Charleston Entrepreneurs Get Tough Love Business Coaching from Donni Wiggins
Charleston Entrepreneurs Get Tough Love Business Coaching from Donni Wiggins
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Charleston Entrepreneurs Get a Tough-Love Business Makeover from Donni Wiggins
In the latest episode of his "Full Transparency" series, no-nonsense business coach Donni Wiggins sat down with two Charleston-based entrepreneurs to provide a brutally honest assessment of their companies - and the steps they need to take to reach the next level.
The first guest was Courtney Scipio, owner of IBAA Event Rentals, a company that provides event rental services and operates an event venue space. Wiggins quickly zeroed in on Courtney's profit margins, which he deemed unacceptably low for a rental-based business.
"You brought in over $1 million last year, but only pocketed $163,000 in profit? That's a 10% margin - that's just not good enough," Wiggins bluntly stated.
Courtney explained that a significant portion of her expenses went towards rent, with the two locations costing around $200,000 annually. Wiggins suggested that Courtney consider purchasing her own buildings rather than leasing, as this could dramatically improve her profitability.
The second guest was Lynn Bonner, CEO and founder of Undenied Collective, a company that helps small businesses, coaches, and healers set up their processes and standard operating procedures. Wiggins quickly identified issues with Lynn's messaging and positioning.
"Your social media is all wrong - there's nothing about the systems and technology you provide, it's all about your personal spiritual practices. That's not going to resonate with most of your potential clients," Wiggins said.
He advised Lynn read more to tighten up her messaging and focus her content on how her services can help reduce overwhelm, scale businesses, and provide convenient technology solutions - rather than discussing her own meditation and crystal rituals.
Throughout the discussion, Wiggins emphasized the importance of clarity, focus, and data-driven decision making for both entrepreneurs. He encouraged them to strip away any unnecessary activities and double down on the core aspects of their businesses that drive the most revenue and profitability.
"Clarity is the foundation of a successful business. If you're not laser-focused on your mission, you'll never reach your full potential," Wiggins said.
While Courtney and Lynn may have winced at Wiggins' tough-love approach, both entrepreneurs seemed eager to implement the strategies he outlined. After all, when the "Hot Seat King" himself is giving you a business makeover, it's wise to listen closely.