For the Entrepreneurs….

I spent last week cranking out responses to the pandemic. First to the Strategic Sorcery community at large, then to students in individual courses. This week I trying to let pandemic-specific stuff go, but there is one group that I wanted to address. My fellow entrepreneurs.

Note: The following are opinions and recommendations. Like all advice, it may not be applicable to everyone in every situation.  It’s also my opinion. If you do it differently that’s fine. Use discernment about what is right for you.

ON MARKETING

A few people have reached out to me wondering if they should stop marketing themselves. Yesterday someone went so far as to suggest it was unethical to advertise yourself in this climate. I understand where such ideas come from, but I respectfully disagree.

Marketing and advertising are about telling people what you do, why its good, how to access it, and what it costs. If you are honest and straightforward with your business, then you marketing is something you do FOR people, not TO people.

Yes. Some people will not be able to afford your stuff right now. Acknowledge that and respect it. Other people might now have the time for your thing that they otherwise wouldn’t. Don’t make it harder for them to get it. You aren’t helping anyone by not advertising yourself and what you offer.

Keep calm and carry on… just slightly differently.

It’s a good time to market gently, with a tone of understanding of what people are going through because you are going through it too. If you can cut people a break who need it, do it. If you can give something helpful for free, do it. Be helpful. Be of service. That is always the number one way to survive in business in tough times, and thrive in business in good times.

ON PRICING

If you work online you might have suddenly found yourself with a lot of competition, both in terms of new people hitting the market because B&M is shut down for the moment, and people offering discounts galore in hopes of either boosting sales or attempting to offer what they can to people who are feeling a financial sting.

My recommendation is this: Full Price or Free.

Do some things for free because people need it and its good to do. I am doing the next Arcane Audio Free and I am probably going to put Take Back Your Mind up for Free for a while. Other things I have going on are priced as they always are. If people can’t make it this time round, there is no pressure, it will be available again and again.

Whatever you do, don’t get involved in a race to the bottom for prices. You cost what you cost because you are professional and this is what your time and skills are worth. Sales and discounts are a dead end. It cheapens who you are, and just sets people waiting for the next sale. Soon your sale price becomes your real price, and its all over.

Yes there is a loss of income in times like this. I am feeling it as well. But how much of that is from people going to cheaper competition vs people simply not having the money to spend at all? I would wager more of the latter. People without the money to spend at all, don’t need a discount. They need free things that will help them whether the storm and for you to still be in business when the storm is over.

Anyway, just my thoughts and how I am handling it.

TAXES AND STIMULUS

Three pieces of news that are playing together in an interesting way for Entrepreneurs in the US. Keep in mind that I am not a financial advisor, this simply reflects my thinking on the subject. Run it by your advisors and accountant.

1. Tax Day has moved to July. You can still extend to October if you file an extension.

2. The market is bottoming out, but since Covid-19 is the only real cause, I think its reasonable expect a robust bounce back when this is over.

3. If you qualify, you will be getting a check from the Government soon. Obviously if you need it for essentials that’s what its for. Food and Bills should come before taxes and investing.

Some of you however will be able to set it aside, and some who make too much to qualify invest every year anyway. If you invest in a SEP it’s fully tax deductible up to $56,000 for 2019. That money thrown into a market that is hitting a low, seems like a good deal to me and having a SEP saves me money every year.

All warnings about catching a falling knife still apply of course…

ON MAGIC

I once said “Emergency Magic is Bad Magic”.  This was meant to express two points. The first was to refute the idea that magic should only be used as a last resort, something I was taught several times growing up. The second is to recognize that if we need to do emergency magic, it reveals the ways in which we could have better prepared ourselves so that we didn’t need to.  It WAS NOT supposed to mean that you don’t do magic when emergencies come up. Only that you look at your life and figure out what you can do better to prevent the emergency next time.

Obviously some of you need to do Emergency magic for your business, your mortgage, your rent, your time, and countless other things right now. DO THAT MAGIC.

That said, you should steady yourself as well. You are not alone. The financial pinch you are feeling is being felt across the board, which usually means that slack will be given. Collective downturns are a bit like collective bargaining. Banks, vendors, and landlords can’t crack down on everyone.

Whatever you do keep your trajectory. I am serious. Don’t let the tactics needed right now, divert you from the strategy you have playing out over years. Be in for the long haul. If you keep your magic and the powers you deal with focused on the long game, it will help straighten out some of the stuff that is happening in the short term. Don’t let your micro-enchantments overshadow your macro-enchantments.