Best Small Business Advice – Interview with Kelly O’Neil

This is the final interview of the Best Business Advice Ever interview series featuring successful entrepreneurs. I’ve asked each of them what’s worked, which mistakes they learned from the most, and the one piece of advice they have to share with you.

Award winning Speaker, Author and Marketing to the Affluent Expert, Kelly O’Neil, is passionate about helping entrepreneurs think big and play bigger to build thriving six and seven figure businesses. Kelly O’Neil is no stranger to the good life. Having been raised in an affluent family in the Silicon Valley where private planes and luxury vacation homes were a way of life, she set out after college to create her own wealth…and succeeded.

In 2000, she left a thriving career in corporate public relations and founded UpLevel Strategies (now Kelly O’Neil International™) where she works exclusively with thousands of small businesses and entrepreneurs as both a coach and consultant to help them design businesses where they earn more and work less through her Marketing to Millionaires™ programs.

While Kelly grew up in an affluent family, she did not always have the privileges associated with money. Listen to the interview to learn:

• The lesson she learned renting her first apartment after graduating from college
• How an unexpected reaction when she decided to quit her six-figure salary job made her even more determined to succeed as an entrepreneur
• Why she succeeded financially but failed miserably in other areas of her first business
• The one thing she would have done much sooner if she could start over again
• What an important mentor told her (this advice is invaluable, and one of the hardest lessons to learn)

To get a complimentary download of this and other Best Business Advice Series interviews, enter your name and email here (it’s free and there are no sales pitches or upsells in these presentations – enter your phone number if you’d also like to get early notice of upcoming events). You will also receive a subscription to popular articles published by Corporate Fugitive and Sherri Garrity.

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Why Typical Business Advice Doesn’t Work

One thing I know to be true from my experiences advising and coaching people making the shift from employee  to entrepreneur is that our entrepreneurial journey is different.

So I was delighted to read this Forbes article by executive coach Dr. Steven Berglas. His article was so spot-on that I had to get in touch with him and share my observations. We had a lovely email exchange and I expect we will cross paths in California someday. Here’s what he had to say:

“There is a swelling class of first-time entrepreneurs, and they need help…This new class–call them newpreneurs–are born of circumstance rather than ability, vision or just something to prove, and they tend to launch new ventures in a different way. That doesn’t mean they won’t succeed–it just means they need a different kind of guidance.”

Yes, Dr. Steve, they do!

Because we’re different. And the things we experience in our journey from employee to entrepreneur have nothing to do with the length of time you’ve been in business. I’ve noticed the same trends and patterns in entrepreneurs with ten years of self-employment or more, as the “newly hatched” entrepreneur.

This time last year, I launched the Entrepreneurs Unplugged Telesummit which featured interviews with small business mentors like Michael Gerber, Melanie Benson Strick, Kelly O’Neil and so many more who shared their experience and advice on leaving the corporate world.  At the beginning of that series we reviewed the most common mistakes made by corporate fugitives. One year and several more discussions later, these trends remain the same.

Here’s a recap of the most common mistakes:

Thinking that being good at what you do is the basis for a business. Some people quit, and some people turn to self employment for other reasons but many new or aspiring entrepreneurs think that their professional experience will translate to a thriving business. This is  the first big mistake alluded to by the world’s most recognizable small business guru, Michael Gerber in his classic book The E-Myth.  Second to that, being passionate and determined is a good start that will fuel you when you’re tempted to give up, but the bottom line is that you still need a foundation of marketing and commerce and a market that is looking for what you have to offer and will pay you enough for it.

Thinking you can do it all by yourself. Many of us go into business thinking we never want to have employees or have to manage anyone again. We plan on flying completely solo.  This is completely understandable – since years of bureaucracy and the ugly side of office politics is something we hope we never need to endure again. This might work for a while, but not for long – the reality of having to market yourself, do the work, fix the computer, do the bookkeeping and collecting the money… all comes into play. You quickly plateau in your income and energy. Entrepreneurs who achieve personal and financial freedom, don’t do it alone.

Thinking you can keep yourself on track. If you’re used to a structure and the workings of an organization it’s hard to cope with sudden freedom from routine and procedures. Beyond the ability to stay focused and disciplined, successful entrepreneurs build support systems around themselves to keep them accountable and on task.

Thinking you need to get people’s approval. There is a huge culture shock when you go from corporate life out on your own especially if you are working from home, by yourself. Suddenly that 20 or 30 year career as an expert can feel woefully inadequate when you’re responsible for selling yourself and running your business. There’s no one to tell you your idea is fabulous or completely sucks. There’s no one certifying you as an expert and telling you that you’re able to charge a certain amount. There is no one to approve your work before it goes to the client, and your name is on everything!  Many entrepreneurs allow this to limit their growth and feel the need to work their way up, not surprising really, when you look at our years of education and employment conditioning. However this leads to lack of boundaries with clients, and lower fees thanyou deserve, if you do not claim your expert status for yourself.

Not continuing to learn. When you’re an employee you can get by knowing just what is expected of you, or what you need to perform your job really well. The learning you need for your career is completely focused on your profession. Also, your company often pays for it. You just have to show up! In business you need to be a continuous learner – about your area of expertise, about aspects of business, about yourself. It’s very easy to get caught up working “in” your business instead of “on” your business. This is why many small business owners often fall into the isolation trap and just continue to do the same things year after year, never breaking out of their routines to learn something new. This leads to severely stunted and often under-earning businesses.

Not knowing what you really want. When you’ve spent years in a career and you now want to run your own business, it’s most common to create one around your career profession. Many new business owners slide into this without really taking the time to consider what they really want from their life, and how to design their business to get it. Often they realize later, that the business they built is not the one they really want. Wouldn’t it be easier to build a foundation based on a life plan, and  adjust it as you grow?

Waiting until it’s perfect. Corporate fugitives tend to suffer from this affliction more than any other type of business owner. They are less willing to take risks and fail, and often spend more time thinking about and crafting their perfect plan, than  getting started in the business of business. If this sounds like you, don’t wait until it’s perfect – waiting wastes time, and even makes you more fearful as your second thoughts nag at you. Spread your wings and fly – no one is there to push you forward, but you.

Want to use this article? You can as long as you include this footer: Sherri Garrity is the Chief Corporate Fugitive and creator of the Five Keys Success SystemTM for ex-corporate employees and aspiring entrepreneurs who want to break free from the confines of their corporate experience and live outside of the ordinary. The Corporate Fugitive system demystifies the business of setting up, managing, marketing and growing a successful and extraordinary business. Visit www.corporatefugitive.com for information and step-by-step resources to take you from overwhelmed employee to extraordinary entrepreneur.

What’s in your money mirror?

Other than finding out what makes people tick, I think the next most fascinating topic is what people think about money. Have you noticed that we can rationalize any spending decision, when we want to?

In the last few weeks I’ve had the chance to speak to two money and marketing experts and fellow corporate fugitives as part of the Entrepreneurs Unplugged telesummit. Kendall Summerhawk on charging what you’re worth, and Kelly O’Neil on marketing to the affluent market.

The intriguing thing about money is that is it a true reflection of our most secret, personal beliefs and desires. Unfortunately some of these beliefs can be silent and deadly to our business lives.

The most obvious is when we undercharge for our services, or become doormats to our clients, because we feel beholden or dependent upon them for our financial security. Fear rules and objectivity and confidence go out the window. The client gets more than he or she should, as well as a piece of your soul! They are not buying you, so kick this habit to the curb and fast.

But some are more insidious. The most ironic example of this is our belief that we want to give value. We thrive on going the extra mile and above and beyond. Our clients love this and so they should. But what if the root of that issue is really about feeling the need to be valued, and that we have to “throw in” the extras to deserve or justify what we charge?

You may not even know that you do this! But start to pay attention, because it could be taking thousands of dollars out of your pocket every month.

Start from where you are

When you go from employee to entrepreneur, it’s really easy to become overwhelmed with all you need to learn and do.

How to organize your office, what marketing tools to use, what to tell people about your services, how to set up your finances…it’s feels endless.

I have to tell you, that in many ways it is endless. As an entrepreneur you have entered into a contract with yourself that requires performance in many areas, beyond your professional expertise.

The good news is, the best place to start is exactly where you are, right now.

Lately I have had the chance to speak with some very high powered and successful entrepreneurs as part of the Entrepreneurs Unplugged telesummit. It has been really interesting to me that many of them have said similar things about feeling overwhelmed, and facing challenges.

The bottom line is that, there really is no single best way to do anything. What many of them have said is that what’s important is to go with your strengths, and to set yourself up for success. This means, if you’re struggling with all the marketing options and you like speaking, speak… use that as a key way to get your message out. If you don’t like talking on the phone, and you want to follow up with someone you met at an event, hook up with them on Facebook and send them a quick email. You get the idea.

The most important thing is to do something, and do it consistently. A mentor of mine told me that in her opinion, one of the main characteristics of a successful entrepreneur is tenacity (my husband laughed when I told him this, because he calls me the Terminator   so I choose to take this as a compliment).

So if you are feeling overwhelmed, don’t be so hard on yourself! Simplify your action plan, don’t think you have to do it all right now, and just get out there and take steps, consistently.

Can you expect too much?

Let’s face it – if you’ve walked away from a ’secure’ career to march to the beat of your own drum, you are making a statement. And making a statement automatically positions you outside of the norm and what is expected. In fact, you’re doing something that most people DON’T do. And that can feel exhilarating.

That high will take you to places you never imagined you would go, but there is one truth, and that’s what goes up eventually comes down.

Most of us hit a point when we realize we don’t know what to do next to grow the business, and that we’re working harder than we ever imagined we would. This is not a good feeling. Our hopes fade, and we question our dreams.

I believe that most corporate fugitives totally underestimate what’s involved in running a business – because our frame of reference is completely unrealistic to the small business world.

This week, as part of the Entrepreneurs Unplugged series, I had the opportunity to speak to two successful entrepreneurs who, like many of us, struggled and zigzagged their way through the early and difficult years in their businesses.

James Roche used the wonderful analogy of a carpenter who is an apprentice and journeyman before he becomes a master. Just like we would not expect to be a master carpenter without first learning how to use tools, and then gaining experience under guidance of others, we should not expect to become masters in our businesses overnight.

Alicia Forest shared her story of being downsized from a job she loved, and how hard it was to admit a few years later that she may need to give up her business and get a job again. She turned it around, through learning new skills and by seeking help. In the process she built a six figure solo business that works for her and her young family.

I am sharing these stories because I think it’s important to get a reality check on the emotional roller coaster that comes with leaving the corporate world and becoming your own boss.

So if you struggle sometimes, I have good news for you – you’re in good company! Here are some tips to help you deal with this:

Make a commitment to yourself to do what it takes – if you can’t do this, you need to question if you really want it bad enough.

Expect bumps in the road – this is part of personal and business growth, not a sign of failure. You will experience these whether you are an apprentice, journeyman or master. How well you can learn from them, and move on, will have a direct impact on your business success. Know that you will feel overwhelmed at times and that this is part of your “contract”

Use this as your stepping off point – identify where the weaknesses are in your business, or in your mindset

Seek knowledge – learn about these areas. Learning never stops in business and in life.

Get support – don’t expect to do this alone. Join a group, find a mentor, or get a coach. You will feel lifted up just by the feeling that you’re not on your own.

 What do you need help with? I’d like to know.

Overcoming fear in business

If you have already started your business, or you are in the midst of dreaming about it, you’ll be able to relate to the feeling that ranges from nagging doubt, to heart palpitations.

It’s fear. The entrepreneur’s enemy #1 shows up in a lot of ways… limiting yourself and the sheer scope of your business, being afraid to charge more for your services, not getting the help you need, and hedging your bets by following what “everybody else” does instead of what you truly want to do.

Then there’s the heart-in-your-throat kind of fear, especially when you stretch yourself beyond your comfort zone. What if my big idea is a dud? What will others think? Will I have to go back to the corporate world? What if I fail?

Like President Franklin D. Roosevelt told the American people paralyzed in the grips of the Great Depression, “the only thing we have to fear is fear itself.”

What President Roosevelt brought to the nation was hope, combined with action. Now, I can’t promise to deliver the solution to today’s economy but I can tell you that fear is normal, and the best gift you can give yourself is permission to feel it, and then keep moving!

Know that behind every successful entrepreneur is fear – and guess what, it doesn’t go away! The most successful entrepreneurs feel it too.

In fact, if you aren’t feeling at least a little uncomfortable, you probably aren’t pushing at the edges of your comfort zone, which is precisely where you need to be to reach your most fabulous potential. Here’s what Naomi Dunford of IttyBiz fame had to say about this last week when I interviewed her for the Entrepreneurs Unplugged telesummit.

“There’s a lot of fear that goes into having your own business and it’s one of those things where I don’t think you can ever have top 10 tips for not being terrified, right? That’s not the way you can get rid of fear is with bullet points, but I think that it’s important for people to realize that if you’re not at least a little bit afraid, you’re probably not shooting for the right goals.

If you’re absolutely certain that this is going to be a cake walk and it’s just no big deal, if you have that feeling that it doesn’t put you a little bit on edge, you’re not shooting for the right stuff. You’re getting yourself a job. If it’s safe then it’s really not what business is supposed to be because I don’t think it can be exciting, if there’s not a little bit of fear attached to it. But I think it’s important to realize that between the feedback that I’ve got and people have asked questions I’ve talked to over a thousand people and all of them are scared and some of them are pretty freaking successful… just be aware that other people are afraid because then, you don’t feel so alone and I think that’s some of way the fear comes in, because fear begets fear and more anxiety.”

 

What Michael Gerber told me about leaving a corporate job

As surreal as it feels at times I am in the middle of a six-week telesummit of my own creation and am having fabulous, inspiring conversations with very successful “corporate fugitives” as part of the Entrepreneurs Unplugged Telesummit I am producing with my friend Marcia Hoeck.

Our friendship, and this joint venture, developed quickly – which is fitting, as they say the “universe likes speed.”

So – what began as a casual conversation when we met in November, grew to an idea in mid December, which led to lining up speakers for an event we launched the first week of February.

Last week, I had the great honour of interviewing Michael Gerber, the world’s foremost small business guru. This one fascinating man has worked directly providing advice to hundreds of thousands of business owners over the past 35 years. I asked him if he noticed if people who left the corporate world to start a business face unique challenges. Here’s a bit of what he said:

 …their expectations are so completely inconsistent with what it’s truly going to require for them to do this thing on their own. They have resources that they’ve grown to expect that simply don’t exist when you go out on your own. So understand when you go out on your own in the cruel, cruel world, you suddenly come face to face with a completely different reality than the reality you experienced in your corporate world, in your corporate cubicle, in your corporate office, in your corporate environment where there was finance, where there was HR, where there was this, where there were budgets, and on and on and on and on and where there’s a political reality that shaped the kind of decisions that you made. 

Once you go out on your own, all of that’s gone. Every bit of it is gone. None of it is true. None of it exists and all of it has got to come from you. So when they leave the job, the corporate environment, that strange world that is so unlike this world, they are suddenly a stranger waking up in a strange world. And they have no idea how to do what they’re actually called to do…and you suddenly have to learn a whole new set of skills, capabilities but more important, you have to begin to come to a relationship with yourself in a completely new way.

He said so much more than that… which left me speechless at times! The truth of it is, we are ill equipped by academic and corporate backgrounds, to deal with the sheer and awesome power of what being a true entrepreneur is.

The fact is, we don’t allow ourselves the permission or capacity to truly explore and dream. And what’s more, most of us simply create a job of our own making, when what we secretly desire is SO much bigger.

So I leave with a quote from a very special person who is inspiring me to look at things from an entirely new perspective:

Sometimes the amount of my personal power scares me and I dim my light so I don’t scare others around me…but I think it’s time for those people to put on their sunglasses! – Kelly O’Neil UpLevel Strategies