Show Summary
Entrepreneur Leticia Mooney joins Mike Michalowicz and Chris Curran for Episode 61 of the Profit First Podcast! Leticia talks about her business goals as Mike gives some great tips on becoming a specialist to skyrocket your businesses success.
Our Guest
Leticia Mooney is a 30-something woman of many talents. A published author, serial entrepreneur, music critic, and scholarship-winning dance student, Leticia has owned four businesses. One was a total failure, one was acquired just before it was shut down, the third – her current venture, Brutal Pixie – has gained traction and is a quickly growing success story. The fourth was a fast-grow, fast-fail startup that lasted 12 weeks, from July to October 2015. In the art of music critique, Leticia has been described as a “master”, and has been recognised internationally for her work.
Leticia’s mission in life is to inspire people, and on her tombstone they will write an epitaph to her ability to help people make positive change.
Point of interest: Dead-ringer for Sissy Spacek. Go to http://biodagar.com/about for proof of that (my sister thinks I must have been adopted or stolen. Ha!)
Brutal Pixie is an Australian content strategy company that focuses on strategy creation; risk, governance and workflow; and of course content development. People come to us for content and stay for the strategy.
Show Quotes
The double helix trap: typical oscillation that entrepreneurs have between the working and the doing. As sales increase the work decreases because there’s less availability for it. Then when we try to focus on doing the work, we are unable to take time to sell. If we’re not selling the sales slow down and the work runs out. Panic ensues. This is the ultimate trap.
Oscillating back and forth will not bring you traction. When you work with any client of any type, that forces you to custom work; it’s not perfectly consistent. Think of a heart surgeon vs. a general surgeon. The general surgeon has a touch of knowledge in a bit of everything to be able to treat you. The heart surgeon is a specialist to help you with one thing.
If the practitioner realizes that your symptoms are severe they push you right to a specialist. The specialists make more money than the general practitioners because they attract the patients with very specialized needs. General practitioners attract a general audience with general needs AND the generalist diagnoses a significant problem and then refers them out to a specialist. A specialist is someone who can address a specific problem with a specific need and can charge a higher premium because the need is greater.
If you become a specialist, the likelihood of success increases significantly.
If you’re inspired with new ideas, DON’T focus on new ideas for new businesses; focus on new ideas within how you’re serving your existing clients! You will still get the same excitement but you’re innovating for your best clients.
If you start concentrating your services to one specific category, that will get your out of the double helix trap because you will start to get repeating consistent needs. There’s not a switch from serving anybody to serving a specific niche… it has to be a transition. As new work comes in you may continue to work in other industries – you need that money for survival so do not turn it away. Accept what’s coming in but no longer market to other communities; only market to the community you want to focus in and you will start to get natural traction. Once you have enough traction in the industry you desire, you can fully commit your business.
Show Links
Brutal Pixie http://brutalpixie.com
Twitter @brutalpixie
Insta @brutal.pixie
Google+ Brutal Pixie Official
Corporate Partners
Nextiva – VOIP phone providers for small businesses.
Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.
TSheets – The #1 customer rated time tracking solution!
Fundbox – the simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
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I enjoyed listening to this podcast. I like the format and how you gave her specific business advice. Very practical and I learned a few things I can actually implement in my own business. I hope you do more podcasts using this format!