FLASHBACK ARTICLE FROM MARCH 2007
I had an opportunity to speak to the Michigan Chapter of the American Disc Jockey Association in January (yes, with the wind chill it was sub zero) and what followed was an interesting email from a member. In my audio series 8 Degrees of Separation, I address in complete detail a core psychological issue that holds entrepreneurs back from succeeding in business. To oversimplify it for the sake of this article, let’s just say the imposter syndrome is usually an erroneous belief that stems from a story you’ve written about yourself. A story you collect evidence to support and a story you have come to rely on. The imposter syndrome says, “you don’t believe you are so you don’t think you can”. As a business owner you may have felt this way early on — you may have felt being an entrepreneur wasn’t really you. Generally speaking, we get over these feelings after being in a situation for a long period but we need to be careful that our belief, our core belief hasn’t extended to areas we’re failing to realize. In this case we need to be careful this hasn’t extended to or business.
The email came from a dj that owns a multi-system operation. I am sharing a portion of it below.
“One thing that is bothering me, and really setting up a major roadblock in my mind is I can’t stop wondering “Is it worth it?”. I’m spending lots of money & time creating these systems with the goal that one day I won’t actually have to DJ events myself anymore. But deejaying isn’t exactly the most lucrative business to be in…. I’m thinking is all this effort worth it? —etc.— I’m scared to death about ending up a 50-year-old broke DJ out on Saturday night working someone’s wedding reception. In my dream world, I build my business up as far as I can and then when I get tired of it, I sell it. Is selling it even possible? I hear about gas stations, restaurants, party stores and more for sale all the time, but never a DJ business. Do you think somebody would want to buy a DJ business?”
What this dj echoed were the sentiments of many deejays. We have trouble believing that our dj business is really a business and because we think like that we don’t work in a manner to make it one. The answer is – yes it’s a real business. Yes it can be sold. In fact I know a guy in another state that was just offered several million dollars for his dj business. However to sell it you need to treat it like a “real business” and systematize it so it can be turned over with a set of directions on how to run it. In addition the margins of a properly run dj business are as high or higher than many other businesses. On my website, in my blog (no room for it here) I have a breakdown of a fast food franchise to give you a better feel for what I mean. Finally, if you do want to sell it you need to believe in it as well otherwise it won’t be very convincing to a prospect looking to purchase such an income stream. So it is heretofore duly dubbed the “business imposter syndrome” for those believing their business isn’t really a business.
Do you have difficulty in believing that the business you are in is a real business? Maybe something else is holding you up from growth? Visit my blog and write about it. Oh… one more thing, I can’t help it (it’s the coach in me)… in response to the statement our dj makes above about “is selling it possible” I have but one response. You tell me, it’s your realm of possibility!
Dan Nichols is a professional business coach and published author based in Michigan. He also has 16 years experience as a mobile dj. As a coach he helps his clients discover which steps to take next to grow their business. www.businesslaunchexpert.com or by phone at 248-541-0250.
FLASHBACK ARTICLE FROM MARCH 2007