Are you creating competitors out of desperation for additional revenue streams? I see many small business owners and entrepreneurs achieve “success” in a specific venture or skill and then immediately turn around and give away all the details for how they achieved their success. They share the timeline, process, vendors, etc. either for free (blog or podcast) or paid (course or workshop).
There is nothing wrong with sharing information and helping others. Unfortunately, many small business owners have taken the adage “if you are one step ahead, you can teach someone else” and misused it. Most of the time when small business owners quickly turn around and share how they achieved something they do it because there is an immediate gain. This gain can be financial or ego-based, but typically they are looking for additional ways to add revenue to their business. The easiest thing to do is teach what you know.
The problem with immediately teaching the how of your business “success” is it is short-sighted. Short-sighted because you have not yet mastered the venture or skill to fully understand it and work through challenges that come with each revision. Short-sighted because now in an effort to make a quick buck you are creating competitors who know your process. When competitors can replicate your business model it takes away from your customer base and income. As a business owner, this is self-defeating and contradicts your intention of creating an additional revenue stream.
Think about Kendra Scott, a successful business woman in jewelry and accessories. Is she telling others how she specifically designs her jewelry, how the stones are set, and who her vendors are? No, because that is proprietary information that is part of her existing business model. If she were to share that information her business would not be profitable and she could not grow, pay her team, or continue to add new designs.Wise businesses serve others when we do what is best for them, not what is easiest. #coffeebarblog Click To Tweet
Great businesses serve others. Wise businesses serve others when we do what is best for them, not what is easiest. Easiest is handing over all the details and proprietary information in exchange for a quick reward. Best is teaching the venture or skill after we mastered it and it is no longer part of our business model.
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*Espresso Series – Short daily opinions and thoughts about business from our founder.