Business Lessons Learned From TV Favorites

In the past, I have watched programs for sheer entertainment. However, I'm quickly recognizing that there are always opportunities to become more knowledgeable about growing a successful business. Many believe that just because one business may not be directly related to their business, there's nothing to be learned from it, nor should you get to know the story. It's for this reason, I've decided to comprise a list of things that I've learned from some popular TV programming.


"Property Shop" is my favorite HGTV program. It follows the life of Tatiana Londono, a successful real estate agent, who becomes a Broker and opens up her own agency. Londono, the quirky but clearly driven curly blond, is a true force to be reckoned with. In a little over a year, The Property Shop has grown from an agency of 4, to 40+ agents with sales in the seven figure range. This show is loaded with tips on how to grow a successful business. But two of the greatest lessons for me were...


* Don't Take Things Personal: Leave the Emotions Out of Business. - In a recent episode Londono was asked to work with a former business partner, who had initially questioned her work ethics and causes Londono to decide to end their agreement. However, after the business partner realizes that Londono is the best, he asks her to reenter their agreement. Londono considers refusing to work with him, because she was hurt that he questioned her abilities. But after careful consideration decides to reenter their agreement when she sticks with the facts, which were it was a multi-million dollar project and the opportunity to prove him wrong. In the end, she sold both units quickly, (after the first open house) and the business partner admitted that she was great at what she does. By making a logical decision based off of the facts, she was able to add to her bottom line significantly, as well as showcase her abilities to grow her client base.


* Focus On The Bigger Picture! -In the same episode of the aforementioned "Property Shop", Tatiana Londono was responsible for selling her business partner's condominiums. She sold one with no problem. However, the potential buyer for the second one, decided that he wanted the condo fully furnished, despite the furniture was created by Londono's business partner and not for sale. Londono convinced the business partner to include the furniture. But when the potential buyer wanted the flat screen television to also be included, the business partner refused to concede. Realizing that both the business partner and the potential buyer were not going to give into eithers' demands. Londono decides to purchase a flat screen television herself to close the deal. Both the potential buyer and the business partner were pleased. In her closing statement, Londono revealed that she thought it was senseless to let a deal fall through, due to a $1200 television. She thought the $1200 was a small price to pay for the $40K+ commission she made. And I'd have to agree with her.


"The Real Housewives of Atlanta" is another one of my guilty pleasures. I know, you're probably thinking "What could they possibly teach me about running a successful business?" However, Sheree Whitfield's experience launching her She By Sheree clothing line is full of lessons to be learned, starting with...

*Know What You Want - I admire Sheree Whitfield  for having a clear vision for her clothing line. For the most part, she has finally launched She By Sheree, an upscale clothing line, to attract the attention of the most fashionable.  Every great idea starts with a vision. So be consise and detailed about what you want your business to become. Consider keeping a journal or making a idea collage to serve as a reminder and inspiration for you and those who work for you.
 
*Be Realistic/Recognize Your Weaknesses -  We have to be realistic about our expectations. In my opinion, I feel that Sheree could have launched her clothing line much sooner, had she had reasonable expectations. Her inability to be flexible on some matters created unnecessary set backs. In the end, she finally recognized that despite she had been an owner a successful clothing boutique in Atlanta and had a strong sense of style, she knew very little about what it took to put a fashion show together. She decided to enlist the services of Dwight Eubanks to help execute her vision. It shouldn't be any surprise that we don't have all the answers. This is why we should be willing to rely on others expertise to help our businesses grow.
 
*Know Your Strengths And Don't Be Afraid to Show Them! - Dwight Eubanks, also known as "Atlanta's Other Housewife" is known for his over the top style. But even I had to admit, he really took control of Sheree's event and made it a remarkable success. He wasn't afraid to take a stance on approaches or decisions he made. His confidence in his craft shows and I'm sure helps to contribute to his successful salon.
Confidence is key. It's perfectly fine for you to showcase your skills, whenever possible. If you're great at what you do, there's no way people can deny it. Dwight offered his services to both Sheree and Lisa WuHartwell early on. It just took Sheree a couple of failed attempts to execute, before she reached out. Small business owners can't afford to make the same mistakes. I know I can't.
 
 
One of the most valuable lessons I've learned while running my business is to allow everything I do to serve as a tool to grow my business. Although watching television is a great past time for me, I don't feel so guilty about watching it because I'm making it count. Hopefully, this will serve as encouragement for you to do the same. 

Price, Exposure, & Condition: For the Small Business

Price, condition, and exposure are three popular terms referred to in the Real Estate market. But it has occurred to me that small business owners should seriously consider adopting these principles in their non-real estate ventures, as well. Let's face it. Many small businesses are experiencing reduced sales and fewer customer visits, due to the slowing economy. Here are some ways to apply the terms to your business venture to successfully overcome the economic downturn.

Price - Think about your target consumer. Who is your customer and what is their average purchase price point? How much do they typically spend per visit? With the economy shifting, it would be helpful to run an analysis of average sales based on the last six months, as well as a yearly comparison. This could supply small business owners with more precise projections since the economy has been shifting more now than ever. Do you have a large product assortment that seems to be just sitting on the shelves? Considering a price reduction to items that appear to be experiencing a longer shelf life, could help stimulate sales and give you dollars to reinvest in items that are selling more rapidly.

Condition - Could your establishment use a little polishing? One may be surprised at the increased traffic experienced by simply changing out the visual aids displayed in a store window. Don't have the money to do a complete face lift to your establishment? Simple changes, such as using a different color graphic on the billboard reader, could have a great impact on gaining new foot traffic. While staying in Mississippi, I remember a little restaurant that was right down the street. I'd pass it nearly everyday on my way home for 6 months. However, it wasn't until they put little bistro tables outside and added little flower boxes to their window, that I noticed them and decided to try them out. It turned out to be one of my favorite sandwich shops. So, doing a complete overhaul to your business to re energize it, is about as necessary as getting plastic surgery to regain your spouse or significant other's attention. (Smile)

Another thing to think about is your product displays. Are they outdated, or could your floor spacing be changed to better accommodate your customers?When I go out of town with friends, some of them love to shop at the discount shops which to me appear like glorified thrift shops. I only found one that I love, because I find everything to be simply organized and clearly labeled. I love a bargain too, but my time is valuable and I don't like to spend it sifting through bins to save a couple of dollars.

Exposure - How much are you spending on marketing and where are the dollars being spent? This is crucial in a tightening economy. Everyone successful business owner wants to know that they're spending money wisely. The last thing you want to know is that you're investing money in areas that aren't yielding any profitable results. How are you communicating that your business is still open? How are you getting the word out about the items you placed on sale? The fact is every business has a customer. It's just your responsibility to reach them. Don't let a small marketing budget hinder your ability to reach customers. There are a number of inexpensive ways to market your business. One major way is by advertising on social media websites such as Facebook or Twitter. If your target consumer is one who does little web surfing, consider getting a billboard or a sidewalk reader large enough to be seen my those driving or walking by. Simply getting involved with community organizations can get you in front of many potential customers. But the bottom line is if people don't know about you and your business and what you have to offer, they will not come.

One of my favorite television shows is "Real Estate Intervention". It's a HGTV creation in which a veteran real estate broker speaks with potential home sellers who have difficulty understanding why their home isn't selling after a tremendous amount of time listed on the market. Many people get really upset with the broker, because all too often the story is the same. The sellers have their homes listed above what the market dictates is worthy of a sale. He has to take them to see comparable homes which have sold and are currently on the market to give them a better understanding of why their homes haven't sold yet. Most of them take his advise and gets the result they wanted; a sale.

So, just as it applies in the real estate market, if your products are priced correctly, in the proper condition, and getting the best exposure, you too can count on getting the sales you rightfully want and deserve.