My Small Business Doesn’t Deserve Your Business

As anticipated, I’ve taken a fair amount of heat for my posts about small businesses (HERE and HERE). Perhaps they missed the preface where I clarified that I, myself, am a small business owner. My family’s survival rests solely on the fate of my small businesses. So when someone calls me a “big box retail shill”, it’s a bit confusing. Oh well, it comes with the territory.

The narrative that keeps getting pushed is this idea that small businesses deserve for you, me, and other people to patronize their companies simply because they are a local small business. Every week, another local small business sadly closes its doors. With it comes a myriad of social media posts, lamenting how nobody supports small businesses. I couldn’t disagree more, as I interact with successful small businesses every day. Businesses that have served the community well for years or even decades. If people don’t support small businesses, why have these businesses found so much success and longevity?

Small businesses, you don’t deserve anyone’s business. My small business doesn’t deserve anyone’s business. Each day, we small businesses must earn the right to serve people well, then re-earn the right to do it again. The formula is fairly simple. We need to offer a good product, at a good value, and do it with a good attitude.

If you don’t sell a good product, there’s no point for people to patronize your business. The product has to be needed or wanted, and have some level of uniqueness compared to other options. It doesn’t have to be a life-changing product, but it has to be quality. If I open a fax machine store in 2023, I don’t think I’d be in business long. The product matters.

If you have a good product, but it’s priced at a level where it costs more than the value it adds, it’s a hard sell. The pricing structure has to make sense. If you’re selling a cup of coffee for $15, not many people will find value for the price. Us business owners must find a way to offer our good products at a price that provides margin between cost and value. In that margin comes the opportunity to make people’s lives better.

If you have a good product and it offers a good value, but you don’t sell it with a good attitude, people will simply choose to shop elsewhere. On many occasions, I’ve purchased a great product at a great price, but was treated with indifference (or even annoyance). Personally, I’d rather buy a lesser product or get a lesser value than be treated like garbage. I could list off a dozen businesses in my town that don’t treat people well (and thus have lost my business). How we sell our products/services matters.

If we do all three of those things, we’ll likely thrive. If we don’t, we’ll possibly be the next story about how a small business closed its doors. It’s a hard endeavor, but worth it.

How Do We Define Value?

In yesterday’s post, I made the argument we shouldn’t “support” small businesses, as that connotation “smells of pity, condescension, obligation, and guilt.” As expected, I quickly received a lot of feedback on this post. One such piece of feedback was from my friend Mike (yes, this Mike). Mike let me know he partially agreed and partially disagreed with my post.

There are probably four posts worth of nuance Mike brought to the table, but the one I want to discuss today is the idea of value. In my post, I stated that businesses “don’t deserve our support, but do deserve the opportunity to serve us well and provide us with value.” Mike explained that he strongly values relationships, and would happily pay more for a product bought locally because the relationship he gets to create in the process is valuable to him. I couldn’t agree more!

Let’s say we can purchase a product for $50 on Amazon and $55 from a local small business. The small business is charging 10% more for the same product, so does that mean there’s less value in buying it locally? From a mathematical perspective, yes. The product is providing the same impact in our life, but costs us 10% more. By definition, that’s less value. However, this is where I think we need to take a moment to ask ourselves what the definition of value is. From a utilitarian perspective, the Amazon purchase would have more value. But this is Meaning Over Money, so you know we can’t just look at everything through the lens of money. Mike would testify, and I would wholeheartedly affirm him, that there’s much more value on the table than dollars and cents. In his example, the relationship he gets to build and maintain with the small business is also a value-add to his life.

There are a number of other things we could attribute value to:

• Buying within close proximity to your home.

• The interactions with staff and/or other customers.

• Seeing the product first-hand before buying.

• Getting questions answered by an engaged and knowledgeable employee.

• Knowing your patronage is investing in the local labor market.

• The list goes on and on.

I think Mike touched on a really good point. I don’t think his perspective is contradictory to my post, but largely complementary. This is also the opportunity for small businesses to shine. They need to add more value than they charge, but there are a number of different ways they get to create value than simply price. BUT, and it’s a big but, they do need to add value. This is the heart of my message. Small businesses (including mine) don’t deserve our support. They deserve the opportunity to serve us well and add value. If they succeed, they will earn the right to do it again….and again. And as Mike beautifully points us, that relationship piece is so, so valuable. I for one would gladly pay more in exchange for that meaningful relationship.

Letting Opportunity be Opportunity

We work, work, and work some more. All the while, we’re hoping that opportunity finally comes our way. We wait, wait, and wait some more. When will it finally happen?!?! So we work, wait, work, wait, and work some more. Finally, the opportunity of a lifetime slaps us right in the face. It finally happened!!!

We’re so excited for the opportunity, and of course grateful, but instead of just saying ”yes”, the self-talk creeps in. Is this really what we want? What if we fail? Maybe it’s too much work. What if we’re too successful? If it came to us, maybe it’s not as good of an opportunity as we thought. There are probably many more opportunities where that came from. The spiral begins. This is a pattern I see with so many people, in all different industries and contexts. I wish I could say I’m immune, but I’m not.

I was recently flirting with a writing deadline on my plate. I knew I owed my Media Director a first draft, but I didn’t produce it as quickly as I should have. She waited…..then waited some more. Finally, it happened. Fun article, great feedback, mission accomplished. Next article…..the same story unfolded. That’s when my Media Director dropped a little reality bomb on me. “Travis, I have colleagues asking me how they can get their people an opportunity to write for this publication.” Crap, I knew where she was going with this. I responded with a question, “Is this your way of telling me I’m taking this opportunity for granted?” Of course I already knew the answer. It’s never fun eating a slice of humble pie, but that’s why we need to surround ourselves with good people. They will feed it to you when it’s necessary to do so.

Another example. Northern Vessel, the coffee company I co-own, has two amazing opportunities in front of it*. Either one would easily be the biggest opportunity in the four-year history of the company. These opportunities have the potential to fundamentally alter the trajectory and direction of the company forever. While I wish TJ (NV founder) would have had these opportunities sooner than now, he wasn’t ready. But today? He’s ready today! He has the team, infrastructure, technology, brand, processes, experience, systems, and products to not only embrace the opportunity, but thrive through it. Then, there’s the work. These will no doubt be some of the hardest things he’s ever done or had to figure out. To be honest, it would be really easy for TJ to say “no.” There’s no risk of failing by respectfully declining. Since these opportunities came, maybe it’s easy for him to think many more will come in the months and years to come. TJ could have easily spiraled his way out of these opportunities.

TJ is built differently, though. He knows he’s ready. He also doesn’t take things for granted. If you’ve fought, failed, climbed, and clawed through as much as he has as a business owner (many of you know exactly what I’m talking about), you need to let opportunity be opportunity. Embrace it, give it everything you got, and accept whatever comes of it. Maybe you’ll crush it….or maybe you’ll fall flat on your face. But just make sure you don’t look back and regret not simply letting opportunity be opportunity.

* I hate not being fully transparent. My apologies for having to be a bit vague on the Northern Vessel front. I have full intention of sharing in more detail when I’m able! Stay tuned.

The Illusion of Security

It seems like every day I read or hear about a company laying people off. A handful of employees, a whole department, or even an entire division. It started with tech companies, then moved to mortgage companies, and now it seems to be spreading much more broadly. Just this week, a handful of the country’s most prominent journalists were unexpectedly fired from their respective networks. I’m not saying today’s environment feels like 2008/2009, but these headlines give me an eerie sense of deja vu (or maybe it’s just my GFC PTSD).

Whenever I see these headlines, it’s another reminder that our jobs are never as secure as we’d like to believe. I know many people who have been holding on to dreadful jobs, in part, because they “like the security.” This is an unpopular opinion, but I think security is overrated. In concept, I get it. There’s something about knowing your family will have enough money to take care of itself next month that’s appealing. I had that type of security for many years. However, it’s been nearly four years since I last felt that sense of security. A few observations:

• I thought it would be stressful not having security…..it is.

• I thought it would be hard not having security……it is.

• I thought having to figure it out each month would be rewarding…..it is.

• I thought having to trust it would all work out would grow my faith…..it has.

As I reflect on the waves of layoffs and I spend time with people stressed and worried about their employment fate, I can’t help but think about how security is somewhat of an illusion. Even the most seemingly secure job can be ripped away from us any day. On the other hand, people who have careers with little to no security (like freelancers, business owners, and contractors) actually have more security. Not security in the sense that it’s guaranteed (it’s not!), but rather in the sense that it can’t be indiscriminately taken away by someone else. There’s something exciting about having to go out every day, every week, and every month and figuring it out. If I serve my clients well and add value to others, I get paid. If I don’t, I don’t. If our businesses execute, we get rewarded. If they don’t, we lose the right to have said businesses. There’s a purity and intensity to that.

I don’t write all this to be provocative or controversial. These are just thoughts that rattle around in my skull and thought maybe they are worth sharing. I might be right…..or I might be wrong. But it’s worth pondering about to decide for yourself. Have an awesome day!

To Be Or Not To Be (Your Own Boss)

Yesterday, an interesting and unexpected topic came up in my high school money class. A few students mentioned wanting to someday start their own businesses. This is when another student made a few counter-cultural comments. She expressed her confusion about why so many people want to run their own businesses, citing their typical lack of enjoyment and lack of skillsets in the area of actually running the business. Many students were quick to defend the be-your-own-boss concept, citing freedom and control as primary reasons.

This is the moment the questioning student called foul, fairly pointing out that the whole “freedom” argument seems to be one of the few reasons people use to justify their decision to be their own boss. She smells what I oftentimes smell. Today’s culture says being your own boss is THE definition of success. There’s even a mantra that says “stop making other people rich” by quitting your job and becoming your own boss. I think this trend is far overblown….and quite toxic. It causes people to feel guilty about pursuing traditional employment. Today’s narrative is that working a traditional job is enslaving one’s self and limits your ability to have financial success. Both of these are brutal lies. Some of the happiest and most successful people I know have traditional jobs.

I believe this is one of the many reasons most small businesses fail. So many people start their own businesses out of a sense of need. They think that’s what they are supposed to do. Being your own boss is HARD….and we can be the worst bosses in the world. In my years coaching businesses, there’s a general truth that I can almost count on. Business owners are brilliant at their craft, but far from it on the business side of things. Many business owners wish they could offload the whole “run the business” piece of their life and focus on what they do best. That seems an awful lot like what people do in their traditional jobs.

I love small business. It’s rewarding, it’s hard, and it’s exciting. I can’t imagine doing anything else at this point in my life. However, at the same time, I recognize it’s not for everyone. I wish we, as a culture, would stop elevating it as the be-all-end-all for everyone. It’s not. For many, their traditional job will be their very best life…..and they shouldn’t feel one ounce of shame for that. Embrace it, enjoy it, and do your good work!

* We published a podcast episode about this topic almost two years ago. It’s titled 016 - The Toxic Notion Everyone Should Aspire to Be Their Own Boss. You can find it on APPLE, SPOTIFY, or wherever you get your podcasts.

Welcome to The Daily Meaning

Well hello there! Long time, no see. While things have been a bit (ok, a LOT) quiet on the blog front, there’s been a lot of things going on. In addition to my ongoing coaching, I’ve been writing for a few regional and international publications, I co-authored my first book, I’ve guested on a bunch of podcasts, I started doing more public speaking, and we’re more than 170 episodes into our Meaning Over Money Podcast. It’s been a lot, but it’s been awesome!

Through all this, two things have become clear:

1) I really miss publishing on my own blog!

2) I have a strong desire to produce short-form content that’s quicker and easier to digest. Most of the content I produce is longer in form. 1,000+ word articles, 60-minute podcast interviews, 15-minute Meaning Over Money episodes, etc.

With those two things in mind, I’ve been developing something that I’m excited to introduce to you today. Welcome to The Daily Meaning, a series of short-form blog posts that will be published multiple times per week.

My goal is to produce short but powerful content that will give you something to think about each morning, which will be delivered right to your inbox if you’re a subscriber. If you’re not a subscriber and you’re viewing this article on the website, you can quickly sign up for free (below if you’re on a phone/tablet or to the right if you’re on a computer). The content will vary from day to day, but it will aim to educate, entertain, or inspire. I hope you find it valuable to your own journey, and perhaps worth sharing with someone in your life.

Your feedback is always appreciated, and I hope this creates a productive dialogue in the days, weeks, months, and years to come. Thanks for being part of this! It means the world to me.

Here's to the Next 49 Years

As I was scrolling through Facebook yesterday, I received a notification about memories “on this day.” These memories are usually populated by pictures of my kids, looking cute……or videos of my kids, doing something that will surely draw blood. Yesterday’s was different. It was the picture of 801 Grand, the signature building in the Des Moines skyline. It was a picture I took, exactly one year ago, as I walked out of that building for the very last time after a pretty amazing 15-year career. I remember that moment like it was yesterday. So many emotions running through my mind. I had just said my very last goodbye. It was Kristin, a very dear friend who I’d worked closely with for the better part of a decade. As I said that goodbye, I nearly lost it. It took every ounce of me to get into that elevator and make it out of the building in once piece. I spent the next 3 days in an absolute daze. It felt disorienting, scary, nostalgic, and exciting……and maybe a little bit of oh-crap-what-did-I-just-do. Wow, one year flew by fast!!!

These last 365 days have been wild, not to mention the COVID-19 quarantine life that’s shaken up everything we consider normal. As I reflect on this last year of entrepreneurship, I thought it would be worthwhile to jot down some of the lessons I’ve learned through the journey. And if I wasn’t self-conscious enough about my shortcomings, I’ll just go ahead and broadcast them to the world! So here we go:

• The minute we think we have everything figured out is the moment we’ve lost the game. Life changes so fast, and the world of business ownership simply magnifies that. By the time I hit the one-year mark in my career journey, I thought I would be engaging in speaking engagements on a weekly basis. Instead, I haven’t spent time in a group larger than ten in two-and-a-half months and I suddenly find myself pulling all-nighters in front of a camera recording our new financial video course for young adults (www.meaningover.money). Didn’t see that one coming!

• It’s so easy to undervalue our own work. Call it imposter syndrome, call it lack of confidence, call it whatever you want. We simply do a terrible job adequately valuing ourselves when we’re forced to put a price on our work. I was sitting around the table with a group of peers and I made a random comment about the value of my work being worth way more than I charge. A woman interrupted me and asked “how much is your work worth, then?” I said “probably double”…….to which she responded “then you should be charging double!” I laughed off this feedback, but the group continued to badger me about it. Fast forward 24 hours, I was meeting with a potential client and I quoted them a price that was nearly double what I had been previously charging. They called it “a bargain”. Wow, talk about eating a slice of humble pie! Today, my coaching rates are nearly triple what some of my earliest clients paid. I wish I would have learned this lesson earlier, but some of those earlier clients are pretty glad I didn’t!

• Speaking of people badgering me, here’s the next lesson I learned: I can’t do it alone! Business ownership, especially as a solopreneur, can be super lonely. Here’s the good news…..nobody said we have to do it alone! Luckily I had the self-awareness early on to know there’s no way I could do this by myself. So I found awesome people and surrounded myself with them. I hired my good friend Ryan to help me with creative and design elements…….things I hate doing, and frankly suck at. I hired an accountant to help me navigate bookkeeping and taxes. I hired a business coach (BizLab) who could help me unlock my potential in ways I never knew were possible. That was a game-changer! Last but not least, I rented co-work office space at Blue Bean where I was able to find a community of bright, driven, encouraging peers. These people have changed my life! They started as acquaintances, which turned into collaborators, which morphed into family. These people make me better and I’m so grateful to have a work family…..even if their work is totally different than my work. We don’t have to do it alone, and I’m grateful for that!

• Entrepreneurship is exciting…..and scary! Will we have enough money to pay the bills this month? Will people really trust me? With a million different options, which path should I focus on? Should I stick with coaching, maybe lean into speaking, or finally start that podcast, maybe write something that exposes the core of me, or accept a crazy, or accept an out-of-the-blue offer to create a bangin’ video course from a young, hungry filmmaker? We live in a culture, in a time, where there are no boundaries and no limits. Wow, that’s exciting…..and scary! I wake up every day excited to find out what life will throw at me!

• Speaking of scary, here’s my last lesson: financial insecurity while following your dreams is 100,000% better than living with financial security doing something that doesn’t inspire you. The difference between like and love isn’t incremental. It’s the difference between climbing a flight of stairs and climbing Everest. Comfort is overrated. I deeply desire to be uncomfortable, and this season has given me a triple helping of discomfort. But I can say with absolute certainty that I’d never in a million years exchange this life for financial security. My gut told me this was true, but the last 365 days has proven it over, and over, and over. When we create impact on others, pursue work that matters, and redefine the role money plays in our life, it unlocks a truly meaningful life. And once you taste it, nothing can ever again satisfy that thirst.

As I was contemplating my career change just over a year ago, I made a comment to a trusted friend: “I only have 50 good working years left in me.” He thought it was a joke, but it wasn’t. I truly believe if we’re doing exactly what we’re supposed to do, there’s nothing that can stop us from wanting to do it, including some arbitrary retirement age placed upon us by society. I love spending time with my family, and doing cool hobbies, and traveling, and watching sports, and eating amazing food, and experiencing all the amazing culture this planet has to offer……but I also love my work! If that’s true, then a life without life-giving, passion-filled work would likely feel empty. So as I look back and celebrate this last year, I’m grateful, humbled, and inspired by everything that’s happened……..here’s to the next 49 years!