Key Idea #1: Take A Calculated Risk.
Monica started her business because she enjoyed taking pictures and she discovered that people would pay her for photos. She has always had plenty of customers. She had a deep-seated desire and intuition that she should go to witness and photograph South Africa's first free election. But, she didn't have cash to it. When pushed to examine the depth of that desire, she took out a loan and went on her own.

This is called speculation. Contractors build "spec" houses and hope they can sell the finished product. Every business owner has to speculate throughout the life of a business. But this is difficult.

Monica had little-to-no assurance that she could sell anything when she got back to Detroit. She thinks she was lucky. However, sometimes luck awards those who risk. Her South African election exhibit got corporate sponsors and the publicity for her trip put her in a new league. She is no longer just the local photographer; she is an international photojournalist who has been published in newspapers all over the world. Think about it.

Topic for discussion: Why is the way people see Monica even more valuable than the money she is paid for a specific job?

Answer: Cash is the short-term reward for the work she did in South Africa. Her image, however, has positioned her for a very different future and rate scale. The way people see us is called our image and the more powerful the image, the greater the rewards. Long term Monica has gained business that will sustain her into the future.

Topic for discussion: What are some ways small business owners can attract attention to improve their image?

Answer: Do volunteer work, make speeches for local groups, write articles for trade publications, make contributions to charities, and sponsor events or a local youth sports team. If you have some budget for public relations, consider hiring a professional firm to help you.

OK, now it's your turn to write: For the marketing plan section of your business plan you need to answer the following questions: What industry are you in? Who are your competitors? What is your unique selling proposition? Will you attempt to steal customers from others or create a new customer? Will customers have to leave another supplier to do business with you?

Key Idea #2: Give Back To Your Community.
The library of Small Business School is full of generous business owners because those are the only owners we find interesting. Selfish people are not worth studying and they don't build the type of businesses we want to share with the world.

Topic for discussion: What did we find Monica involved in and do you think her motivations are purely altruistic?

Answer: We found Monica at an elementary school talking about the display of photographs she took when she went to record South Africa's first free election. Later we saw Monica taking time to be a big sister to a little girl.

First, let's consider the school activity. What on the surface looks like Monica taking time from her business to teach young people is really one of the ways she generates revenue from the South Africa project. She landed a corporate sponsor for this exhibit and the sponsor wants the exhibit placed in many locations where people can learn about the historic event.

Therefore, in a way, this is not giving back to the community it is doing the work assigned to her by her sponsor. The corporate sponsor then is really the entity giving back to the community and it is all good. Everybody wins.

The big win for Monica is that she earns hard cash and at the same time she is the face of generosity.

Second, what about the little girl? It would have been a lot easier for Monica to get through her busy day without having to tend to a young person. The extra effort Monica put forth to interact and include her protege will be rewarded somewhere down the line. In the film, "Pay It Forward" this idea is demonstrated but this is an ancient concept. Solomon wrote in Ecclesiastes 11:1, "Cast your bread on the water." Every person needs to learn this lesson and we see business owners every day demonstrating that they understand its power.

OK, now it's your turn to write. Set a goal to contact your local Small Business Development Center to sign up for a free counseling or low-cost classes.

Key Idea #3: Be The Best. Many people in Detroit, Dallas, and DC have told us, "Monica is the best."

Topic for discussion: Why is Monica so good?

Answer: Monica says she is driven and is always looking for ways to improve. With this philosophy, most of us could make a living doing anything we choose. Elbow grease and tenacity will work over time. However, if one has talent and then applies hard work, that's when magic happens.

Monica said she started taking pictures to go with articles she submitted to a local paper. She did this for fun whille she held down a full-time job. The paper would not pay for the articles but they would pay for the pictures.

Was the paper telling her that her photos were her strength or they were saying, "we have plenty of writers but not enough photographers." We don't know but Monica made a strategic decision to listen to the marketplace. She decided that her pictures were her strength and that she would work to strengthen her strong suit. She decided to stop writing and concentrate on taking pictures. What a gift the paper gave to Monica and how smart of Monica to pay attention.

You can't be a jack of all trades and be considered "the best" at something.

Key Idea #4: Be Bold.
Monica says, "You can't let others tell you what you can or can't do, you have to believe in yourself and when you do that, others will believe too."

Topic for discussion: How do we know that Monica is bold?

Answer: She told the story of crashing an event being attended by important people. As a hungry photographer she dressed well and always had her make-up and hair in place so that wherever she went, people would welcome her.Who would turn away a lovely woman with a big beautiful smile on her face?

What does party crashing get for Monica? Pictures she can sell. She probably doesn't have to do this anymore but we suspect she would have no problem getting into any function anywhere today.

Key Idea #5: Find A Mentor.

Topic for discussion: Why does Harold help Monica?

Possible answer: Harold has fifty years of experience as a photographer and it seems as if he has had many young people ask him for advice and help. He says he spends time mentoring Monica because, "She takes every idea and puts it to use. She is the only person I have found I could put my world into and be happy."

Topic for discussion: Is there a difference between a mentor and a teacher? Do we need both?

A nswer Yes and yes. If you don't have good teachers and if you don't find some mentors, you will not achieve your potential. Everyone who does something great has help along the way. It is not a sign of strength to go alone toward your goals, it is a sign of weakness.

OK, now it's your turn to write. Do you have a business mentor now and if not, make a list of potential mentors.

Key Idea #6: Seek Operational Advice.
Monica sought help when she began to feel overwhelmed by her business. Monica does good work and has many happy customers. However, she often works seven days a week and long hours each day. She went back to her Alma mater, Wayne State University to visit the Small Business Development Center (SBDC) where she met Pat Salo. Note: There are over 1,000 Small Business Development Centers in the U.S. They receive federal and local funding which means much of what they do is free to the customers.

Topic for discussion: Why is it particularly hard to build a business around your own skill?

Answer: Pat Salo of the SBDC has discover that many business owners are technicians. This means they have a skill people want to hire. There are plumbers, carpenters, doctors, dentists, counselors, CPAs, attorneys, and so on. They start a business as a way to get hired for a short-term job. When they get too many customers or patients to handle personally, they hire help. In the case of a physician or dentist, they hire nurses or assistants. In the case of attorneys, they hire other attorneys or paralegals or assistants.

Monica has reached the point where she will send other photographers to shoot for new customers, but she still tries to take care of many of her old, faithful accounts. However, she is still plagued by the biggest obstacle any technician has when it comes to growing a business -- they love to do the work themselves.

Imagine a painter like Picasso delegating his painting. Or, an actor like Jack Lemmon delegating his acting. This is what has to happen if you want to grow the business.

Often, when professionals reach this stage of growth, the question gets asked, "Do I really want to grow this business?" And often the answer is, "No" and that's OK. The beauty about working for yourself is you can be as big or as small as you choose. The strategy for growth, however, has to include you as the owner either running the business by hiring, training and leading others to do the work, and, at some point, possibly hiring someone to lead the organization.

Do you remember what Pat Salto specifically recommended to Monica regarding her prices? Yes, raise them! There was a natural resistance. When Monica first began to charge money for her photographic work, she used price as a competitive advantage. She underpriced others to get the business. Now she is established, she has overhead -- rent on the studio, utilities, telephone services, an assistant, and other photographers to pay. Although it is hard to raise prices because you are afraid your customers will take their business someplace else, if you define yourself uniquely, you will discover that price is not the only reason people do business with you.

Key Idea #7: Land Famous Customers.
When prospects can look at your client list and see names they can visualize and identify with positively then your chances of winning the new business increases.

Topic for discussion: Where does one begin to find famous customers?

Answer: Monica has two types of famous customers. She has big companies like Anheuser-Busch and she has individual celebrities.

Michael Jones, an executive with the Anheuser-Busch Company told us that companies like his look for quality small businesses to hire. What he didn't say is that many big firms even a specific goal to hire a specific number of small business owners and it helps if you are a member of some type of minority group.

We can all imagine that it took Monica's bold spirit to win some of the Hollywood and Motown types.

To land big corporate and individual "brands" takes a minimum of three steps:

1. Earn the right by being the best at what you do.

2. Determine who you know who would know the person who knows the decision maker you need to know.

3. Start small and work you way up.

Key Idea #8: Change.

Before Monica decided to "go international" she was doing just fine. However, as the time drew near for South Africa to hold it's first multi-racial election, the pull of the event was irresitable. It was 1994. She had been working for herself since 1990. We imagine Monica dreaming of being one of the first photographers in the world to capture the picture of Nelson Mandela as he was expected to be elected president of a new South Africa.

Topic for discussion: What does it take to change your business?

Answer: You must circle back to the top of this page. You have to take another strategic and calculated risk. Consult your mentors, advisors, customers and employees. Dream both about possibilities and potential profits.

Monica gave up one month of work in Detroit to explore a whole new world. Steve Hoffman, founder of Modern Postcard, gave up his $10 million dollar strategy and now he has a $40 million dollar business. Scott Mooney gave up doing every aspect of his catalog business in-house which positioned him to sell for millions.

Change means letting go so you can grab hold of the new opportunity.

Questions? Drop us a note.