bwagy, the blog of Ben Young

Whether it’s your product, service, experience or even opinion.

It’s once others experience what you have uniquely created that you realise the potential value.

However it’s just before sharing that we stop.  We don’t release the product as we don’t think it’s good enough yet, we hide from voicing our opinions or sharing our experiences.

It’s not till you do, you take that final step, that you find the real value.

All the more reason to ship.

[Note: this post is for the small businesses out there; one man bands, contractors, or local store.)

We all know that retail space that can’t hold a business, it’s a clothing shop, it’s a book shop then it’s a bakery.

No matter what nothing seems to stick.

There are many reasons for it but the key one I ask myself, are they built for profit?

I pondered this as I saw a car yard selling cars for $1990 and $2660 – a wide range of low priced cars.  How can they possibly make a sustainable profit on that? Sure if they get the cars and put a 100% markup on each of them margins seem good.  Yet they still need volume to sustain a business, 2 cars a week would maybe cover the living costs of the owner.  What if they can’t reach that?

Sure enough, I drive past a few weeks later, no stock shifted, I don’t think they will be around for long.  Have you actually looked at your model, are you built for profit? Or are you just subsidising your time…

Everytime I go get Sushi, they say ‘Ginger & Wasabi?’ and everytime I say yes.

I do eat the wasabi but never the ginger yet I always say yes.

A quick poll of everyone else in line before me (three people) they all did as well.

Now I have said no before and other places haven’t offered and you know what? I didn’t feel like I got a good service.

For some reason those two little packets help communicate value.  In fact some sushi places charge extra for it.

The standardised addon has become an essential part of the consumer experience.  

What part of your service has become standardised? Or is there room to standardise something that others don’t? Just a thought.

When the cut comes to the chase we get things done.

And we also naturally flesh out work to fill the time before completion (Parkinsons Law).

Just as creating scarcity in your industry creates value,

Limiting your time input each day forces you to prioritise, challenge yourself and be more effective.

(As your time has become more valuable)

Its too easy to work over time but much more rewarding to work within time and complete everything.

Building in a time constraint ensures you become innovative with your own activities.

I think once you can accept you can’t do everything you will really see the value in this

How can my friend who is a one man band charge $175/hour excl gst one year and only $50/hr two years ago.

Simple he created scarcity.

He is in a unique position where he is the guy to get.

Resources in scarcity cost more and clients are happy to pay it as they realise how scarce he is…

So think about it, how can i become scarce in my industry?

Ideas:

– Be the best at it or at a unique mix ie social media in the public sector

– Build your personal brand

– Limit availability…i only work 20/hours a week and only have 5 clients

– Be different

– Do something no one else will ever do ie transparency in a walled garden industry

Sure you can come up with a few of your own.

(remember it’s all about the story your telling by being scarce)