An anonymous poem for Remembrance Day
Why are they selling poppies, Mummy?
Selling poppies in town today.
The poppies, child, are flowers of love.
For the men who marched away.
But why have they chosen a poppy, Mummy?
Why not a beautiful rose?
Because my child, men fought and died
In the fields where the poppies grow.
But why are the poppies so red, Mummy?
Why are the poppies so red?
Red is the colour of blood, my child.
The blood that our soldiers shed.
The heart of the poppy is black, Mummy.
Why does it have to be black?
Black, my child, is the symbol of grief.
For the men who never came back.
But why, Mummy are you crying so?
Your tears are giving you pain.
My tears are my fears for you my child.
For the world is forgetting again.
The general advice from marketeers and others is to niche for maximum profit and minimum effort. But what if you have multiple niches?
I have three core products: I speak, I write and I provide what I broadly describe as consultancy (including coaching and an online training course). These all interlink as hearing me speak may lead to people buying my book. Reading my book or other articles that I’ve written may lead to people signing up for me to coach them or for one of my online courses or a piece of ad hoc consultancy. There may be multiple products/services but they are all for a very similar market.
Except that I also continue to provide all this (writing the book is my next project) for generic businesses as I used to as the advisory part of my practice. So now I have at least three products that I provide to two different markets. I also have a couple of part time FD roles where I am employed for my strategic, as well as financial, knowledge and experience.
Real life is never as simple as those beautifully theoretical business books.
There are different decisions to be made even for a company and you may choose a mixture of these ideas.
- Drop one of the markets to focus on the most lucrative. You will have one set of marketing and one set of systems.
- One brand with two different pages on the same web site, one for each market. This is the cheapest and simplest. You may have one set of systems but one-two sets of marketing. Consider two sets of business cards or whether you can have one side relevant for each market. Also consider one business card with company details on the front and both markets mentioned on the back
- Two brands but one company. This would avoid confusion over people coming across the wrong literature/marketing material. You would have two websites with two different brands/trading names of the same limited company. You would still run your business with one set of systems.
- Two completely separate companies. For accountants this would require two sets of accounts, two lots of admin and two practising certificates, PI insurance, AML systems and HMRC agent set ups. Although you would have to have two sets of systems it may well be the same systems copied and pasted. There is a chance that the markets/products would be sufficiently different to allow you to have one company VAT registered and the other not but I would recommend taking expert advice on this. Even as profession which is good at admin I can’t see much point in creating a second company unless you plan to sell off one side or the other in the future.
As you can see I’ve opted for the second but may well create two separate brands at a future date if there is no clear driver for one market or the other. Some of my products may take a back seat allowing me to refine my marketing further. What you choose to do will depend on your individual circumstances.
If your business is at an early stage then you may take a wait and see approach but, if you are more developed then you should spend time with a professional marketing consultant (I’m happy to recommend one)
The income that you generate in your own business allows you to do three things:
1. Financial freedom is the obvious one.
If you were to replace yourself with an employee doing the same work at a commercial salary would there still be any profit? If not, this is self-employment rather than a business.
It may be that self-employment is all that you want or it may be a step on the way to growing an independent business. Yes, there was a point when I was in this situation too on the way to scaling my business. Earning money for ourselves is usually a major motivation in setting up a business, so let’s do it well.
2. Quality and pride.
If you want to provide a service or product of which you can be proud then you need to be able to spend sufficient time to put in the work required. Do you feel as though all the work you produce is top quality? How often do you rush to complete a job because it is just haemorrhaging cash and time? Only do work that you can be pleased to acknowledge as your own.
3. Time freedom.
If you do not charge enough to pay someone to do the work it is often the business owner who puts in the extra hours to complete the job. Proper pricing will pay for time, either personal time or time to grow your business.