–written by Matt Eames – President and CEO of Raleigh Marketing Consultants
They say, “time flies when you’re having fun!” It’s hard to believe 2 years ago I packed up with team members and had opening day as Raleigh Marketing’s CEO!
As an industry pace setter, I’m excited to share these facts of my success.
It can be yours too!
SMALL BUSINESS GENERAL STATS
fail within the 1st year.
fail within the first 5 years.
Business with fewer than 20 employees:
chance of surviving the first 4 years.
chance of surviving 10 years.
Why do most small businesses fail but
Raleigh Marketing Consultants’ hasn’t?
Think of your home town on main street. Every time you go home to visit, you see that bar/restaurant that has become something new and probably think to yourself, “OMG last summer that was a Chinese restaurant, now it’s Italian. But WHY?”
1. LACK OF CAPITAL
Ever think it would be cool to own your own business? Of course! Do you know what kind? When I ask this question to most young people of a cool business they’d like to own, they always say restaurant / bar.
They see it on TV (Think: Always Sunny in Philadelphia) because if they own a bar, they think they can get paid to just sit and drink with friends. However, the show “Bar Rescue” is a much better depiction of why small businesses fail. The owner is always just drinking away their profits at the bar, and they are always broke!
Why? Because to start a bar they have so much upfront cost (employees, marketing, liquor license, equipment, furniture, rent, insurance, etc) so where do they get that money? A business loan! However, with a loan, on day one of being open the new business owner owes the bank the first payment, but WITH INTEREST!
With my business, this isn’t an issue because I am fortunate enough to own a small business, but work with huge fortune 500 clients that outsource their sales/marketing to my team. We have the financial support of these huge clients where $100,000 is a rounding error to them at the end of the year.
These clients invested into me because of my expertise in the industry, which is point #2
So the bartender who thinks “I can run this place better than the owner” who starts their own bar/restaurant without ever have doing it before, is bound to run into some problems.
Why? Mismanagement. They don’t have any practice actually owning/operating a business.
This problem is eliminated because I started at the entry level and had to prove that I could handle one step of our management training program before moving on to the next. I couldn’t put the carriage before the horse.
I have had years of practice of running and managing my own team before I actually had the opportunity to run my own market and move my team to Raleigh.
There is nobody better in the industry because of the hands on learning experience from the bottom (proven sales track record).
So you cut the ribbon for day one and not many people show up to your bar.
However, there’s a bar next door that is always super busy, so it can’t just be the location. Common sense says to go ask them how to get busy like them but what would the owner of the restaurant say when you introduce yourself and say you own the bar next door and want to know the secret to getting all these people?
They’re going to tell you to buzz off because they are your competition!!!
Our clients only work with me in this area so there is no competition. RMC is the only B2B direct sales and marketing firm in the area. Our clients outsource their sales to other offices like mine across the country but they are out of my territory, so I instantly have a network of offices to help coach me with best business practices.
When you create your own value to the right clients, you can exist in a niche and thrive, not just hope to survive.