7_Lessons_I_Learned_from_My_IT_Business eFolder

[Webinar] eFolder Partner Chat: Tuesday, May 19, 2015

I’m excited and honored to be a guest with one of my favorite partners, eFolder.  Please join me Tuesday, May 19, 2015 at 2:00PM EST where I’ll be giving away all the things I learned from building, growing and eventually selling my MSP practice.  Register here: http://www2.efolder.net/7LessonsILearnedFromMyITBusiness

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Find a Niche and own it!

7 Lessons I learned from building, growing and selling my IT business | Lesson 1: Find a niche and OWN it!

A few weeks ago I had the opportunity to speak to a group of fellow entrepreneurs about how I started, grew and eventually sold my last business, Network Logix.  Boiling the lessons learned down to a 1-hour presentation was a pretty daunting task when I started preparing.  I did a lot of things right, and I also did a lot of things wrong.  Mistakes are a powerful and sometimes cruel teaching tool. I only consider things to be a “failure” if I don’t learn anything from it.  I learned a lot!

After seven or eight revisions (I lost track actually) and many hours of thought, I boiled it down to 7 key lessons I learned over the last 10 years.  My hope is that I can save a fellow entrepreneur the pain and headache that I endured, and find success faster.

Lesson 1: Find a Niche and OWN it!

Like most startups, finding new customers is pretty difficult.  When I started my IT business, like everyone else, I took on anyone who would write me a check.  Most IT firms will tell you their target market is, “businesses with 5 or more computers and a server in [fill in the geographic area]”.  I wasn’t any different.  Do you see the issue with that?  You can’t market to that many people no matter what area you live in.  You just don’t have the marketing dollars.  All of your marketing is “buck shot” effort.  You shoot something out there and hope it sticks.  Most times it doesn’t, and you quit after a short period of time or run out of money.

Client acquisition was pretty meager for the first 4-5 years.  I mainly relied on referrals, which is OK, but won’t allow you to scale quickly unless you have a regular system in place for building these.  I didn’t.  So, I started to look for commonalities in our client base.  I found that we had quite a few accounts in the Multi-Family Housing market.  (Yeah, I didn’t know what this was either when I started).  The Multi-Family Housing market are apartment owners and/or management companies.  Since we were providing IT support for many of these companies, we came to know the issues they were having in their business.  This knowledge allowed us to provide targeted recommendations when it came to their IT needs.  We became a valuable part of their business instead of just “The IT guy”.

This was definitely a Light Bulb moment.  I now knew exactly who I would be marketing to.  I could finally stop wasting my marketing $$$$.  I created a specific message (i.e. Their Big Hairy Problem) and how we could solve it for them.  I was amazed how quickly word spread, and how easy it was to close more business.

“Don’t put all your eggs in one basket”.  I’m not sure where the expression came from, but it’s definitely applicable in business.  Having only one vertical can be dangerous for business if that industry falters. So, I started to look again at our client base to see if we could find a second niche market.  I applied the same principles to a second market…attorneys.  Having a targeted message and SOLUTION made client acquisition much easier.  Imagine that!   

Obviously this is simplified version on Niching your business.  I am working on education topics for the rest of the year.  Would you be interested in learning more specifics on this topic?  Let me know in the comments below.

Stayed tuned for Lesson 2: Sell, sell, sell next time.

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“How To Build, Grow and Sell Your Business Without Losing Your Mind or Your Soul”

Attention Entrepreneurs Who Want To Learn How To Scale Your Business Without Losing Your Mind:

Entrepreneurship is really hard! Each year Americans start one million new businesses, nearly 80 percent of which fail within the first five years. The immense pressure that entrepreneurs face to survive – let alone GROW – is enough to annihilate the faint of heart. The never-ending hamster wheel of “sell it-do it, sell it-do it” leaves them exhausted, frustrated, and struggling to get ahead no matter how many hours they work.Like most entrepreneurs, I know this life well. My entrepreneurial roots go back to age 8 when I started my first business. Coming off the sale of my latest company, Network Logix, I will be sharing my success story on how to achieve triple-digit growth, dominate a niche, and how to build a raving-fan, loyal client base. I will also share tips on how to avoid the tedious game of “Whack-A-Mole” that most entrepreneurs call daily life.During This Session You Will Learn:

  • The #1 business strategy that propelled triple digit sales for 3 successive years
  • Ruthless Productivity tips that allow you to multiply your efforts
  • How to avoid the five most common frustrations of running a business
  • Guaranteed ways to propel explosive growth while keeping your sanity

When: Thursday, March 19 2015
Time: 11:00AM-12:00PM
Where: Dublin Entrepreneurial Center, 565 Metro Place S, Dublin, OH 43017

I would love to have you join me. More information can be found here.  I look forward to seeing you there.

– Andrew

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