In regards to the economy, while we haven’t faced a full-blown depression, author Umair Haque over at the Harvard Business Review Blog wonders if we’re in psychological recession.

Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show podcast. (Duration 8:55)


iPhone/iPad/Mobile Podcast Player

• 9.8% of adults strongly agree that their life is close to their ideal.
  
• 19% of adults strongly agree that they are satisfied with their life.
  
• 21% of adults strongly agree that their life has a clear sense of purpose.
  
• 30% of adults strongly agree that on most days they feel a sense of accomplishment from what they do.
  

Turn Emptiness into Success with Life On Your Own Terms

So, how do we live well? How do we feel more of a sense of purpose?

BIGG Success is life on your own terms. It’s about being the entrepreneur of your life.

What causes us to feel empty? What can we do to live with more meaning and purpose? Ask yourself these 4 questions:

Are you defining yourself too narrowly?
Maybe you have a high powered job and that’s how you identify yourself. Maybe you are defining yourself by your salary. That’s fine if it works for you, but what if that goes away?

___

I had an identity through my job of 20 years. I was known by all around me as a radio DJ. While I loved that identity, I had to create my own when I left the industry, which I’ve done with Bigg Success!

___

Are you placing too much emphasis one particular aspect of your life?

If you aren’t feeling a sense of purpose at work…what are you doing outside of work? What are you doing to improve your situation? By working towards a goal, your job is a means to an end, which alleviates the feeling that you aren’t accomplishing anything.

Are you putting too much stress in your life?

We’ve said this before, your lifestyle affects your work. If you are spending too much, you’ll have to work more to pay it off, which will hold you back from going after the life that you want.

Are you giving away your power?

The easy way out is to blame circumstances. But looking for a scapegoat doesn’t help you improve your situation. Bigg goal-getters don’t let obstacles stop them in their tracks. Be honest with yourself. Think about what you really want, what’s holding your back, and what you can start doing today to work towards that goal.

No, it won’t be easy, and it may take years before your life plan falls into place.

But, working to live life on your own terms, rather than denying yourself the possibility of achieving it, WILL give you peace of mind, a sense of purpose, and satisfaction. That’s BIGG Success

Image in this post from stock.xchng

You have to be crazy to be an entrepreneur. That’s what a lot of people say.

And many, many more think it; they just don’t say it out loud.

This opinion is expressed in many forms. We’ve grouped them into two ways of thinking: the old school approach and the new edition.

Hear this post! Click a player to listen to George & Mary-Lynn on The BIGG Success Show Podcast.


iPhone/iPad Podcast Player

The old school said that the only people who become entrepreneurs are people who no one else will hire.

They aren’t smart enough.

They don’t have the skills.

They can’t keep a job.

They don’t have a choice.

BULLoney!

The new version

The new version of this thought process is a little more subtle.

It says that if you can get a job instead of starting a business, do it. It’s much easier.

We agree.

But it begs the question: Is easy your goal?

The problem with this way of thinking is that it assumes it is.

What if your goal is personal and professional fulfillment?

What if your goal is to make a difference?

What if your goal is to see how far you can go?

What if your goal is to directly see the results you can create?

If that’s the case, then NOTHING beats entrepreneuring.

Risk

But being an entrepreneur is risky. Working for someone else is less risky.

Again, we call BULLoney!

Tell that to all the people who got laid off in the Great Recession who are still looking for work.

Tell that to all the people who have started a part-time business just to feel like they have some control over the lives.

Tough is not crazy

Is it tough? Of course it is.

BIGG success in any endeavor is NOT easy. BIGG goal-getters don’t care.

If you want to do something BIGG with your life, it’s going to be hard. You’re blazing a trail few people dare to go down.

And if you’re a real entrepreneur, you don’t care. It’s just part of the game.

Besides, you’re too busy saving the world – or at least your corner of it!

That’s BIGG success!

Do you have an idea for a full- or part-time business but aren’t sure where to go with it? Maybe we can help.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00738-092211.mp3

Image in this post from kevinsaysthings

Last year, holiday sales were down 3.4%. This year, even more Americans are dealing with job loss, fear of job loss, wage cuts, a drop in home prices and a rise in credit card interest rates.

___

___

So what will consumers do? What's a retailer to do?

Working twice as hard but not making anymore
Let’s start with retailers. Dropping prices to push out inventory has become the norm since last year. Offering extreme discounts is a tactic many will use to try to get customers in their doors. Here's what that means:

Let’s say you have a product that costs you $10. You normally sell it for $20, leaving you with a $10 profit. You decide to cut your price by 25% to $15.

So now you make $5 every time you sell a product. You have to sell twice as much of this item just to make the same amount of money!

In this example, we used a product sale to keep it simple. However, many small businesses sell a service. So think about it this way:

Carrying forward the numbers above – if you cut your hourly rate by 25% – you would have to work twice as much but you wouldn’t make anymore.

Is it worth it? Would you be better served pursuing another strategy?

Consumers are more price-sensitive, but value is still king
Now, let's look at those customers. Experts cited in the article say consumers will shop for good value on items they want and need. Note the term “value”, not price.

Consumers are more price sensitive than ever. However, because they have been bombarded with super-low prices, they are beginning to think that those products are worthless.

Furthermore, they will pass up an offer – even if the price seems too good to be true – if they think they just don’t need the item. If you cut prices too much, you may kill your business by killing your customer with kindness!

3 strategies for a tight-belt economy:

• Divide your product or service offerings into three categories – must have, need and want. In this economy, focus on the must haves. Which customers must have your must have product? Focus most of your efforts here.

• Is there a way to bundle a “need” with a “must have” or a “want” with a “need”? Offer a special deal on the bundle rather than the individual product or service. You may find that you can sell more without having to work a lot harder.

• Think about your customer’s bottom line. How can you add value to your product or service and boost your customer’s bottom line at the same time?

For example, is there some essential knowledge that you could impart to help your customer use your product or service to save money? If so, they’ll be much more likely to buy – even now.

How are you compelling your customers to buy your products or services?

Share that with us by leaving a comment, e-mailing us at bigginfo@biggsuccess.com or leaving a voice message at 888.455.BIGG (2444).

We think you’re too kind for checking in with us today. Thanks so much!

___

___

There’s a popular celebrity who says it took him 26 years to get one mile down the road. Please join us next time and we’ll fill you in on his story of bigg success. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00517-110609.mp3

Related posts

The Trick to Keeping Customers

3 Reasons Entrepreneurs Fail

(Image in today's post by xenxen)

We’re all looking for more ways to save money. That’s understandable. However, we need to think about not just survival, but “surthrival.”

___

___

Many business owners and managers, small and large, are cutting back on their advertising. This cost-cutting practice can be very costly in the long run.

Could not advertising cost you $1.5 million?

A McGraw-Hill study, about the recession in the early 1980s, found that companies that maintained or increased their advertising had sales 256% higher three years after the recession ended.

Think about that … two companies, each with a million dollars in sales go into a recession. The company that holds tight on its advertising, or perhaps even increases it, will do over $2.5 million within a few years after the recession ends if the second company, the one that cut its advertising, treads water.

Signaling the end of your business

A recent study by Ad-ology found that 56% of the people surveyed thought that retail stores that cut back on advertising must be struggling.

In other words, your advertising sends a “signal” to both your existing and potential customers. Just like a company cutting back on its dividend, you’re telling the public you don’t expect your future to be bright when you cut back on advertising.

The signal is so strong that 15% of the people surveyed thought it meant that the firm who cut back on its advertising wouldn’t be in business much longer.

The time – money trade-off

One of the other elements of bigg success is time. If you’re a regular here you’ve heard it before, but it bears repeating:

If you don’t have money, you have to spend time. It’s part of the price of bigg success.

So if you really feel the need to cut back on how much money you spend on advertising, it will pay to spend more time promoting your business.

That means networking

Depending on your business, you may primarily build relationships offline or online. However, you will probably be well-served to do both. Integration is one of the keys to success in business today.

If you have employees with down time, make good use of it. Tell them that you want to keep spreading the word so you all surthrive.

What you ask them to do will also depend upon your business. You may have them put out door knob hangers or give away free samples of your product. Perhaps they can make some phone calls or send e-mails to your list of customers.

Where to place your focus

We stated it subtly in that last sentence. We should emphasize it – focus on your existing customers to get the best return on your investment (of money and time).

Research has shown that it costs between five to eight times as much to get a new customer as it takes to keep an existing one. So, at the very least, make sure you’re communicating with your existing customers at least four to six 6 times a year.

Find out what their problems are. Find a solution – even if you can’t solve it directly, help them find the answer to build your relationship.

The most cost-effective way to grow your business

Building relationships with your best customers is the most cost-effective way to grow your business. When you can “wow” your customers, they will …

• buy more

• buy more often

• tell others

Segment & tailor

___

While we’re talking about your existing customers, can you segment them into smaller groups so you can tailor your communications more precisely?

___

___

I used to own a heating and cooling service company. We got our technicians to note the age of the furnace or air conditioner when they were in our customer’s home or business. Then we wrote a letter specifically to this group. We generated over $300 of sales for every letter we mailed!

___

This highlights another point we alluded to earlier – get your staff involved. Help them understand how it not only makes their jobs more secure, it also means you continue to grow as a company so there will be more opportunities for everybody. That’s bigg success!

___

___

Thanks so much for reading our post today. Please join us next time when we discuss what the underlying meaning of “I don’t have enough time.” Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00411-060809.mp3

Related posts

5 Marketing Strategies to Get the Most Bang for Your Buck During a Recession

Increase Your Sales by Knowing the Answer to this Question

(Image in today's post from hisks)

___

___

___

So Jonathan, you’re a renegade. That sounds so fun … so dangerous.

___

___

Well you know I live my life all around danger. But the renegade side is just taking a different approach to how you earn a living. It’s almost like taking everything everybody says you can’t do and won’t succeed at and then somehow figuring out how to do it.

___

The limitations of others

___

I think that’s a great point. It doesn’t matter if it works for anybody else. As long as it works for you, that’s all that matters.

___

___

Absolutely. And it’s funny … people think it’s age-dependent to a certain extent and I’ve had people who were 16 come to me and say, “Hey listen. I can’t get anybody to take me seriously because I’m 16 years old, but I have mad skills in the IT world.” And then I’ve had people come to me who are 55 and say, “I have this idea and nobody will take me seriously because I’m too old or I have too much on the line.” But the reality is that you make your own opportunities in life. When people say, “You can’t do that” what they’re really saying is, “I can’t do that. So who do you think you are to try?” You have to understand that and step outside that limitation. Realize that it’s their limitation and not yours. If there’s something you truly believe in, just do it.

___

Becoming a renegade

___

Let’s go back to your renegade story. You were a lawyer making good money and you decided to walk away to follow your passion. What motivated you to do it and how did you get past your fears and go for it?

___

___

Depending on how you look at it, I had the good fortune or the bad fortune of having a bit of a health issue. I was actually not too deeply into my law career at the job and the career and the firm that everybody wants to be at making a great living. After working a three-week stint with very little sleep and very little downtime, my immune system essentially shut down. My body was, literally, physically rejecting my career. So I started making a list of things that I thought would be really cool to do, that I love to do, and that I could somehow figure out a way to make a living at.

___

It’s not the hours

___

Doesn’t being an entrepreneur take as much time? I hear a lot of people saying that they don’t want to be a business owner because of the time that it takes.

___

___

Absolutely. Being an entrepreneur takes as much time, if not more time. But it’s not so much the hours that you put in, as it is how you spend those hours, which determine your satisfaction with what you’re doing. I put in a lot of hours – between writing and running different businesses – but I have control over those hours. I’m a family person so there’s nothing more important to me than having time with my wife and my daughter. So I wrap those business hours around the time that I know I want to spend with my family. I make breakfast and lunch for my daughter. I hang out with her in the morning. I pick her up from school. And then I may work a little bit in the evening after everybody goes to bed. The flip side is that when I wake up, I can’t wait to work. I’m bummed when I can’t work because I love what I do so much. So when that’s how you define work, hours don’t really mean a whole lot anymore. The bigger challenge becomes balancing multiple passions so that you have enough time to intelligently honor whatever your commitments to those passions are.

___

Is now the right time?

___

Jonathan – it would seem like the objection a lot of people might have – there are times to start a business and there are times not to start a business. Like right now, is this a good time to be a renegade?

___

___

That’s a great question. In my mind, it’s a phenomenal time. Some of the biggest companies that are out there today were started during the last substantial recession. Within any time where there’s economic challenge, very often the people who are willing to take risks, when everybody else is awash in a sea of paralysis, are the people who end up being in a phenomenally better place once we emerge from whatever’s going on. They tend to be really well positioned to move forward aggressively. The challenge with what’s happening now is credit. A lot of people are saying, “Listen, I would be willing to take a risk.” Hundreds of thousands are out of a job. They’re saying, “I can’t go back to that job. If I had access to money, I actually might take the risk but I don’t.” But what’s really interesting is that there is a massive move to creating entrepreneurship online where you can swap work for money. It’s not so much that people don’t have the money anymore because you don’t need a whole lot. It’s that they don’t have the knowledge of what’s capable when you tap the online world. All you need for that is a broadband connection and a little bit of money to get going. You can literally transform a lot of knowledge that you have into monetizable businesses if you know how to do it.

___

___

So if your specialty is marketing, you can create your own brand online. Instead of just having your local clients, now you can have a shot at international clients.

___

___

Yeah. Being online opens up a worldwide market to you – whether it’s marketing or making kooky hats. There may be only 100 people in your town that would support a kooky hat store. But if you open up your market to online, maybe there’s thousands, or tens of thousands, or hundreds of thousands. You also don’t have to pay the rent for a storefront. You’re cutting a massive amount of your fixed overhead. I’ve been an entrepreneur, both online and in the brick-and-mortar world, so I understand the issues of overhead very well from both worlds.

___

Learn more about Jonathan at his Career Renegade site.

___

___

Thanks so much for stopping by our site today. Join us next time when we continue our discussion with Jonathan. He gives more great advice for all you career renegades who want to get a business going. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00319-012909.mp3

Related posts

Profitable Passions – Part 2

Seth Godin on Tribes: Part I

Freedom Or Security – Which Do You Choose?

(Image in today's post by Career Renegade)