Bootstrapping. Innovating. Plunging into new markets.
I love sitting around the kitchen table and chatting about new ideas,
promotions, strategies and markets.
The temptation to getting off track is real….and one of the biggest mistakes is throwing money at an idea because we’re anxious, impatient.
I was chatting with a local photographer about this very idea. How I loved creating business this way. And, to be honest, one of my superpowers is the ability to determine how much to throw at an idea to see if it has life, without going overboard and over budget or becoming impatient and unrealistic in expectations.
I have patience. One of the reasons why, I believe, is an innate fear of bankruptcy. I’ve never been bankrupt. But my dad has. Twice. I lived it. It ain’t pretty.
Scarred I am.
And I know a bunch of folks who went down that road. I noticed a few things about going bankrupt. Most go into it for what appears to be a small amount of debt. Today, that’s around 100,000.00
Typically because of an aggregate total of credit card, bank loan, payables unpaid and a credit line.
All having got out of hand, often within a few months, not much more.
It’s easy to go down that road. I recognize that. And am fearful of it.
So when I enter a new market I seem to have the ability to go at a sensible pace.So pat me on the back won’t you.
Recently we’ve entered two new markets. One, a new-ish product….Pop Up Weddings.And two, a well worn, familiar product, fairy day promotion…… in an entirely new geographic market.
Both these moves we’ve had huge success at. Our first ever pop up wedding day was last Saturday. Five in total. What a day.
Our fairy day event we started promoting late last July. And, with two weeks left to go we are sold out.
Ok…so it appears we have a market.
BUT..I didn’t rush headlong into either. Instead, I prefer a slow, easy, patient, feeding just the right amount of fuel to the fire to see of it will catch.
This is a skillset.
Knowing how fast, how much and where to go with new potential markets is a valuable tool. Largely based on marketing savvy and experience.
Both of which I claim to have enough credibility in. The math never lies.
And I wouldn’t lie to you. More to come as I compile my thoughts and ideas to share with you in the next Marketing Mastermind….
For members…..stay tuned.
Yours in success in photography.