#24 Lessons learned from two decades worth of experience running a small business

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Yolanda McAdam understands the reality of being a small business owner for one very simple reason:
 
Her business, Suite 532 isn’t her first business. First there, was a safari business. Then, there was a coaching business. But, as a result of burnout, and the challenges of moving from South Africa to Canada and not knowing a lot of people, she decided to go back to working a 9-to-5 job for a while. Eventually, she quit that job and started the business she runs today, Suite 532.
 
For those of you who are currently running your first business, there’s a lot that you can learn from her. Because this episode is Yolanda’s honest reflection on what making plenty of mistakes along the way taught her about what it takes to succeed as an online business owner.

Show notes​

What this episode covers

• ​Who Yolanda helps at Suite 532
• The story behind the name, Suite 532 (turns out there isn’t much of one really), but she did provide a bit of context on what made her come up with that name specifically.
• How the name actually helped her get her first clients, and how long it took her to come up with the name.
• A good point about coming up with business names. The fact that people worry too much about it.
• Yolanda’s belief that she was a born entrepreneur, and how that influenced her interest in working with clients of that specific demographic.
• How a desire for freedom and spending more time with her sons, along with understanding the entrepreneurial mindset was a major source of motivation for Yolanda.
• A recommended mindset shift she learned from her previous business, for those who just want to say yes to every person that expresses interest: “when you say yes to every client, you are unknowingly saying yes to your ideal clients.”
• The benefits of creating an ideal client profile, and how to create your own.
• Why it’s so important to outline who your ideal client is on your work with me page.
• The importance of a really good client intake process, and what this should include.
• The reason why you should share this intake system on your website.
• The benefit of having a client intake process, and how easy you should make it to attract just the types of people you want to work with.
• Yolanda’s warning for those who say yes to everyone: “I suffered…I had a breakdown, because I was just too busy,” and how that taught her to say yes out of strength and not desperation.
• How the Seth Godin quote: “your reputation is actually more important than what you do,” rings true for all business owners just starting out.
• The fact that there’s lots you can learn from working with the wrong people, and it’s still challenging to get your ideal client 100% right.
• Why Yolanda doesn’t describe “bad” clients, as “bad”, but instead prefers to refer to them as “not the right fit”, and why that’s so important.
• Why Yolanda wants to reassure listeners that it’s okay to make mistakes.
• Yolanda’s opinion on this commonplace sense of shame about going back to the 9-to-5 full or part-time after running a business for a while: “after two decades of running my own business, I chose to go back to work, after immigrating to Canada from South Africa.”
• The reason why she went back to the 9-to-5 after she moved for a little while.
• The importance of putting your health and wellbeing first when deciding if it’s a good idea to go back to the 9-to-5 for a bit.
• If you choose to go back to a regular job part-time or full-time, some benefits that are worth considering, that will be good for your online business as well, such as the opportunity to create connections.
• What she did differently with Suite 532: “easing into it”, and the misconception people have that everything needs to be in order.
• Why that misconception is a myth, and the benefits of focusing on growing your business slowly.
• The problem with failing once and giving up, rather than seeing it as part of the journey.
• Why a lot of what holds Yolanda’s clients back is fear of success, and the new challenges this creates.
• The important reminder that some of the most successful entrepreneurs had a resume full of failure before they succeeded.
• The fear of judgement that Yolanda finds is a huge part of what holds people back, and why she thinks that’s a huge mindset issue.
• The fact that people confuse marketing with sales, and the importance of remembering good marketing is a long-term game, and that sales is not manipulative (if done well).
• Why at the end of the day sales is about making an income, making connections, and adding value to peoples’ lives.
• Why Yolanda’s social media marketing process isn’t a process, but an attempt to remind her followers that she cares deeply about them.
• Why it’s not possible to fake love, real affection, or empathy online.
• Why her process is more about who she is and engaging in a natural way.
• The very real reality that social media engagement takes time, and how the only way to work around that is to automate content that’s always relevant.
• What Yolanda wants listeners to remember about coaches and social media: “it’s not a quick fix, it’s a long game.”
• The similarities between social media (other types of marketing as well) and a committed relationship.
• The key takeaway: “remember your why…of why you started your business when times get tough.”
• The importance of having a really good guide along the way as well.

 
 About this week’s guest
 
Yolanda McAdam is a social media and online marketing strategist and business coach with over two decades of experience helping business owners attract and win quality clients.
 
Her experience includes working with businesses in the following industries: food & retail, health & wellness, construction & renovation
 
Where you can find Yolanda online
 
Visit her website (to learn more): https://www.suite532.com
Read her blog (for even more small business marketing tips): https://www.suite532.com/blog/
Like Yolanda’s Facebook Page: http://facebook.com/suite532
Follow Yolanda on Twitter: http://twitter.com/ygmcadam
Connect with Yolanda on LinkedIn: http://us.linkedin.com/in/ygmcadam
 
How you can follow this podcast (and learn more about its host)
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