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The Formula To Growing A Service-Based Business

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The Formula To Growing A Service-Based Business

Want to know the formula for succeeding with your own business? Especially if your business relies upon serving people (if you are a consultant, real estate agent, accountant, lawyer or dog walker), there is a pretty simple mission.  If you choose to accept it.

 

I’ve been consulting officially for about 1.5 years. Marketing, branding and business strategy. After a long and successful marketing career in corporate America, I needed something different.  Something closer to the lives of real people and less about creating more margin for nameless shareholders.

 

I wanted to live a life based less on success and more based on significance. So I shifted my focus to smaller companies and individuals. Anyone wanting to do great great things. But needed help, accountability or a skilled guide.

 

So I started a portfolio career (what’s a portfolio career?) and began working a non-traditional job (can you make money with a non-traditional job?). And that has made all the difference.

 

It made the difference from a “what I wanted to do with my life” standpoint. Now I just had to make money doing it. Then enough money to “get by”. Now it’s about expanding my view and beginning to believe that I can create wealth – not just make a living.

 

But all this is only possible if I work the formula. Here it is:

 

formula, business, success, network, networking, activate, referrals

 

Now, before this gets too technical, I’m not a math professor. And I haven’t actually calculated that these numbers work out exactly. But if any of you have math in your DNA, maybe you can create the actual formula to express this idea in numbers.

 

My formula is based on my own experience:

 

It says that anything you want to accomplish in life that requires people, must include a lot of them. And they must take action. Even if you have an amazing idea or service, without an active network, you will struggle to succeed.

 

So all of you people with big followings on Twitter or connections on LinkedIn, this means you actually have to engage with your following. And you have to include an in-person component to this formula. That’s how you build social credibility (that which lowers the risk of meeting with or hiring you).

 

And if you don’t have the network, you are starting without a key ingredient. People. Without people, there’s no one to spread the word. And no one to hire you.

 

Some months it seems like it takes 50 conversations to create 10 meetings (read about the perils of a great conversation) . 10 meetings turn into 5 commitments. And 5 commitments = 1 new customer. So what if you start with 10 conversations?

 

So you need a lot of people who know about you, like you and believe you can help them. And then those people need to either refer you or hire you.

 

If you build it they won’t come. Unless someone tells them to.

 

So get out of your house or office. Go meet people. Share your passion for whatever it is you do.

 

Or else.

 

You’ll find yourself back in a job interview explaining what you were trying to accomplish.  To someone who wonders why you aren’t still doing it.

 

Thanks Libertas Academica for the image via flickr

Tim Tyrell-Smith focuses on marketing, brand development and business strategy for emerging and established organizations. A veteran executive in consumer marketing, Tim started his marketing career with Nestle USA and has since worked in product management on premium brands including Nestle Quik, Tree Top Apple Juice, Mauna Loa Macadamias and Meguiar’s Car Wax. He was most recently Vice President of Marketing for a private equity owned food company in Southern California. He lives with his wife and three kids in Mission Viejo, California.

Tim Tyrell-Smith – who has written posts on Fix, Build And Drive™.


About the Author

Tim Tyrell-Smith focuses on marketing, brand development and business strategy for emerging and established organizations. A veteran executive in consumer marketing, Tim started his marketing career with Nestle USA and has since worked in product management on premium brands including Nestle Quik, Tree Top Apple Juice, Mauna Loa Macadamias and Meguiar’s Car Wax. He was most recently Vice President of Marketing for a private equity owned food company in Southern California. He lives with his wife and three kids in Mission Viejo, California.

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