A dollar and a dream
Most entrepreneurs have a dream. Some of them are able to turn that dream into reality with passion, drive, a lot of blood, sweat, tears and financial sacrifices. According to the U.S. Census, 50% of all U.S. based businesses have less than 500 employees, 75% are solo entrepreneurs and 50% work from home.
Ann Duckett opened The Little Bleu Cheese Shop in a hip and trendy neighborhood in Rochester, NY in December, 2012 and has been featured numerous times in the local paper, including this recent profile in the Democrat and Chronicle.
While businesses like The Little Bleu Cheese Shop are on the way up, many more are not. According to the Small Business Administration, eight out of 10 small businesses don’t survive past the 18 month mark.
Why is this? If we can believe the statistics, how can small businesses be keeping the U.S. economy afloat, yet failing so miserably at the same time?
I’m sure there are as many reasons as there are failed businesses, but realistically, it comes down to just a few that are so elementary, it’s amazing the failure rate is as high as it is.
The Little Bleu Cheese Shop has these down to a science:
1. Knowing its ideal client — Little Bleu specializes in artisanal cheeses and caters to customers that have an appreciation and a palate for cheese that can’t just be bought anywhere. It’s not trying to be all things to all people.
2. Engaging and educating — At Little Bleu, every cheese has a story about where it came from and it’s shared. “We’re a foodie town,” Duckett says. “I’m not just engaging customers, I’m building a cheese community.”
3. Being authentic –“Part of what we do is educate customers about where the cheese comes from, the process used in micro-batch cheese production — all the way to how to plate it,” Duckett says.
4. Building a long-lasting relationship with its customers — “People come in and say, ‘I had this cheese in France…,’ and I try to find it,” Duckett says.
So simple yet so hard to do. I recently read about a shoe store that was closing after 14 years. It was being pushed out because more and more people were buying their shoes online.
Is it possible that this store does not have a web site? I checked. It does not. Wake up, people! 94% of consumers research purchases online, but 72% prefer to BUY within 20 miles of their home. Newsflash: this “thing” called the internet and social media are not going away. If customers Google you and all they find is your Manta listing that has nothing except your address, they will go somewhere else.
What do you think? What is your biggest challenge as a business owner? Please feel free to comment below. I’d love to know what you think.
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Robin Taney, (aka the “Get R.E.A.L Girl”) is the owner and founder of Studio 4 PR. She works with creative, independent, and “kitchen table” entrepreneurs who are highly motivated to be found by their perfect client. You can connect with her on Facebook, Twitter, LinkedIn, and Pinterest, and sign up for mailing list You are welcome to use this post on your blog, provided you do not alter it in any way and include a link to this blog.