What I've learned (so far) in my business start-up

I started in the mortgage business in April of 2006. I have not benefitted from a robust market or by taking advantage of a clients' trust (predatory lending). Actually, I think I entered at the right time as I was able to learn the business the right way. I entered into the mortgage business based on the advice of two very good friends of mine. And they were right. It's been a great fit and a fun ride.

The first, and most important, lesson I learned is something that I think a lot of my fellow Biznikers already are pursuing. That is, you have to be passionate about what you're doing. That way it doesn't really feel like it's work. From the massage therapists to the financial planners here, I'm heartened by your passion for your businesses. Passion will sustain you in your highest of highs and your lowest of lows. Are you passionate about your business?

But it's not enough to just have passion. We're here to make a difference and to stay in business or make money. Obviously, this is difficult at first. Needless to say, I've been to more breakfasts, lunches, and dinners the past two years than in my previous lifetime! It's definitely not something I always look forward to! Networking isn't something that comes naturally to any of us. In fact, I would argue that every one of us is inherently shy. But it's so important if you want to have a successful business. You have to let people know what you do and how you can help either them or their friends. I network quite a bit because it allows people to see and meet me.

Whether it's here on Biznik, through your local Chamber of Commerce, or any other of a myriad of ways, networking needs to be done. I marvel at master networkers; you should too. They understand they're building their brand. I know my business is ultra-competitive so I need to differentiate myself. Ask yourself this important question: How are you different? And it can't be because of your service. Everyone says that. Break it down so you can give your 30-second elevator speech about what makes your business unique. Are you out there networking and self-promoting what you do? Can you describe in layperson's terms what you do and how your business is unique?

Two years into the business and I realize it will probably be another 2-3 years before I'm known as the mortgage guy. In the meantime, I just keep plugging. Persistence is key. I was talking to a very successful acquaintance of mine recently and he told me he kept going when everyone else was throwing in the towel. I'm fortunate to have a large network of friends and acquaintances who are pulling for me. I would encourage you to build your network in Outlook or some other contact management system. Then start communicating with your network consistently. Whether it's face-to-face, an e-newsletter, regular newlsletter, or online forum, let them know you're here to stay. Have you started building your contact management system? What are you doing to reach out to the people you know?

I also think learning is extremely important. You should want to become an expert in your field. If you do that, your client will pay handsomely for your services. Let's face it: everyone wants to work with the best and have a great experience. With this, however, you need to learn that you don't know it all. In fact, you should yearn to constantly improve your knowledge of your chosen field. Ultimately, humility is the key to success and happiness in life. Successful people have learned humility because I can guarantee you they've had their share of ups and downs. I attended a seminar recently where they talked about why a client buys from us. Utlimately, it's about trust and this can be broken down into two components; character or who you are perceived to be and competence or how much you know about your chosen field. How much do you know and what is your character quotient as perceived by others?

I know I have spent more money and time the last two years than I would have liked. Especially for a relatively low return so far. But now all the hard work is starting to pay off. The lesson here again is not to stop trying new things. Today I read an article about two financial planners buying coffee for every customer at Starbucks for an hour. I think I'll try that. Pay it forward and see what happens. You should try something new and a little out of your comfort zone. The best in their field are always learning new things. What did you try recently that was new and different in your business?

As I go forward, I fully intend to treat my business with the wide-eyed enthusiasm that a child has. Yes, some days I'd rather not work. Some days are tougher than others. That's normal. But having an end goal in mind should keep you going. One of my new friends who has been in business for over 30 years now is full of great advice. And I've noticed he is always learning and adapting and trying different approaches. Are you willing to do this?

If you're on a limited budget, remember that most Biznik events are free, cups of coffee at Starbucks are inexpensive, and you can blog to your heart's content. It's just your time. Treat your business as if it's your career, be patient and continue plugging away. You will be handsomely rewarded! And if you aren't, life is full of second chances and, along the way, you'll always be learning. Good luck to all of you! You can do it!