Middle Tennessee small business owners gathered at Mayday Brewery on Thursday, July 23, for the launch of a local entrepreneurs club.

Billed “The Connection,” this evening of professional networking and business brainstorming will continue the third Thursday of each month at 5 p.m. at Mayday, 521 Old Salem Road. The next installment will be Thursday, Aug. 20. All Middle Tennessee entrepreneurs and professionals are welcome to attend this casual, no-obligation event where they can meet other small business owners and tap into one another’s experience and energy.

A discussion is facilitated by Robert Ritch, a successful entrepreneur and business consultant, who has helped numerous small businesses increase their profits by assisting them in planning the steps they need to take and the order they need to take them, and in identifying and reaching their target market.

The participants’ only obligation to be involved is to try to help another small business overcome a challenge or frustration it is facing, and to offer some ideas to others on how they may be able to increase profitability.

Just a few of the topics that were touched on at the inaugural July meeting:

– Be ready to express your vision for your company to anyone. Don’t just talk about the products you offer and how much they cost, but when someone shows interest in you and your business, reinforce the benefits that doing business with you will bring. What was your dream when you first began your business? How did you, and do you, see it improving people’s lives? For example: if the massage therapist has 10 seconds to capture someone’s interest, rather than pitching “We do hot stone and deep-tissue massage, and have two-massage packages on sale for $99” (the product) he may gain more interest with “Your feet and back will feel better after coming to see me just once, and with regular visits I can help you live virtually pain-free.” (the benefit).
(To very loosely paraphrase Nietzsche: If the why is strong enough, the how will fall into place.)

– Don’t lower prices; price your stuff fairly, and stick to it. If you find consumers want what you have, but price is a source of their hesitancy, offer payment plans or financing, rather than reducing the price that you have set. You may actually be able to raise prices if you offer a monthly payment plan that helps people afford a purchase.

– Write down your processes. While you may know how to do every single element within your operation, having a clear operations manual can help greatly when exiting your business, selling it to someone else, franchising or licensing your ideas or bringing in new team members, partners and employees. One business owner expressed that part of his vision is to eventually pass on some of his unique skills to someone new, and have them take over his business at the time he is ready to exit. A written policy and procedure guide for his business could help with this process, and add overall value to his company.

– Give a little bit of your expertise to the public for free: blogs, tips, columns, etc. Position yourself as an expert in your industry. This can generate interest in you and your business, get folks familiar with you, help you gain more web traffic and grow your social media network and earn trust.

– Invest in reaching out to new customers. Many growth-minded businesses put 15–20 percent of their gross into advertising and marketing.

– Ask for referrals, and reward those who bring you business. A hair stylist in attendance at the Connection offers incentives, in the form of hair care products, to both the individual who brings in a new client, plus the new client who was referred. They both get a little something free, and the acknowledgement that the business owner appreciates them supporting her and her business.

– SEO, Facebook, web design and marketing in general can be complex. These are all practically necessities for any small business, but the small business owner is generally an expert in their business’ primary service or product, and not an expert in SEO, Facebook, web design and marketing. Success stories related to this would be very valuable for the group, as well as alerts on methods, companies and ideas that turned out to be a waste of time and money.

The group will continue to explore these and other related business ideas.

Ritch has produced a video and e-class series on identifying and attracting a business’s target client. Contact him at ceo@robertritch.com for access to that series, or read his latest Business Builder column here.

For more information on The Connection or on Mayday Brewery, contact justin@maydaybrewery.com.