Today I am answering the question: “What are the best ways to invest your startup budget?”
And I’m giving you REAL answers that will WORK.
When I first started my business, I read a few books that were out there on how to start a concierge business. Most of these books claimed that you could get up and running with “little to no startup costs”. You know – $500 bucks, smile, a cellphone, and a car!
“Cool!” I thought…
Then I learned if you want to protect yourself, your clients, and your assets – you need insurance.
Then I would sit and read all these online forums that gave some simple starting strategies.
Here’s the kicker – none of those strategies were “free” and the ones that were, no longer made sense in our market. Like the ole “hang your flyer up in the grocery store and library”. But you still had to pay to have flyers created right?
As I struggled to get started and get my first few clients, I realized VERY QUICKLY that I DID need money to get started. I needed things like:
- Insurance
- Business Cards
- Flyers
- Memberships
I needed to SHOW UP in my community!
This week I want to help clear the air of some frustrations that you may be having!
Most people who start out in the concierge business have relatively no idea how to market a concierge business. But in order to market your concierge business successfully, you have to have an idea of where to invest your startup budget marketing dollars AND your personal time and energy.
I’ll never forget the time I had a conversation with someone who had been in the concierge industry for less than 2 years.
As we talked, she shared with me that she really, really, really wanted to come to CALive – but “she couldn’t ”.
When I asked WHY she wanted to come so much, she responded, “Because I know it’s something I need, I know I will learn a lot, and I KNOW it will help me move my business forward.”
I was like GREAT – then if you KNOW this is the ANSWER to your struggles, why aren’t you joining us?
Her response “I just spent all my money on marketing my business in a local paper”.
My heart kinda broke…
The reality is, that a one-time shot in the local paper VERY RARELY EVER turns into a long-term client. The statistics don’t lie…
What often happens when you have an ad in a local paper is:
Your phone and email will BLOW UP!!
With people who want to know if you’re hiring! NOT from people who want to hire you.
Now – don’t get me wrong – I believe I know 2 people in all these years that DID get a client from advertising in a VERY niche magazine.
But, since I don’t like to gamble, I don’t really love those odds!
But there ARE ways she could have stretched those marketing dollars.
But, since I don’t like to gamble, I don’t really love those odds!
But there ARE ways she could have stretched those marketing dollars.
Here’s the thing, all marketing that you invest in MUST be done on a consistent basis.
So this concierge I spoke with “spent all her money” on a one time shot at success, instead of investing her money in long term growth.
Today I will tell you 3 ways to spend your startup budget’s marketing dollars that are proven to have a ROI.
#1: Invest Your Startup Budget In Networking
I know you’re likely tired of hearing me talk about networking, but being out and visual and amongst people is THE #1 way to get clients- all day – every day.
You should ideally be networking an average eight times per month if you’re still trying to fill your current business practice. YES, I said 8 TIMES per month. Don’t worry, though. As your business grows, you get more clients and you’ll have the opportunity to create a referral network that will send you new referrals and leads over and over.
Spend your startup budget to invest in networking opportunities – going to live meetings, after-work cocktail events, and nonprofit events – just to name a few.
Here’s a true story of a woman I met at a networking event…
The woman I met does social media for small businesses, she was at a business bootcamp I was presenting at. I asked her how her business was going.
Her response “nobody wants to pay for my services” (does that sound familiar?)
I asked where she was networking. She mentioned she does most stuff online and goes to a few meetups.
I asked if she considered joining her Chamber or a local group that meets on a weekly basis.
Her response: “I can’t afford it”.
So, in essence she wasn’t willing to invest in herself or her business.
I asked, “Not $25 for an after-work party, or $300 a year to join the chamber?” Again, she insisted she can’t.
So, I frankly said to her, “Well, perhaps you can consider this? People who PAY to INVEST in their business growth ie: networking, are MORE willing to INVEST in services and products that will help them grow their businesses. Perhaps that is a BETTER target for your social media services instead of going to 1 or 2 free events a month?”
She stood there baffled…
Always put your money where the clients are.
#2: Invest Your Startup Budget In Getting to Know People
Here’s where most people slack off. Once they do the networking, they go out and mistakenly think they’re going to do business right then and there.
MOST business doesn’t happen AT the networking event; it happens AFTER the networking.
Whether the people you network with become your client eventually or not, THOSE connections know a LOT of people. Imagine that each person on the planet knows 100 people. If you were to network and get to know 10 people a month, you are now ACTIVELY marketing to 1000 people a month! (MIND BLOWING, yes??)
But! If you aren’t investing in the follow up you will NOT have the same success. You actually have to DO THE WORK!
4 very easy ways to invest in getting to know people:
– Coffee dates
– Sending letters/ cards
– Sending a thank you
– Create a follow up system
Always put your money into getting to know people more.
#3: Invest Your Startup Budget In Yourself
Why is investing in yourself so important? Besides being the person you have to spend the most time with, you are also the best example of seeing an immediate return on investment.
Unlike other investments out there, investing in yourself is never a risk, because it always pays off. Even the seemingly “bad” investments (like going to that networking event and not liking the people at it) is a good one because you learned something that you didn’t know before, and you pushed yourself beyond your comfort zone.
Any push beyond the comfort zone gives you a NEW experience that you will always gain knowledge from.
My Top 2 Ways to Invest in Myself Are:
1) Invest in education and shortcuts.
Your education doesn’t have to stop at college. Not only does learning a new skill help keep your mind fresh and relevant, but it makes YOU more valuable. Once a seed of knowledge is planted, you can never unlearn it.Take advantage of professional development opportunities or take a class to strengthen your abilities to grow yourself OR your business.As Tony Robins says, “The key to success – model the best!”“Whatever you want in life, someone has already discovered how to get it — and you want to figure out what they are doing right. Someone can likely save you time and pain with the knowledge they’ve gained in their own experiences”.One way YOU can invest in YOURSELF this year is joining us at CALive2020!In 3 days, you’ll learn what took me almost a decade to figure out. Imagine what you could achieve with 10 years of knowledge?If you haven’t grabbed your ticket yet, we ONLY have a handful of seats left and we WILL sell out!2) Invest in your health.
Usually exercise and proper eating are the first things to go when other priorities pop up. But investing in your health is the best way to insure your other investments in life (like taking care of your family and being productive at work) keep up.Investing in your health can be as simple as having a healthy breakfast each morning or adding a green smoothie to your day! It could mean taking walks after dinner or being sure you take advantage of that “other” investment, the gym membership!Do something daily to invest in your health and you’ll be setting your “FUTURE self” up for greater success!Always invest in yourself.
Now that you have a better idea where to spend your money to market your concierge business… Go out there and change some lives!!
Rock on,
Kelly
Oh, one more thing…
If you want to meet other personal concierges from all over, hear about what others are doing, and get ideas and actions you can apply immediately, to grow YOUR business this year…
I’m hosting a brand-new 3 day, LIVE (in person workshop), April 21st through April 23rd in Bucks County, PA!
Walk away with a clear blueprint to expand your business, meet others and have lots of fun! You can register right here: https://theconciergeacademy.com/live/
If you want to meet other personal concierges from all over, hear about what others are doing, and get ideas and actions you can apply immediately, to grow YOUR business this year…
I’m hosting a brand-new 3 day, LIVE (in person workshop), April 21st through April 23rd in Bucks County, PA!
Walk away with a clear blueprint to expand your business, meet others and have lots of fun! You can register right here: https://theconciergeacademy.com/live/
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Welcome readers! If this is your first time reading my blog, thank you for stopping by! As a concierge who has built a successful business, I have decided to help other budding entrepreneurs do the same! As the Founder of The Concierge Academy I write about specific topics and marketing strategies that Work for our industry!
It’s not always easy to build a service-based business. Many see it as an intangible, but you can build a profitable and flourishing concierge business!
Be sure to grab your FREE checklist right now! 111 Ways to Grow Your Concierge Business
