the corporate end of things, actually, it's not much better.
A corporation needs to effectively communicate their message in a vast and confusing market place.
Would you risk millions of marketing dollars with only a nominal command of language?
What about grant writing? Don't even get me started!
So, we can conclude the Polly's business is enormously relevant.
Remember, if you are not relevant, you are not what?
Nothing. That's what.
(2) What does Susan know about the business?
Her graduate studies have been in this field, she teaches on a college level in this field and also made a comment to me, in so many words that, "I don't mean to sound like I'm arrogant but writing is easy for me- a lot of people don't know how to do it, but it comes easy for me."
(3) What's the R.O.I. or return on investment?
Return on investment or: "how much for how much"?
Though I do not know her exact numbers, I can give a fairly accurate "guesstimate".
Susan's start up costs were not large due to her not having to purchase real estate, sign leases, pay a huge staff, meet outrageous insurance demands, consult with all kinds of attorneys and so forth.
What Entrepreneur Chick absolutely adores about a service oriented business is that it is easier to maximize profit because expenses can be kept low, but all the while, the business will continue to grow and expand.
(4) Where is the break even point?
The break even point, you remember, is reached when the costs for starting the business have been satisfied and anything after that is pure profit.
Her break even point, because of her low start up costs and the fact that work is steadily coming in, was reached quickly.
Yet another reason why I like a service oriented business.
(5) How does the business stand out in the market place?
This is a question only Susan can answer.
What does she do that is superior to her competitors?
Could it be a faster turn around time?
Could it be she actually helps you find an agent?
Could it be she specializes in one type of writing over another?
A business should always ask themselves, not only in the start up phase, but all the time- what do we do that's better, different, and more compelling than our competitors?
Remember, average is just that. Average.
No one builds a great business on mediocrity.
(6) What is Susan's projected profits?
This is where it gets really fun, kids.
Running the numbers.
To run numbers, it's essential that we take into consideration the geographic realm of the business.
How far does her customer base reach?
Is she bound at all by a geographic location?
Susan's clients can be literally anywhere in the world.
What does this mean for her bottom line?
She's going to have one nice, round, hip-hop baby's momma booty, that's what!
Bootylicious if I ever saw it.
My suggestion to Susan for even greater profitability, is when her workload becomes such that she herself, can not meet the demands, she simply hire others.
If you want to make more money you simply expand your system and hire more people.
This is exactly how I make all my income today.
I do not physically work myself.
When people ask me about how much business my companies is generating, and I tell them, they invariably say, "Wow! You must be busy!"
I'm not busy.
My STAFF is busy.
I hire other people to do the work for me and make the deferential.
Basically, I'm a pimp.
Yeah, I took it there.
If Susan would also like to be a pimp, she'll really rake in da dough.
In conclusion, Illuminated Manuscripts has all the earmarks that I look for for success.
If she lived closer, we would so be sippng some bubbly right now!