Mike Michalowicz's Blog, page 47
October 18, 2019
Naming Your New Business
Starting a new business comes with so many important decisions, and choosing what to name your business so it represents it, and you, is one of the big ones. That name will be your brand, your stamp and your identity in the world. The name of your new business has a significant impact on your success. It must connect with customers and convey a benefit while reinforcing what your company represents and can offer them.
Feeling unsure? Let’s do a little R&D (you know I love my R&D!) and take a moment to look at what some other companies have done. Back in August I posted a blog about what makes other businesses successful https://mikemichalowicz.com/whats-the....
In the post I mention several aspects of what makes this particular car service in the Bahamas so profitable, and one of the main ingredients to that company’s success is their name – Blu Luxury. Now, sight unseen, if you are offered a ride with Blu Luxury vs, say, Island Cab, who are you cruising with? That was an easy one.
Another example: On a recent trip to Toronto I visited Steam Whistle Brewing https://steamwhistle.ca/ and got a VIP tour of their operation. I learned that when the three owners were deciding what to name their business, they had a completely different name in mind. They each had been fired from jobs in the past and thought they’d name their brewery Three Fired Guys. While perfect to them, since they understood the meaning, it was a possibility not everyone else would, or, frankly, want, a product from three fired dudes. They needed to name their new business something that represented them as well as their product, but also appealed to their new customers, and ta da! Steam Whistle was born. In the 50’s the steam whistle would sound off at the end of the day, signaling that the work day was over and traditionally, the workers would have a beer. Hence, Steam Whistle. It is obvious what they do, and it has a great story and lineage to it.
You get the picture. A few additional tips: You want a clear, powerful name that sounds good when you say it out loud. It should also be easy to spell. Your name should relate to what your business is about and it should be descriptive. Remember to research it and check domain names and trademarks to make sure you are not replicating any others. You can always use your name, like yours truly. Aside from Profit First I used my own name for my brand and my website. Remember when you first saw my last name and said, “Mik al o wha?”…admit it! This is why I tell folks to go to Mikemotorbike.com vs Mikemichalowicz.com. (Mikemotorbike brings you straight to Mikemichalowicz) Not everyone can spell such a gem of a last name like Michalowicz right off the bat, but Mikemotorbike is a no brainer.
Also, try to think about your new business name holistically. Be specific, at the same time don’t pick a name that constrains you to any one thing. The name of your new business needs to be broad enough to accommodate your growth. As your business grows, you want the name to expand with you and still make sense.
Your name is so important, even more so than your logo. When deciding what to name your new business ask yourself, is it memorable, is it unique, does it speak to what you do? If you stick with these parameters you will be attracting new customers to your new business before you know it!
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
The post Naming Your New Business appeared first on Mike Michalowicz.
October 6, 2019
Connecting with Fellow Entrepreneurs
One of the key elements for running a profitable business is to remember that as an entrepreneur, we are here to provide a service and to build our business and local communities. This means you must build a hearty relationship with them. One of the key strategies to obtain that relationship? Networking!
Yuck.
At least, yuck, if this is the visual: A mandatory and artificial meet and greet with a bunch of people in their Sunday best mulling around a convention hall, pitching their wares and handing out business cards. I can’t blame you for seeing it this way because networking has gotten a bad rap over the last few years. Networking has become yet another word for marketing, eliminating most of the human element from the conversation and providing very few long standing relationships.
Fear not! There is a resolution (I said resolution, not revolution, put the flag down!). One of the advantages of being an entrepreneur is that we have the power to flip the script. If we shift our perspective from networking to connecting, we will form far more natural and richer (no pun intended there) relationships. Connecting isn’t just about creating profit, but developing a true relationship and impacting your community in a positive way. Added bonus – we gain a breadth of knowledge regarding their needs, which will only help you improve your business. These are just a few of the pointers we learned a while ago from Scott Gerber, author of Superconnector and guest on our Entrepreneurship Elevated podcast. Bottom line, connecting is key, but people need to feel like you are going to build a long term relationship, not just an opportunity.
Great. Now how do we make these connections organically? One of the strongest characteristics an entrepreneur can have is a solid set of social skills (I’m talking to you, introverts!). So when there is a natural way to connect with and learn from others, get in there, buddy! After a keynote or a three day convention you may want to hide in your hotel room and decompress, but taking a little time to socialize can reap endless rewards.
I was recently out to dinner after a keynote and every person at the table was a fellow entrepreneur running a profitable business. Perhaps in any other setting some of these folks would have been less likely to speak up and share their knowledge and experience. But behold! Bread! Food! A beverage or two! Sitting over a meal in an unrushed manner cancelled out that artificial element of “networking” and allowed us to relax and connect naturally. We had this wonderful opportunity to get acquainted and socialize in a non transactional way. We shared not only a meal, but nuggets of tried and true ideas and lessons among this group of vetted peers we never would have had the chance to share otherwise. Priceless!
If traditional networking isn’t, well, working, it’s time to update your perspective. Looking for fresh ways to meet? Immerse yourself in other communities and join some local professional or non profit groups to see how you can be of service. You can turn just about anything into a connecting opportunity. Just be yourself and keep it natural.
It’s easy to get distracted by the daily details, but remember to be a thoughtful entrepreneur. If you focus on connecting, the human aspect of running a profitable business will instantly become infused in everything you do.
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
The post Connecting with Fellow Entrepreneurs appeared first on Mike Michalowicz.
Elevate Your Networking
The cornerstone for running a profitable business is to remember that as an entrepreneur, we are here to provide a service and to build our business and local communities. This means you must build a hearty relationship with them. One of the key strategies to obtain that relationship? Networking!
Yuck.
At least, yuck, if this is the visual: A mandatory and artificial meet and greet with a bunch of people in their Sunday best mulling around a convention hall, pitching their wares and handing out business cards. I can’t blame you for seeing it this way because the phrase networking has gotten a bad rap over the last few years. Networking has become yet another word for marketing, eliminating most of the human element from the conversation and providing very few long standing relationships.
Fear not! There is a resolution (I said resolution, not revolution, put the flag down!). One of the advantages of being an entrepreneur is that we have the power to flip the script. If we shift our perspective from networking to connecting, we will form far more natural and richer (no pun intended there) relationships. Connecting isn’t just about creating profit, but developing a true relationship and impacting your community in a positive way. Added bonus – we gain a breadth of knowledge regarding their needs, which will only help you improve your business. These are just a few of the pointers we learned a while ago from Scott Gerber, author of Superconnector and guest on our Entrepreneurship Elevated podcast. Bottom line, connecting is key, but people need to feel like you are going to build a long term relationship, not just an opportunity.
Great. Now how do we make these connections? One of the strongest characteristics an entrepreneur can have is a solid set of social skills (I’m talking to you, introverts!). So when there is a natural way to connect with and learn from others, get in there, buddy! After a keynote or a three day convention you may want to hide in your hotel room and decompress, but taking a little time to socialize can reap endless rewards.
I was recently out to dinner after a keynote and every person at the table was a fellow entrepreneur running a profitable business. Perhaps in any other setting some of these folks would have been less likely to speak up and share their knowledge and experience. But behold! Bread! Food! A beverage or two! Sitting over a meal in an unrushed manner cancelled out that artificial element of “networking” and allowed us to relax and connect organically. We had this wonderful opportunity to get acquainted and socialize in a non transactional way. We shared not only a meal, but nuggets of tried and true ideas and lessons among this group of vetted peers we never would have had the chance to share otherwise. Priceless!
If traditional networking isn’t, well, working, it’s time to update your perspective. Looking for fresh ways to meet? Immerse yourself in other communities and join some local professional or non profit groups to see how you can be of service. You can turn just about anything into a connecting opportunity. Just be yourself and keep it natural.
It’s easy to get distracted by the daily details, but remember to be a thoughtful entrepreneur. If you focus on connecting, the human aspect of running a profitable business will instantly become infused in everything you do.
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
The post Elevate Your Networking appeared first on Mike Michalowicz.
September 28, 2019
Want a Successful Business? Stand Out!
I talk a lot about standing out in order to have a successful business. One of the aspects of standing out includes how we distinguish ourselves from others. So here’s a question for you – what’s your costume?
Depending on who you are, you’re thinking one of three things: “Mike must really like Halloween”, “How did he find out I go to Comic-Con?”, or “Costume party? Sign me up!”. Whichever you are, that’s not exactly what I mean.
It’s important to be unique when establishing yourself as an authority in your industry. Seth Godin, Michael Gerber, Steve Jobs and many other successful entrepreneurs knew this and all developed their own style. You will notice I wear a vest (check out the most recent addition to my collection here!). This is my signature style, helps me stand out, and is a way for people to differentiate me from the crowd.
So go for it! Identify your costume and stand out!
The post Want a Successful Business? Stand Out! appeared first on Mike Michalowicz.
What’s Your Costume?
I talk a lot about standing out in order to have a successful business. One of the aspects of standing out includes how we distinguish ourselves from others. So here’s a question for you – what’s your costume?
Depending on who you are, you’re thinking one of three things: “Mike must really like Halloween”, “How did he find out I go to Comic-Con?”, or “Costume party? Sign me up!”. Whichever you are, that’s not exactly what I mean.
It’s important to be unique when establishing yourself as an authority in your industry. Seth Godin, Michael Gerber, Steve Jobs and many other successful entrepreneurs knew this and all developed their own style. You will notice I wear a vest (check out the most recent addition to my collection here!). This is my signature style, helps me stand out, and is a way for people to differentiate me from the crowd.
So go for it! Identify your costume and stand out!
The post What’s Your Costume? appeared first on Mike Michalowicz.
September 18, 2019
Increasing Customers with Bold Titles
Bold titles are compelling. Maybe you have a business podcast or you’re writing a business blog, book or a keynote speech. One of the first steps in building a profitable business is to attract your audience. To do that, you need to create bold, eye catching titles. A bold title that speaks to people is one of the most powerful keys to attract and increase customers.
Take this magazine cover for example. The text on the latest MIT Technology Review caught my eye through a crowd in a busy airport. On the way to my gate I took the time to dart into the newsstand and buy this magazine – ignoring all the others. Why? Because the cover instantly drew me in. The title? Heck yes! Tell me old age is over! Even more potent is the simple bold block font used for the text. It really drives their title home. OLD AGE IS OVER. Awesome! Take my money! See? They know a thing or two about increasing customers.
The world is constantly evolving and there is so much “new” to keep up with every day. How do we differentiate ourselves in this current climate to make our business stand out, increase customers and create that truly profitable business? What can we do to make them choose us? It starts with marketing and advertising, and whichever method you use, be it print or online, it’s got to be bold.
Number one tip? Keep it simple. Simple is striking. Simple sticks in a client’s mind and delivers a powerful message. Keeping it simple is one of the top trends in advertising and it’s likely not going anywhere. When creating a brand or title, keep in mind your goal is to compel an audience to become new customers and quickly, because our attention is so easily diverted by the next best, boldest thing.
This simple messaging goes for the language and design chosen for your title. Let’s face it, a long title in cursive isn’t something people will slow down to read and contemplate as they’re speed walking to their gate. The covers of my books (Fix This Next, Profit First, Clockwork, The Pumpkin Plan, Surge and The Toilet Paper Entrepreneur) are eye catching with bold text and design directly related to those titles. When naming your work, it’s important that it is representative of you and what your business stands for. At the same time, it needs to be a stamp, a quick and convincing message, that says you’re a profitable business and that the customer, in turn, will be successful as well. That’s how you increase customers, you let them know you’re profitable and can provide them with tools to run their own profitable business. In as few words and as boldly as possible. Like a billboard!
So I ask you, how are your titles looking to your customer base on your website, books or advertising? If you’re not 100% confident, consider simplifying your messaging to increase customers and enjoy a more profitable business.
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
The post Increasing Customers with Bold Titles appeared first on Mike Michalowicz.
Bold Titles to Increase Customers
Bold titles are compelling. Maybe you have a business podcast or you’re writing a business blog, book or a keynote speech. One of the first steps in building a profitable business is to attract your audience. To do that, you need to create bold, eye catching titles. A bold title that speaks to people is one of the most powerful keys to attract and increase customers.
Take this magazine cover for example. The text on the latest MIT Technology Review caught my eye through a crowd in a busy airport. On the way to my gate I took the time to dart into the newsstand and buy this magazine – ignoring all the others. Why? Because the cover instantly drew me in. The title? Heck yes! Tell me old age is over! Even more potent is the simple bold block font used for the text. It really drives their title home. OLD AGE IS OVER. Awesome! Take my money! See? They know a thing or two about increasing customers.
The world is constantly evolving and there is so much “new” to keep up with every day. How do we differentiate ourselves in this current climate to make our business stand out, increase customers and create that truly profitable business? What can we do to make them choose us? It starts with marketing and advertising, and whichever method you use, be it print or online, it’s got to be bold.
Number one tip? Keep it simple. Simple is striking. Simple sticks in a client’s mind and delivers a powerful message. Keeping it simple is one of the top trends in advertising and it’s likely not going anywhere. When creating a brand or title, keep in mind your goal is to compel an audience to become new customers and quickly, because our attention is so easily diverted by the next best, boldest thing.
This simple messaging goes for the language and design chosen for your title. Let’s face it, a long title in cursive isn’t something people will slow down to read and contemplate as they’re speed walking to their gate in the airport. The covers of my books (Fix This Next, Profit First, Clockwork, The Pumpkin Plan, Surge and The Toilet Paper Entrepreneur) all have eye catching covers with bold text and design directly related to those titles. When naming your work, it’s important that it is representative of you and what your business stands for. At the same time, it needs to be a stamp, a quick and convincing message, that says you’re a profitable business and that the customer, in turn, will be successful as well. That’s how you increase customers, you let them know you’re profitable and can provide them with tools to run their own profitable business. In as few words and as boldly as possible. Like a billboard!
So I ask you, how are your titles looking to your customer base on your website, books or advertising. If you’re not 100% confident, consider simplifying your messaging to increase customers and enjoy a more profitable business.
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
The post Bold Titles to Increase Customers appeared first on Mike Michalowicz.
September 14, 2019
The Benefits of Business Podcasts
Phew! I just completed the fourth podcast for the day. Here at my studio we record two podcasts: GMAP, which is a business podcast specifically for accountants and bookkeepers, and Entrepreneurship Elevated, which includes topics such as…drum roll please, entrepreneurship and how to create a profitable business. I hope you are a subscriber to both podcasts. The goal of our business podcasts? We provide business help you may have been seeking or you discover something new and become even more motivated in your business. Successful business owners know we must continuously learn and evolve, and what better way to learn and get the inside scoop on a profitable business than from the experience of other successful industry leaders?
Podcasts have garnered immense popularity over the last couple of years. Regularly updated podcasts keep listeners current in an ever evolving business market. Priceless. They are the Cliff’s Notes to books, a crash course in business and can even offer a bit of what business leaders discuss in their keynote speeches. Business podcasts have become the most effective format of marketing that exists, as well as the most powerful way to retain an audience. Read that again. And, you can easily increase customers when you have a solid 30-40 minutes of direct marketing and full engagement. Boom.
So what makes a solid podcast? For one thing, ensure your production quality is top notch. These aren’t merely padded walls I am surrounded by (ah here come the jokes)! We made the investment in quality material so we can have a world class podcast. From soundproofing to monitors to microphones, all the high-tech bells and whistles are in place. It’s the perfect atmosphere to deliver our podcast. Great. All set. So what else do we need?
People, people! Yours truly, my partner Ron, Kelsey and Amy from my office are regulars! Our guests are business leaders from a myriad of industries from around the world. They generously share their business expertise and stories, lending valuable insight regarding how to develop a profitable business and eradicate entrepreneurial poverty. Read, free coaching. It can’t be beat! And since we are talking about people – yes, this is a business podcast, but we’re all pretty funny and engaging! In fact, bringing the humanity, A.K.A. quirks, is imperative if you want to remain authentic and increase your podcast audience. Besides, what better way to stand out than to be yourself?
Alright. We have our equipment, the dynamic hosts and guests, now what…do you hear that? Crickets? What are the topics? For engaging and compelling business podcasts, you’re going to need content that provides business help to guide an entrepreneur on their journey to profitable business. My view is, you can read, so you don’t need me to read a copy of Profit First to you! But the podcast crew can discuss aspects of running a profitable business with dynamic industry leaders in a fun and entertaining way that results in you receiving the business help you may be seeking at the same time. If you check out the Entrepreneurship Elevated podcast page, you will see topics ranging from how to be a millionaire to building your brand to automating business. There’s no shortage of guests or topics, you just have to pick what directly relates to your business and your mission.
If you’re considering a business podcast, I cannot encourage you enough – your business can only benefit. You got this!
If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!
The post The Benefits of Business Podcasts appeared first on Mike Michalowicz.
September 9, 2019
When You’re Through Changing, You’re Through!
“If you always do what you’ve always done, you’re going to get what you’ve always got.”
-Henry Ford (Then Tony Robbins, followed by other forward thinkers!)
In other words, when you’re through changing, you’re through. (I said that. After I heard it….)
Ok, this guy just told me not to change too much in his last post, that my business will morph out of control! Hang on, that’s not quite what I meant. Our world is constantly changing, and for us to succeed we keep up, or be left in the dust.
In business, change usually represents growth and a stronger perspective of what our clients need us to deliver. One of the best ways to succeed as an entrepreneur is to recognize and embrace the growth required to obtain optimal results for you and your clients. Doing the same thing over and over? Likely not going to drive success. Not for long, anyway.
For instance, we recently updated our website. I felt there were elements to revamp because I didn’t see the site was driving results to its full potential. We didn’t veer away from our mission in any way. In fact, we are constantly striving to fulfill our mission to eradicate entrepreneurial poverty. To achieve this, we must keep an open, forward thinking mind to continuously improve success.
Don’t be through changing. Always look for opportunities to improve any element of your business and enjoy the benefits!
The post When You’re Through Changing, You’re Through! appeared first on Mike Michalowicz.
The Winchester Mystery House
When you think of your business as a whole versus day to day operations, what is your vision? Are you proactive or reactive? Do you create and follow a well analyzed plan, or are you adding systems on here and there, ultimately building a maze?
In my next book, Fix This Next, this is one of the topics I discuss and I use The Winchester Mystery House as an analogy. The Winchester House was built by Sarah Winchester, heiress to the Winchester fortune. In it’s early phase, it began as a farmhouse but quickly morphed and grew out of control with no real plan or vision. Why? Winchester believed there were demons haunting her from her husband’s business dealings and was compelled to appease them at any cost. She thought the more she added on, the more satisfied the demons would be and the better opportunity for her to escape. The mansion is known for its curved hallways and staircases leading nowhere. Errors were built over or around. Each day was a work around a new problem that arose – a trap most of us have landed in at one time or another.
Now imagine this house isn’t a house, but a business. Not a solid representation of profitability and long term success, is it? You can clearly see the parallel between the Winchester House and an entrepreneur’s journey gone awry.
Ask yourself, what are the choices you are making and how will your business look as a result?
The post The Winchester Mystery House appeared first on Mike Michalowicz.
