Whenever I talk to someone about entrepreneurship, the three F’s come to mind: Freedom, Flexibility, and Financial Potential. The benefits of being your own boss far outweigh the regular 9 to 5. The idea of not being penned to a desk and having to answer to a superior, the flexibility of being able to work anywhere you want when you want, and having a form of control over your earning potential can’t be beaten. These three F’s have many people in the American workplace running to entrepreneurship.
According to entrepreneur.com, there are 550,000 people every month in the United States leaving corporate America for entrepreneurship. It’s great that more people are taking that risk. However, there’s another “F” that I also must mention when it comes to starting your own business and that’s “Failure.” Eighty percent of entrepreneurs who set out to start their own business don’t make it past their first year of being in business, and a huge reason for this is because they don’t have a plan set in place to take them from A to Z.
It’s not enough to have a great business idea. You have to know how to turn your ideas into profit and you need a solid plan in place to get you from idea to revenue. In order to make the successful leap from employee to entrepreneur, here are 5 steps that will help you map out a plan and with the right movement and timing behind them, can easily steer you on the path to writing your own paycheck.
- Don’t quit your day job…yet Since flexibility and freedom are two of the main reasons many desire to be their own boss, quitting your day job is usually the first thing you set your sights on. However, unless you have quite a bit of a nest egg or a trust fund, it’s often the last step you should take. The smartest way to approach going into your new business venture is to build your business alongside your 9 to 5. When you quit your day job without any kind of gain in your business, you put yourself in a limited financial position and what I know for sure is, you need to be in a position of abundance in order to create abundance. Meaning, you can’t create more from a place of lack and when you’re worried about how you’re going to eat and keep a roof over your head, this becomes your focus. Yes, it has been done but it’s an approach full of unnecessary struggle. So my suggestion to you is to build your business alongside your 9 to 5 and when you get to predictable income, then you can jump ship. Here are the 4 steps that can lead you there.
- How Are You The Answer to a Need? I’ve seen this happen many times: people get super excited about starting their business, building their brand, etc., and they often go out and get all the business accoutrements (logo, business cards, website, etc..) and get stuck here because they haven’t fully thought through the next steps. While your logo and website may attract the eye, what’s going to keep your customer there? Remember this: you are 1 of 550,000 starting a business that particular month. How are you the answer to someone’s need in the marketplace? You must be able to define who you are in a way that provides clarity, confidence, and value to your potential customers. In my business, I help my clients to figure this out through what I call my “Fierce Formula.” When you are standing in the full power of what makes you the answer to someone’s need and you package it from that standpoint, the revenue automatically follows.
- How Will You Package it? The key to building a successful business alongside your 9 to 5 is to build it in such a way that it allows you to make money while you sleep. What’s the key to doing this? You have to establish a business model for yourself that doesn’t require you to be present. For example, whether I’m coaching one on one, or doing a group seminar, I’m simultaneously bringing in revenue through my online courses, yes those programs where I am not physically present. You only have so many hours in a day and if you’re only packaging your brilliance based on hours and you being present, you’ll never get to six figures in your business. You need to have 4-6 streams of income and at least two of those revenue streams should programs that don’t require your physical presence.
- How Will You Measure Success? One thing many business owners neglect to do upfront is figure out how much money they will need to generate, and how they plan to do so quarter after quarter, month after month in order to reach their desired income. A good starting point to help you figure this out is to go by what you’re making now at your day job. This allows you to at least begin with what you will need to sustain your current lifestyle. You need to have a plan that gets you to at least that level in your own business.
- What’s Your Give Notice Deadline? Once you know all the answers to 1 – 4, it will be easier to determine how long it will take you to be able to hand in that letter of resignation and start packing up your office. Begin by setting weekly and monthly goals for yourself, eventually working your way up to quarterly and yearly predictable income in your business.
Some people have a hard time seeing how they can create a successful business on their own. They’re successful in corporate America and contributing to someone else’s company but they can’t quite see how to duplicate that same success in their own business. It’s okay. Coming up with and executing the perfect formula for your success takes time. But if you stick to the five things mentioned above, you’ll be working from the resort of your choice in no time.
To get the strategy that will help you start your transition now, grab a copy of my free eBook Alongside My 9 to 5: My plan to pivot from corporate into entrepreneurship by CLICKING HERE
It’s all too easy to believe our talents and gifts are not worth pursuing. What I know for sure is that - Everyone Has Gifts & Talents! When I think of someone who is focused and aware of her talent, it makes me think of Beyoncé. I absolutely love watching Beyoncé perform. When she performs, what I see is her inner genius coming forth. I see the very thing she was born to do and that she is absolutely great at! Matter of fact, she is unapologetic about it!! And as I watch Beyoncé in all of her splendor, it fills me up with the excitement that I too can be Beyoncé. Well I can’t actually be Beyoncé or really Sasha FIERCE = the alter ego she becomes on stage, but what I realize is I have my OWN FIERCE inside of me. Well, we each do! All you need to do to do is Unleash our Inner Beyoncé, our very own FIERCE and stand in it unapologetically. How do you do that, let me give you 3 steps to help you start this journey.
Step #1: What Are You Proficient In?
- Maybe you love writing up detailed reports and therefore have a natural skill for writing.
- Maybe you get compliments on your great presentations at work. This may mean you would be great as a public speaker or trainer.
Step #2: What Are You Passionate About Doing?
If you still think you don’t have much talent, start looking at what you love to do.
- Maybe you love to shop and your family and friends constantly tell you how good you are at putting outfits together.
- Maybe you love to write and whenever they read what you have written they remark about your incredible creation.
- Maybe you find yourself doodling a masterpiece when you have some idle time.
- Maybe you find that all your friends come to you with their problems and they call you their coach?
If you think about what you really enjoy doing and what you are great at, you’ll find that you’ve been drawn to it over and over again. It tends to be true that the better we are at something, the more we enjoy doing it.
Step #3: What Problem Do You Solve? When you think about what you love to do and what you are great at, these 2 things together are usually the very thing someone else needs.
- Those shopping skills can translate to your being a stylist.
- Those writing skills can lead you to a career writing for some of your favorite magazines or to help others write their book.
- That doodling can lead you to graphic design.
- The fact that everyone comes to you for direction may indeed mean you would be a great coach.
These 3 steps are part of my FIERCE Framework that I use when I am helping women understand to move their purpose into their paycheck. (To deep dive even further into this work, grab a free copy of my eBook What Your FIERCE: Finding & Following Your Purpose by CLICKING HERE.)
What I know is that if you package your skill and talents into a way you serve the world, you get to do what you love and make money while you do it! Now isn’t that worth exploring? Isn’t that worth Unleashing your Inner Beyoncé?
If you let yourself accept that you probably have undiscovered talents, enjoy this adventure of discovery. It could very well take your life to higher levels of wealth and fulfillment! Thinking about these things is an excellent way to uncover your life’s calling. It is how you can begin to Unleash your Inner Beyoncé.
As an entrepreneur, it is easy to start your business based on your expertise knowing exactly what your customers need. However, no matter how dynamic you are as a sales expert, image consultant, marketing maven, a coach, a speaker, an author, etc… no matter how phenomenal your product or service is, the simple truth is that no one says yes to you or what you do it if they don’t believe you are the solution to their problem. The one question every customer is thinking in their mind is WIIFM = What’s In It For Me? So at the end of the day, who you are as a business owner is really NOT about you! It’s ALL about the people you serve and their ability to see you as the answer to their problem. And once they see what they need in you, it makes it easy for them to say yes to you. So how do you use the WIIFM factor to stand out in a crowded market? Here are the 3 questions you must address as part of the visibility plan for your business.
- Why Do My Customers Need Me? How does what you do answer their problem and how do you package it in a way that they see not just the outcome that you will help them get to, but the value that you provide in the provision of that service.
- Who Are They? Truly understanding the population you serve is key. After all, NO ONE serves everyone but if you can hone in on the exact group of people that your products & services are ideal for and speak only to them, it makes all the difference in the world! If you tailor your provision of services to who they are, what they do, their lifestyle and focus, you will have a winning combination that will generate revenue effortlessly.
- How Are They Being Served? You have to know what is happening out in your marketplace. Who else is serving your target population and in what way are they being served and how? You must know who your competitors are & what you do that is NOT being addressed or how you address it in a different way. The goal is to stand out, not fit in.
Assuring your business answers these 3 questions in all you do, will make a fundamental difference in your ability not just to sell but to stand out. Without it, when you or your business is not using your marketing as a visibility tactic to stand out as the answer to a need, it’s like you are a caterpillar in a cocoon. Think about the big difference between a caterpillar and a butterfly. And for some business owners your inability to make a profit, just simply means you are hiding in your own cocoon. You are sitting comfortably and not allowing yourself to be seen for the value and beauty you can bring to someone’s business or life!!
With this in mind, here are the final 2 steps to stand out in a crowded market, to grow your visibility.
- Get in front of them. This is why business owners that have a visibility strategy really DO generate revenue. I am talking about strategy around your message and your message platform that should include:
- Social Media (a Facebook, Linkedin, Twitter, Instagram posting strategy)
- Video, Periscope & Blab
- Media (Radio, TV, guests on podcasts & teleseminars)
Having a visibility strategy allows your ideal clients to learn who you are and the value you bring. To walk you through this strategy plus more, grab a copy of my free eBook Elevate Power Pack which gives you the one tool you need to map out the visibility strategy for your business so that your brilliance will be heard, valued & wanted.
- Meet them where they are. Using a visibility strategy is not about you telling people what you do. It’s about your ideal client hearing what they need, the exact way that they need it coming from you. And when you do they will say things to you like, “oh my goodness, I feel you are talking directly to me.”
Implementing these 5 strategic steps will create a shift in what’s possible in your business. After all, didn’t you start your business because you wanted to BE THE ANSWER to a need in your marketplace? So allow your customers WIIFM to be the lead in all you do so that you stand out in a crowded market based on who you are and how you serve a need in a way that ONLY you can do!
No matter how successful you are in your business, there is only one of you. Meaning that on any given day you only have so much time in that day, so if you can’t clone yourself, there is only so much you can do and only so many people you can serve which also means there is a limit to how money you can make. However, there is a way you can generate more revenue in your business without spending any more time IN your business. That is in your understanding of how to do what I call making money while you sleep.
When I say this to most entrepreneurs, they don’t think this is possible. Like, take for instance, Deborah Tillman, America’s Super Nanny on Lifetime TV. When I met Deborah, there were more parents that needed her than the number of hours she had in her day. And when I began to work with her and coach her to create a way that she could serve all that needed her without adding any more hours into her day, she simply thought it was impossible.
The answer is really quite simple. By defining what you do into what I call a FIERCE Formula. As an entrepreneur, whether you are one year into your business or have been doing what you do for 15 years, I am sure you have discovered that most clients come to you looking to buy a solution to their problems, wants or needs. They come looking to get to a result, so, rather than trying to sell them your time via a one on one coaching or consulting program, if you took what you do and packaged it into a FIERCE Formula it would expand your capacity and give you several ways you can serve your clients.
Now here’s the exciting part, once you create a formula from your intellectual property it allows you to create multiple revenue streams from it. See it is understanding the fundamentals that make up your secret sauce that allows you to create additional ways to serve all that need you, somewhere you are present and some that you are not, here are a few examples;
- Each step of your formula can become its own conversation by itself as a do it yourself program. Do it yourself meaning that can be going through a program you have created while you are busy on a stage someplace else serving another group of people.
- You can create various tiers of programming using a combination of 2 or 3 of the steps as a lower price point product that could get a potential client a jump-start toward a longer-term program. One program becomes more of a deep dive then the next. Depending on the various results your client seeks would speak to how you break down the various levels and steps within each level.
- Each step could be its own stand-alone workshop or a weekend retreat experience where you move participants from step to step.
- Each step can become a chapter in a book
I could go on; the possibilities are endless!
In essence, when you create a FIERCE Formula you create a higher perceived value on how something is accomplished as opposed to selling an individual service that does not clearing define a beginning, middle or end. Ultimately for you, creating a FIERCE Formula makes doing business much easier because you have a simple way of describing what you do, and from it, you can create multiple streams of income. This becomes the winning equation to truly move your business beyond just you serving people one on one into all the ways you can serve more people with your expertise, and make more money while you do it.
But I have to tell you where I also see people fail in creating this business model is you don’t start by getting clear on what your fierce formula is, what it does and the best way to create a methodology from it that becomes the foundation to how you do business. Without this clarity, I have seen many entrepreneurs never fully find the grace and ease that comes with the freedom and flexibility that being a CEO of the brand called you should bring you!
Learning how to move from hustling your time for dollars in your business and moving from a one to one model to a one to many model is what brings you that grace and ease in your business! It is what allows you to serve more people without spending more energy or more time while you make more money. Oh and make money while you sleep!
If you enjoyed this article, get more strategy and tools in my eBook Bankroll Your Brilliance: 15 Ways To Generate Revenue from What You Know by clicking here www.BankrollYourBrillianceBook.com