Class is in session! Whether this is your first time coming across my blog or you've been around for awhile if you’re entrepreneurial minded, I think you’ll find this post enlightening.
I teach business, among other things, and one of the biggest obstacles I run into is getting an aspiring entrepreneur to get past themselves.
The mindset needed to effectively start, maintain and operate a business requires a certain frame of mind. You can’t think like an “employee” and be the “boss” of your own thing. It doesn't work. Employees wait around and follow instructions, bosses don’t have that luxury.
So when we look at business there are 3 main areas that many inexperienced entrepreneurs fail at and they usually don’t even realize they’re doing them.
Who am I fooling, even the “Big Boys” (well established companies) drop the ball on these sometimes. The difference is they have cushion. They can take a few losses and still carry on. As a small or home-based business, you don’t have a lot of room for mistakes.
Enough pep talk, let’s get to it! You want to destroy your small or home-based business? This is how you do it. I guarantee this works – trust me.
(1) Invest big money, even though you don’t have big money
Why start small and slowly build up? That takes too long! If you ‘re going to succeed at destroying your business, you mind as well buy everything you need before you even see a dollar in profit. The key-word here is: over-extension. You don’t need a realistic budget!
Better yet, take out a business loan from a bank and borrow money from your friends and family. That usually goes terribly since they won’t be seeing a return on their investment. Oh well, you have an image to live up to! You must look “professional” at all costs – no one needs to know you’re just getting your business started.
Why not buy every single piece of equipment and software you can get your hands on? While you’re at it, invest in expensive business cards, brochures and a gorgeous website with all the bells and whistles. Why not throw in some personalized stationary and pens featuring your over-priced logo?
Oh, trademark that logo too; we don’t want anyone taking it! Because well, you’re about to be a HUGE deal in your industry, aren't you?
And wait, this IS the age of social media, right? So why not drop a few thousand on producing high quality videos that you can stick on your website and YouTube channel that no one is going to visit anyway because no one knows about you… yet! Let’s fix that though.
Continue with the spending tsunami and invest in marketing and advertising. Let’s get our name and face out there. This is important because statistically, people don’t really pay that much attention to advertising anymore… but what do you care? We’re trying to destroy a business here, stay focused!
You want your money to run dry so you can’t keep up with all the operating expenses of your business. These little expenses add up fast. And why not skip over paying all those taxes too? It’s easy when you don’t have the money to pay them anymore anyway. Brilliant!
(2) Be Inconsistent
Say you’ll do something and then don’t do it. Promise things and don’t deliver. Miss your appointments. Customers and clients hate this! It makes them feel unappreciated and breaks any future loyalty that they may give you.
Change prices a lot. Have no standards of quality – let anything be good enough. Stop picking up your phone and being accessible, this how the “Big Boys” do it! You can hardly ever reach a person who’s REALLY in charge.
Oh, and this is a good one! Don’t listen to their needs and wants – supply them with what you think is best for them. If they’re paying for your knowledge and expertise that’s fine, but you have to steamroll them over with YOU! It is your business after all. That’s a surefire bullet right there. You can’t miss with that one. Don’t accept any of their objections.
(3) Create Problems
A business, any business, should be carefully designed to solve problems. Every customer and every client spends money to have their problem solved, just like you do. So if you really want to destroy your business – create more problems than you solve. It’s easy!
Make it difficult for customers to get what they paid for. Have your clients or customers wait waaayyy past the delivery time you gave them. Limit payment options. Charge a ridiculous amount more than your competition. Have a difficult to navigate website – or even better, don’t have a website at all (I take that back, you need to keep up that image)!
Don’t guarantee your work or your products. Don’t stand behind anything! Deny all accountability. In fact, if you really want to drive away customers, force them to pay upfront and then give them a monthly payment plan that they won't realize they've "signed" up for. They’ll bitch, moan and complain but hey, that's what you want, right?
And when it’s all said and done, and they come back to get something corrected or fixed, make sure you let them know it was partially their fault it didn't go right to begin with. BAM! Works every time.
Well that about wraps this up. This was how to destroy a business in the easiest way possible. If this is what you wanted to do with your business, you can thank me later. Until next time…
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