So… while Sandy and Chanel are sunning themselves in the Dominican Republic it may seem like running a business is all hot air balloons and holidays… but while they take this well-deserved rest I thought it would be useful to you to reflect on some of the lessons they have learned through setting up and becoming successful.
If you’ve been following our blog you will remember our meeting last month with Mitun, a happy client and the owner of successful mobile phone repair and sales store Ring Ring Mobile in Nuneaton. In the next two pieces I will look back at their catch up and incorporate lessons from both of their journeys. Click "Read More" to reveal the first 5 lessons!
Lesson #1: Be prepared to take risks…
Mitun set up his phone repair shop in 2014, the shop was for sale and within a week he had took the dive and took over. He had experience buying and selling phones but no experience of fixing them… which is actually his main source of business now!
Obviously this made it a calculated risk with his sales experience however if you never go out of your comfort zone you will never move forwards. Phone repairs now make up around 70% of his business.
Lesson #2: Never say no!
For Mitun, he ran the shop for the first 8 months independently. Whatever came through the door whether it be phones, tablets or laptops, it was crucial he had to grow the customer base and take on these requests. This meant where he couldn’t carry out a repair himself, he would outsource to a skilled technician. However, with the transaction still going through him, he was still growing the business and his reputation.
So whether you have all the skills yourself or not, if you have the customer, find a way to support and service them!
Lesson #3: Always add value
With SR Investments growing rapidly we have many people approaching us to say, “how can I learn to trade?” or “can you teach me how to trade?” and while Sandy does have the expertise, the aim of the business is to spend our time supporting our clients and trading to make the outstanding returns we have been making.
Now that’s not to say we don’t help these people in their own journey. We provide advice and guidance based on where Sandy has had his best experiences training. This allows us to still have a positive interaction with these people, who may or may not become clients in the future but either way it builds a positive brand image.
For anyone who is interested, we would highly recommend www.astrofxc.com in terms of learning to trade or improving your technical abilities trading on different markets including FX and crypto currencies.
Lesson #4: Give away things for free!
No, I know what you are thinking. That doesn’t make any business sense at all but hear me out.
Example 1: This blog! We give out free advice and tips to people looking to invest and this leads to clients reading and engaging with us. It’s not about rushing these potential clients into a sale but it’s about building their trust with your brand and in the long run, yes, they may then become a customer/client.
Example 2: AstroFX who I mentioned above give out loads of free video content online, techniques you can use when trading etc. and it leads people to seeing them as experts in their field. Some customers may just use the free videos but on their last free video they had over 22,000 views… so let’s say a small proportion, just 5% of these people decide to buy a course... I’ll let you do the maths but they’re winning!
Lesson 5: Use every minute
You can’t assume you are going to get big quickly! When Mitun opened his store there would be time that goes by with no customers coming through the door. You need to make sure that when you aren’t making sales, you are using that time effectively.
Consider what other tasks will add maximum value in this time. How are you marketing the business? Is there promotions you can do for the quieter periods/times of year?
I’ll tell you all about how he became visible online in our next blog post.
That’s not it, we have another 5 key lessons to come later this week. Keep your eyes peeled for the next post but in the meantime, what challenges have you faced? What big lessons have you learnt in setting up a business or within your career? Comment below and let us know!
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To hear more about our low-risk investment options email email@example.com or contact me on 07949223771.
Thanks – Sean, Marketing Manager.
Here I will follow Sandy's journey - from creating SR Investments to becoming successful within the Forex markets.
Investments for your future