How to be a scrappy business owner.
In speaking to business owners, I sometimes hear the word “scrappy”. Mark Cuban also referenced this language in an episode of Sharks Tank. The new age definition is “having an aggressive and determined spirit”. In more basic terms for business owners, it would mean a hustler. I also personally use the term to describe an economical entrepreneur. I will use myself as an example. I am a small business coach in Toronto who likes cut corners to get the best acquisition costs. Being scrappy allows me to save money, and reach new people. I want the same for other business owners in Canada, so here are my suggestions for you!
1) Distinguish your target market and find creative ways to reach them, outside of the proverbial box. Here is an example. If you are a candle maker and are looking for inexpensive ways to reach buyers, then collaborating with a local cafe for a candle making event is a scrappy approach. Why? Well, if you they promote you in advance (in exchange for your free services) then you are getting the marketing for free. They draw in an audience for you, and sell your finished products (that might be harder to make) and/or the supplies needed to make their own candles.
2) Time is a precious asset for any business owner. While a scrappy approach to trying new things is admirable, it's not always the most effective strategy. As a Toronto business coach, I help entrepreneurs and small business owners understand that their time is most valuable when it's focused on initiatives that generate revenue. Through strategic planning and targeted coaching, we can move beyond trial and error and identify the most profitable opportunities for your business.
3) Cut corners. Cutting corners doesn’t always have the best reputation, but if done well, it can save your business money. Going back to the candle making event, the candle maker can cut corners by repurposing old scraps of wax and melting it down to use it again for the event. Afterall, it is a free event. Expectations are lower, and nobody expects the candle maker to bring their best supplies.
4) Barter - If you are growing your business and need to be scrappy to reinvest your money back into your business, than bartering could help you do this. Barter allows businesses to exchange products or services to each other for the real value. Therefore, keeping costs lower for both businesses. If you want to barter your goods or services, click here to Barter Exchange System Toronto | Barter Services Ontario.
So there you have it. A few simple tips on how to be a scrappy business owner. If you feel you can benefit from a strategy that will allow your business to thrive, reach out for a free consultation.
Ofra Nissani is a Marketing & Business Coach based in Toronto. She helps small businesses by keeping them accountability, so there business thrives through strategies that will generate more revenue.