Ruth King is president of Business Ventures Corporation. For nearly four decades, she is well-known as “The Profitability Master” and has helped fledgling businesses, or even well-established companies to grow successfully.
She started the Decatur, Georgia branch of the Small Business Development Center in 1982, as well as the Women’s Entrepreneurial Center where she taught a year-long course for women who wanted to start their own businesses. More recently, Ruth was the instructor for the Inner-City Entrepreneur (ICE) program in conjunction with the Small Business Administration.
After 12 years on the road, doing 200 flights per year, she knew there had to be a better way to reach businesspeople. She began training on the Internet in 1998 and began the first television like broadcasting in 2002, launching her own TV channel. Ruth is the author of the #1 bestselling book, Profit or Wealth? Simple Rules for Sustainable Business Growth.
Tell us a little bit about your background and how you ended up writing a book?
I have an MBA in Finance from Georgia State University and Bachelor’s and Master’s degrees in Chemical Engineering from Tufts University and the University of Pennsylvania. In grad school, I found a love for financials. I also decided that I didn’t want to pursue engineering for the rest of my life. The training taught me how to solve problems and I applied this knowledge to solving small business owners’ profitability issues.
Profit or Wealth? was written because too many of my clients and people I speak to focus solely on their profit and loss statement and don’t build wealth. I’ve known several profitable small businesses to go bankrupt because they didn’t build wealth.
What do you hope your readers take away from this book?
Readers should discover that financial statements can be easy to understand and that it is important to build profit and wealth to survive and thrive.
In your opinion, please share some marketing or sales technique entrepreneurs take for granted?
Many entrepreneurs think that their products and services are so good they sell themselves. Wrong!
They must constantly promote and give people reasons to invest in their products and services. Testimonials and referrals are critical too.
What were the top mistakes you made writing publishing your first book?
The Ugly Truth about Small Business was my first book. (I’ve written five). It took a lot longer to write and to publish than I expected. I also relied on the publisher (SourceBooks) to do the PR. Never do this! About 30 days after the publication date, they stopped what little PR they were doing.
I discovered that I had to do my own PR.
I realized that writing a book is like having a baby. Once it is born it needs care and nurturing to thrive. To this day I still promote the book.
When will you consider your book a success?
I consider the book a success whenever someone reads it and implements the activities necessary to get, and stay profitable, and build wealth. There have been many testimonials to this effect.
Can you share a snippet that is not in the blurb or excerpt?
When you understand and track all of your costs you can make decisions about whether the costs are too high, acceptable, or too low.
If a cost is too high or too low, determine why. You might have estimated incorrectly, or there is a problem that must be resolved.
There are four types of cost:
- Direct
- Indirect
- Tangible
- Intangible
What advice do you have for authors who want to self-publish their first book?
Before you publish the book invest in a PR firm who are experts in book promotion to help you promote the book. They have many contacts that would take you a long time to develop. Pay for the expertise.
What is the one thing you wish you knew before publishing your book?
Since I’ve written five books, I’ve experimented with having a publisher, hybrid, and self-publishing. The only book that has not done well is the book that I self-published. I would at least do the hybrid route, which is where I have had the most success.
Please share some of the marketing techniques that have worked for you when promoting your book or business?
I put the books under my email signature. Many times I speak without a speaking fee. The event sponsors agree to purchase a certain number of books in lieu of the speaking fee.
If you had the chance to start your career over again what would you do differently?
I wouldn’t do anything different. The choices and paths that I’ve experienced, although some were extremely difficult, got me to where I am today – happy, successful, and contented.
I love what I do. I focus on profitability. I love when the light bulb goes on, and business owners succeed.
Please recommend a book, a podcast, and a course for entrepreneurs and authors?
Every entrepreneur should read Think and Grow Rich by Napoleon Hill and Made to Stick by Chip and Dan Heath.
My favorite podcast is Business Wars.
Take a basic bookkeeping/finance course. (I know it can be a miserable few months. However, you learn what your financial statements should look like… it gives you the knowledge to look at your financial statements and question what seems wrong. I don’t expect business owners to do the books. However, they have to have the knowledge to question the numbers).
If you only had 1000 dollars to promote a new business or new book, knowing everything you know now, how would you spend it?
I would spend it on a referral program. What does someone get when they refer you and your business? New customers through referrals are much easier than blind marketing and advertising. There is trust from someone they know who has used your products and services. In the beginning it might be your mother who gives you the first referral. Build from there.
What is your favorite quote?
Pick yourself up, dust yourself off, and keep going.
This was drilled into me by my father and has helped immensely over the years.
Who should we interview next and why?
Peter Diamandis. He’s got a great vision for the future and helps many entrepreneurs think abundance, longevity, and exponentially.
How can we get in touch with you?
You can reach me at www.ruthking.info as well as through my email, which is: rking@ontheribbon.com.
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