Forge News and Updates |
Online entrepreneur Josh Rhodes of Groovy Marketing and Big Lead Gen Inc. taught Forge members How To Go From Entrepreneur to CEO at our February Business Breakthrough Session. Josh has great advice on sales funnels, metrics, profitability and much more! Watch the video here.
6 Reasons Entrepreneurs Stay Stuck:
1. They don’t think sales first.
Sales is the oxygen of your business! You need sales to reach your goals. You don’t have to perfect your product before putting it out there.
2. They try to do too much.
You can’t be all things to all people! You need to know your strengths and stick to it. For example, Chick-Fil-A sticks to chicken!
3. They never identify the life cycle of a business and where they are in it.
from Les McKeown’s Predictable Success
4. They don’t understand risk.
Treat risk like an asset to leverage!
5. They don’t establish metrics.
Metrics give you control. When you have metrics and know them and they’re accurate, you have control over the velocity and trajectory of your business. Find the things you can measure every week. For example: respond to every customer support inquiry everyday by the end of the day.
To grow any company, there are three primary metrics: new customers, average cart/transaction value and customer lifetime value.
6. They don’t keep the company’s core values in mind when hiring.
Big Lead Gen Inc. knows their core values and only hires people who align with that. If an employee is amazingly smart but not coachable, it will sink the ship. Hire slow and fire fast!
So you may be asking yourself “What now?” Josh says now focus on perfecting your sales funnel! We will bring you more information on that soon! Also check out this section of his website where he linked several of his resources and helpful books.
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Forge News and Updates |
2018 is here! Let the recommitments to greatness begin! Before you hail off into 365 days hard work and success, there are a few things you may want to be sure you have to guarantee you’re ready.
A Bomb Team
If you plan to blow up, you’re going to need to surround yourself with the best! Take a minute and really write out your business process. Start at idea and creation to purchase and follow-up. How many different jobs did you discover you’ve been doing on your own? Try to get as many willing people in those positions as possible. It’s completely fine if you can only afford one. Having others as a part of your process will not only give you a greater capacity for work, but it will give you fresh ideas, thoughts, and criticism (embrace it).
A Refreshed Brand Image
Now is the time to determine if you need to spruce anything up. Even if you don’t execute it now, knowing that there, for example, is a major website overhaul coming in a few months may change how you promote your business. Ask yourself if you’re happy with your current logo, headshots, etc. If you’re happy with everything, ask yourself,” what will make me stand out even more in 2018?” Remember, you are about to see an onslaught of updated brands and new brands! How can you put a little shine on your brand’s image and presentation to ensure you’re still competing?
A Mentor
Whether this is your first year in business or your thirty-first, get a mentor. January is actually National Mentor Month. So, this is the perfect time to find someone in your field or industry, or even that you just identify with, who has the resources and skill set to help guide your career to positive places. Mentorship is such an important aspect of running a business. Entrepreneurs are naturally self-starters and often don’t ask for guidance. Remember, you don’t know everything. You can’t possibly know everything. A mentor can tell you where they’ve been, what mistakes they made, what lessons they’ve learned, who can help you, and more. You don’t have to talk to them everyday for the mentor relationship to work. Whomever you ask will likely be thrilled that you thought of them and do all they can to help you be successful.
A Trust Information Resource (or 2 or 3…)
Everything about our lives is constantly changing. As a business owner, it can be extremely difficult to stay up-to-date on the latest changes, not only in your industry, but in other aspects of running your business. There is no way to know all the changes to the new tax laws, the latest Google ranking details, or the latest Facebook algorithm updates. It’s always a good idea to identify early where you will pull your information so that you aren’t winging it every time something changes or you need guidance. For marketing and branding, Fire Starters, an upcoming One Degree membership, is a great resource. If you’re a solopreneur or entrepreneur who isn’t in a position to outsource your marketing strategy and planning needs, Fire Starters, will give you access to marketing information constantly at a comparably lower cost than hiring a marketing company full time. Joining Fire Starters, and services like it, can help you stay on track and keep you informed as quickly as you work to maintain and grow your business.
(Want to find out when Fire Starters membership opens? Click here to be notified.)
A Scheduled Break
I bet you didn’t see that coming. Right now, in January, decide when you’re going to take a break. You may not be in a position to take a vacation, or may not even want to. But, you must remember, in order to operate at your best, you have to take time to reset. A few hours every week are great for keeping your sanity. However, planning a weekend, a week, or even 2 weeks of unplugging is important. If you have a family, plan a time that you don’t have to say the words “mommy’s coming, give me one sec, almost done.” Give yourself the break you deserve and need to sustain the amazing business your are building.
Do not live your life in 2018 as a small business owner without these things. They may seem simple enough to overlook today. But, having them in place will save you time and money throughout the year.
Happy New Year!
Jacqueline Jones
One Degree MMM
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Forge News and Updates |
Forge is the first coworking space or “shared” office space in downtown Birmingham! According to Forbes, there are currently more than 11,000 coworking spaces in the United States. It was projected that by 2020 we would see more than 26,000 spaces hosting 3.8 million people! With the rise of millennial entrepreneurs, shared office space is more and more appealing for many reasons.
If you aren’t familiar with the idea of coworking, let us give you more information. Multiple businesses work from Forge whether they are in a private office or working with a membership in our common space. Every member has access to our conference rooms, phone booths, networking and educational events. Almost like a gym membership, Forge members pay a monthly membership fee for access to our space. Our membership costs range from $189-325 a month- far less than your average office space.
Keep reading! We’ll tell you why coworking is a great investment for your business.
1. Networking
Get ready to brainstorm and connect with other entrepreneurs who are working on projects and similar challenges. Also join in on the social events a coworking space offers- happy hours, food tastings and much more.
2. Flexibility
Coworking spaces are designed to accommodate growth! You can easily start with a smaller membership and move up to a full-time membership or private office if your company needs it. If you need to cancel your membership, you can! Generally it’s just less commitment for you.
3. Affordability
Coworking spaces cost a fraction of a traditional office space lease! If you need to add additional items like a mailbox, you can. If you’ve been working from coffee shops, I bet you’ll save money with the free Revelator coffee offered at Forge! Also things like cleaning and maintenance are handled by the company, giving you less responsibility.
4. Service.
Coworking spaces are familiar with the needs of a startup and provide resources to help your business grow. Forge’s Lunch & Learn event topics have ranged from Accounting to Online Marketing to Instagram for your Business. Forge staff is available to serve your business’ specific needs!
This infographic sums up a lot of the advantages to coworking. Avoid the distractions and isolation of your home office. Steer clear of the unreliable wifi and inconveniences of a coffee shop. Increase your productivity in a shared work space!
Hear from some of our visitors and members…
“What a fantastic place to meet like-minded entrepreneurs and grow your business network! Forge also has a variety of offices available for rent, including a penthouse workspace that was perfect for my team of 10 coming from out of town.”
Justin
“I have really enjoyed working at Forge. Forge allows me to focus better than I’m able to at home. I feel more connected to what’s going on in the city.”
Adam
“Since joining Forge, our business activity has sky rocketed, I’ve created relationships (professionally and cordially), and my productivity has never been better. Needless to say, being around a community of other hustlers can certainly rub off on your work ethic.”
Wade
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Forge News and Updates |
Emilie Maynor knows about nutrition, exercise and how to achieve an overall healthy lifestyle. Emilie is a yoga instructor and Integrative Health Coach– helping you make healthy life choices to improve your energy and balance. She’s one of our founding Forge members and she’s inspiring each of us to be more mindful. Emilie speaks to corporate groups about employee wellness and here’s an excerpt of her writing about one of those conferences.
In 2016, I had the opportunity to speak to a vibrant group of America’s First Federal Credit Union employees on creating “The Mindful Workday.” Y’all – these guys were so much fun! Corporate Wellness and speaking engagements are a big part of my business and it is such a joy when people attending the sessions are open minded and engaged. We talked about simple changes anyone can make to help reduce stress and feel present throughout the workday. Everyone was such a great sport – even when I asked them to move through some desk yoga!
So, when AmFirst invited me back for the 2017 Employee Engagement Conference, I was THRILLED. When they told me I would be speaking to 162 people, I was like WHOA…that’s a lot of people. Can I even do that?
95% of being an entrepreneur is asking that question, daily; then digging deep to answer back, of course you can.
Nothing soothes my nerves like feeling prepared! Whether it’s planing ahead for a workshop or prepping for my week with a fully stocked kitchen, it helps me feel a sense of balance and achievement. So, despite feeling a little overwhelmed, I got to work on my presentation, Creating Sustainable Change. In the session, I planned to discuss elements that shape our conditioned behaviors, realistic goal setting, and my top tips for kickstarting REAL change. I want you guys to benefit from this preparation and tips as well, so I’m sharing them here.
Change occurs when we take time to really get to know ourselves, habits and patterns.
This knowledge is the catalyst for lasting change. Self-awareness is the foundation of smart goal setting, too. Once you’ve identified your behavior patterns, it’s time to create a goal that’s inline with your nature. A goal that honors where you are in the moment.
Don’t forget, these goals should be SMALL, SPECIFIC & MANAGEABLE, so they can easily assimilate into your life.
Kickstarting Real Change!
1. Stop placing value on everything – neutralize your feelings about good vs bad foods or behaviors to remove yourself from the reward vs restriction tug of war.
2. Practice Crowding Out – add in good foods or behaviors instead of removing things. The habits you want to get rid of naturally begin to “crowd out.”
3. Follow the 80/20 Rule – 80% of the time make the best choices you can with what is available. 20% of the time, you just live life 🙂
3. Act like you love yourself – treating yourself with compassion is the best way to create real change. Give yourself the same care and support you would give a friend. ”
— Emilie Maynor, Wellness Coach & RYT 500
Forge News and Updates |
Today we heard from three Birmingham business leaders- Johnny Grimes of Wheelhouse Salon, Tony Summerville of Fleetio and McCall Hardison of FreeTextbooks. They all shared the “Key Metrics for Increasing Revenue and Profitability” in each of their respective businesses. This was followed up with a Q&A time with all three leaders. This was a FREE event- and we promise there will be more in the future!
To start us off Tony Summerville told us a little bit about Fleetio- the company he started back in 2012. Fleetio helps organizations track, analyze and improve their fleet operations. Thousands use Fleetio to manage hundreds of thousands of vehicles, equipment, parts, drivers, etc.
“The primary way to know if your business is healthy is to collect and examine your data.”
Tony discussed two key metrics when focusing on increasing revenue and profitability: your sales funnel and NPS (Net Promoter Score). When thinking of your sales funnel, understand your customer’s journey. What brought them to your website? What percentage of your visitors sign up for a newsletter, download an informational PDF, etc. What percentage of visitors click through to other pages on the website? Calculate conversion rates from step to step. Analyze what your acquisition costs are.
Tony said your NPS is the voice of your customer! This measurement is extremely valuable because every employee in the company contributes to this score. Make sure you track this score over time.
Johnny Grimes of Wheelhouse Salon shared next. Johnny and his wife Courtney are the owners of Wheelhouse Salon. Wheelhouse was established in January of 2014 and over these few short years, the company has grown from 1 location with 3 employees to 2 locations with 25 employees.
As they focus on revenue and profitability, Johnny said he first focuses on building a people-first culture where customer service is top priority. They invest in education for their staff- sending them all over the country for classes and workshops. Serve your customers well by constantly collecting and evaluating feedback. Retention is very important because ultimately retention costs less than acquisition. Explore the opportunity to increase your prices in certain areas or give strategic discounts. Oh and most importantly, Johnny said focus on having fun.
“We’re not in the hair business. We’re in the people business.”
Lastly, McCall Hardison of FreeTextbooks shared what she has learned about goal setting and tracking. McCall is the CMO for FreeTextbooks and in the last three years, FTB has grown into a nationwide brand and student network. With over 500 student reps and thousands of customers using the FreeTextbooks app, The FreeTextbooks app saves students time and money on expensive course materials.
McCall’s first word of advice: when thinking of goals, pick it and stick. In our culture, we tend to change our minds quickly and avoid failure but you should measure a goal for at least 90 days. Also, everyone is tracking something but your company should focus on what metrics specifically benefit you. Know what to measure and why. Don’t focus on one metric just because other companies do so. Big goals should have an impact on every team members’ job. Without goals, people don’t feel successful.
“Don’t let competitors be your guide- be your own guide.”
We were extremely pleased with our second Business Breakthrough Session event! Hearing from a variety of business leaders gave us a wide range of information about revenue and profitability from very different industries. We’re excited for future events and would love your input about topics and Birmingham speakers you would enjoy hearing from. Check out our Facebook page (@workatforge) for information about future events!
Our next Business Breakthrough Session is planned for Thursday, February 15 from 7:30-9:00am. Follow this link to RSVP!