The 7 Essential Resources for Small Business & Part-Time Entrepreneurs
Snow White had 7 little secrets to help her keep her cottage industry going. Wouldn’t we all like 7 industriously devoted helpers taking care of our business for us? Sadly, we are not living a Disney fairytale when we dust off our own slippers every morning, and likely nobody is whistling while we work. But, even if devoid of 7 begnomed creatures, you DO still have 7 essential resources to help you feel a bit more business-diva and a little less digging in the coal trenches.
Being a new small business owner or a part-time entrepreneur can be nothing short of frustrating and exhausting if you are only relying on yourself, and the 2 resources that usually are top of mind (and low in supply): time and money.
I have heard painful stories of wasted money, wasted time, disappointment in marketing outcome. It makes me very sad to have conversations with women who have put all they had into their business, and it didn’t work out, because I see how significant and important your small business is to you, and how unbearably personal the disappointments really are. I know it to, because I am a part-time small business owner and know how critical it is to make optimum use of every working moment, every available dollar, and every ounce of energy I have for my business.
And this is how I KNOW you have more opportunity to succeed when you learn your 7 essential resources.
PREVIEW: Your 7 Essential Resources Checklist:
Before you read 7 resources list, be aware that each of these represents a deeper theory, philosophy and set of instructions to evaluate how to define how much of each resource you ACTUALLY have, what is required for your particular business to succeed, and the many variables which define most of these resources as unique to you and your business. A specific resource plan is crafted over time and marketing evaluation. I hope this brief list can serve as an eye opener to how many resources you actually have, and allow you to draw strength from some resources you may have beyond the time and money (first 2 resources) investments you make.
- Time – where there is lack of money, you use your time (to research, worry, make some great/bad decisions) – you must use it wisely, strategically, and account for it as if it is as valuable as cash
- Money – it always feels like you don’t have enough; it is critical to use what you do have so smartly, so effectively, it appears you have lots; if you feel like you have lots, don’t spend any of it until you really know what you are doing with it – only non-risks or calculated risks allowed with this resource
- Network – whether who you know now is a small list, or growing list, it is yours and yours alone to be nurtured and developed into your golden asset
- Passion – your most credible storyteller for your business is YOU; when you are passionate, act passionate, sound passionate you affect people & they become interested in what you do
- Effort – sometimes you may feel you lack time, money, and even your passion – and this is NORMAL, but built into a plan, you can have continuing effort to keep momentum going; effort is a cornerstone of momentum
- Knowledge – if you are just starting out, you don’t know what you don’t know, and this is where some of the sad stories of disappointment I hear about stem from; and if you are into your business a bit you DO know what you don’t know, but may not know how to go about gathering the knowledge you need; assessing what you do know, and knowing what you don’t and where to get the extra insight and help is the smartest entrepreneurial strategy you can adopt, particularly for faster, less risk-based growth
- Technology – I’ve sat here trying to imagine a business that can’t benefit from knowing, using or connecting with technology, and I’ve come up with none. Without a doubt, technology fears and lack of knowledge can be a real business showstopper for some. And for others, embracing technology for connecting, demonstrating, building, systemizing will create relief you can’t even imagine. And free up some of that time you don’t think you have!
Knowing how much you have, or don’t have, of each of the resources is a critical evaluation at any point of your business. And while some of the resources above seem like they are not ‘tangible’ (read: measurable) resources, I’d argue they are. Because when you don’t have any of them, you are at point 0. And when you have many of them, there is abundance and unlimited opportunity. Both 0 and abundance are resource measurements. Let’s call this your resource bank.
When evaluating your resource bank, and consider what you have and don’t have, do so realizing these three things:
- You don’t always need time or money – you can make up for lack of either in many clever and creative ways using your other resources.
- You don’t need to use all the resources available to you. In fact, you shouldn’t. But you should know your options and limitations so you can make the wisest choices out of the resources you do have.
- Tapping into your bank of 7 essential resources helps great marketing decision-making exponentially easier. For example, if you have limited money, you simply can’t go splash out a big magazine advertising campaign to launch your business or introduce a new product. But you can, on limited time and money, create an extremely targeted, success-driven campaign using your knowledge, network, technology, passion and effort. It’s done every day.
Truth & Tonic Small Business Academy includes exercises and a deeper lesson on the 7 essential resources guiding principal in a module called Decision Making: Success from the Sweet Spot. The program in its entirety is focused on marketing fundamentals created and crafted specifically for small businesses owners who are growing and truly have a readiness to make something they love into a business they can be proud of.
It is a theory taught in such a way that you will learn how to customize it to suit your available resources and your business. It is designed as a core tool to help you make exceptionally appropriate and success-driven decisions.
Remember, you have 7 resources to consider, and I’m here to help you learn how to make great decisions no matter how limited those resources are! Snow White settled for using her 7 little resources to help the one she loves to find her. That’s a bit short-sighted, and a huge waste of those 7 little resources. Pity for Snow White. Great for us to live in a modern world with bigger dreams and opportunity!