Women with Money by Jean Chatzky

Author:Jean Chatzky [CHATZKY, JEAN]
Language: eng
Format: epub
Publisher: Grand Central Publishing
Published: 2019-03-26T00:00:00+00:00

You don’t just have to know the answers, by the way, you have to know the answers in detail. You may have decided that the best way to reach your customers is online, so you’re planning to advertise on Facebook or Google. That’s a start, but you have to go further. If you give yourself a $10,000 marketing budget, you need to know how many people you’re going to be able to reach with that. Marc Prosser explains: “It’s only once you dive deep enough to understand that it costs, roughly, $3 a click on Google in your industry and you know how many of those clicks actually become customers, you can figure out that you’re going to have to pay $300 a customer. All of a sudden your assumption that you’ll get customers for $50 doesn’t work.”

You don’t have to do all of this yourself, by the way. There is a wealth of free business mentoring advice available to people who look for it via the country’s Small Business Development Centers (part of the Small Business Administration and searchable at SBA.gov), SCORE.org, and Women’s Business Centers in general (searchable at AWBC.org).

What may happen in the process of answering these questions is that you decide the business isn’t viable or that it isn’t right for you—the market you thought was there isn’t there, you don’t have the skills or the capital to launch, or it’s going to involve more tech time than people time and you’re a people person. That’s incredibly valuable information to have, and the fact that you’ve gotten it before you quit your job or invested thousands of dollars is huge. It’s like the recent college grad who decided to work a couple of years as a paralegal before applying to law school and hated that work. Sure, she invested some time, but not three full years while incurring over $100,000 in graduate school debt. I’d say she won.

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