Ways to Fail at Networking

I recently watched a friend of mine fail at a public cocktail event that had a lot of prospect business in attendance. I couldn't believe what I was seeing. It was then that I realized, my friend wasn't trying to be bad at networking. She just wasn't a naturally social person and no one had ever taught her how to mix business in a social setting. So, if you can related to my friend- then keep reading. These 5 networking sins are noted to help you learn, grow, and then become a master at networking.

1. It’s all about you….. Well, it’s not. People love to talk about themselves,so let them. I’ve learned to go to these types of events and ask anyone I wanted to meet a simple question… “So, what do you do?” And they’re off. Listening to someone else talk… and I mean really being engaged… will make them like you. They will say they had a great conversation with you— even if it is one-sided. So, instead of pitching yourself, let others pitch you.

2. No follow up. If you leave the event with business cards and wait for the phone to ring, you’re committing a “sin.” Go through the cards and enter them into your mailing list. Then call- yes use the phone, don’t send an email- the contacts you believe can bump up your business and invite the person out for coffee on your tab. Don’t pitch at the coffee meeting either. Instead talk to the person about what they do some more and learn where they can use help.

3. Not offering value. Once you have that coffee meeting and you discover how your potential referral contact can use help, find a way to provide it. Solve their problem for them- no charge- and without pitching yourself. Pretend that you have it all handled and clients are coming through the door. The contact won’t forget this move and YOU will be their number 1 priority when it comes to referring business.

4. Don’t think you’ve failed if none of this works. There are selfish and bad people out there. The system noted above works 95% of the time. Your first time out (maybe first 3 times out) may fall within the other 5%. Keep trying…

5. Stop going to every networking event. You should be selecting your networking events carefully and not by open bar status or what’s on the menu either! If you know a networking event is going to be filled with pediatricians… pass. They may not help your market. If you know an event is going to be filled with people within your industry… go and practice steps 1-4. If you know an event is going to be a mix of professionals you may, one day, sell your services to then go and practice steps 1-4. You may get referral or direct business off of it. Protect your time by picking events that (long-term) can provide you with real ROI. Don’t just network for the sake of meeting people. After all, the goal is to establish your brand and bring in money.

Twyla N. Garrett of IME

Out Think Your Competition

People always want to know what the secret to success is. I often get asked how to beat one's competition. It is simple. Have a great product. Products and services that are loved by consumers will sell themselves. That is why you always hear of these bootstrap businesses that started with nothing and made it to multi-million dollar sales status.
Here are my top steps to beat your competition.

First, don't buy into a competitor who is stealing your thunder. Maybe you did have the first idea on a specific service. Months after launching you then notice a new company pops up and is copying your idea. Don't freak out. In fact, don't even worry about your competition. Getting caught up in what the other company is doing, even with your idea, will distract you from moving forward.

Next, stand besides your product or services. Don't discount to meet a competitor's pricing. If you stand by the quality of your products or services, customers will remain or still buy. Why? People prefer quality over a discounted price. Even in this economy women are still buying $20 lipsticks from Macy's. Quality and reputation do mean something to consumers.

Last, love what you do. Some people start businesses to make money, not create a lifestyle or career. Your competition probably is in it for the money. You stay in it because you love what you offer. If you remain passionate, people will pick-up on your enthusiasm. This passion will drive sales, increase customers and allow you to be admired as a leader in the business community!

Have you ever had a business idea stolen by a competitor? Let's talk.

Twyla N. Garrett

Hey DC, I Need YOU!

Working with Uncle Sam!

Ever wonder how hard it is (or easy) to get a government contract? Let me provide you with the tips to obtain (and maintain) the government's business!

First off, visit https://www.fbo.gov/ because there are usually (on average) 25,000+ contracts available at any given time. Know what is available and what you (or your company) or truly qualified to bid on.

Next, don't dismiss the 25,000+ contracts as reserved for major players. The government sets aside contracts for small businesses, women owned businesses, minor owned businesses, etc. Basically, you are set up to fairly compete with the big boys!

Consider subcontracted work. A good way to get your foot in the door is to perform subcontracted work through a provider that already has a government contract. Who has the current contracts you ask? Click here! https://www.supplier-connection.net/SupplierConnection/index.html

Lastly, understand that paperwork is the major part of the process. And, there is a lot of paperwork! Start with the Central Contractor Registration (CCR) http://www.osdbu.dot.gov/related/ccr.cfm . In order to do business with the govermennt (and start the paperwork for consideration) you must be registered with the CCR. Bonus: The CCT lets you review what companies are retaining contracts and how. It can help you become more competitive with your bids!

Twyla N. Garrett

In the Business of Excuses

I did a radio show on Monday and we touched briefly on why some people don't follow their dreams. Simply put, I believe many people don't do what they want in life because they are in the business of making excuses. What, you thought I would sugar coat this? Really, c'mon! I don't want to sound harsh or insensitive, but I want to tell the truth. I don't have a magic wand and I certainly didn't grow up with a silver spoon in my mouth. No one from the US Government came to my house, tapped me on the shoulder, and said I was going to be successful. Some people, unfortunately, like to dream big, talk even bigger, and then make up excuse after excuse as to why their dreams didn't come true. Well, boo hoo to those people.

No one is going to reward you today for the work you didn't do yesterday. You have to go after what you want out of life. When you fail, you have to get back up on your feet and try again. There will never be the right set of circumstances to start a business. I had 4k in the bank when I started IME and I had just quit my job with the Government. That's right, 4k- no income coming in- and no client leads. I couldn't make excuses. Instead, I had to make things work. I truly believe this is the difference between those who do and those who talk about doing. Some people make things work, others make excuses.

So, I beg of you today, to ask yourself what side of the fence you are truly on. Do you talk about your dreams a lot or do you execute action plans? Do you happen to lean on excuses vs. lean on reasons why things aren't working out and then develop recovery plans?

I know a woman who is very smart. She is naturally gifted at being both book and street smart. She wanted to start her own marketing company. She went to school to obtain her marketing degree. There is nothing wrong with this, right? Well, then she went to school to get her Master's degree. After this, she wanted to get a communications degree. School became her crutch NOT to open her business, rather talk about it and seem like she was really working on it. After 15 years of intense education, this woman got pregnant. After being home with the baby for two years, she then decided she needed to return to school to brush up on marketing trends in the current time. At this point I asked her if she wasn't a professional student, was she planning on simply teaching marketing vs. opening up a marketing agency. We haven't spoken since....

Don't allow valid excuses to become stagnant reasons for you to not move forward in your life. If you want to open up a business, do it - unless, that is, you are in the business of making excuses.

Until tomorrow,

Twyla N. Garrett

The Worst Businesses to Start Mid-2013.

For some reason business owners love starting companies in the summer. It has been a trend for the last ten years. If you're getting the itch to expand your business resources and grow your entrepreneur portfolio then read carefully. I've listed the three industries you don't want to invest in come this summer buying/ start-up season.

1. A “deal a day” website. Merchants have become familiar with the margin trick and are no longer willing to give up over 50% of profits to gain customers who won't return for future offers. Discounting is a great way to earn business, but it shouldn't be the only way. Get creative with your promotions and stick to social media to offer contests and deals. Don't start a daily deals website.

2. A book store. Book stores are not making money anymore. Everyone is on eBook or buying hard books through Amazon.com. Local book stores, although charming, are not making money. The markups can be beat by using online options. It is like opening up a CD store right now, it just doesn't make sense.

3. A frozen yogurt shop or specialty cupcake store. The food industry is tough enough. Buying in on a trend, especially a fading one, is going to suck up your money and do so quickly. There are frozen yogurt and cupcake stores almost on every corner these days. Don't invest your money here.

My best business pick this year is personal transportation. Right now Uber is leading the way. But, it hasn't caught on via the west coast. So, if you want to run with a business that I see growing, and rapidly, think about personal transportation.

Until next time,
Twyla