If you’ve been in the entrepreneurial world for awhile, then you know it can be easy to feel a little lost sometimes.
Whether you’ve just sold a business and are wondering what to do next, or you’re neck deep in one of your big ideas, being an entrepreneur is a commitment to walking through unknown territory.
What should we do when we feel lost?
I’ve been running my own business for many years now and here are a few things I’ve learned along the road.
You Are You Even Without A Plan
When you have a plan and a path to walk down, you likely feel more confident and self assured. When you are in the “grey area” of not knowing what’s next, that is when you can feel lost or insecure about who you are. But it is important to remember that regardless of the situation you are standing in, you are still you. Whether you just sold a million dollar business or are staring at bankruptcy, your value and worth as an individual are still the same. You are still you, even when you’re “lost”.
The People Around You Validate Or Invalidate Your Identity
Whether we like it or not, the people we spend the most time with are constantly validating or invalidating our identities. It is important to spend time with people who believe in you, who help you be your best, who push you to higher ground and still think you’re amazing even when you are feeling small and unsure. Do you feel supported, respected and loved by the people you spend time with? Do they help to inspire and uplift you?
Look Back On Times When You Felt Confident, Passionate & With Direction
Take some time to reflect on your past and find time periods where you felt driven, confident, passionate and with direction. The things that were going on are not necessarily important, but I want you to remember how you felt during these times in your life. Why did you feel the way you did? What brought the feelings of fulfillment and drive? How can you step back into that version of yourself?
Who Do You Want To Become?
Focus on who it is you want to become. You’ve likely already been on quite the journey in your life. Who do you want to become now? Rather on focusing on what you want to do (which you may or may not know) focus on WHO you want to BE. Then take the road that will lead you there.
All these steps will help you create a new mental model that will move you forward into the next stage of your business and life.
Are you a naturally organized person? Did you get that special organizing gene at birth? Lucky you!
Keeping all the aspects of a coaching business organized and running smoothly is difficult at best, especially if you don’t have a system or a plan of what to do when. Even if you have a big picture plan of where you want to be in five years, you need a daily plan to get those admin tasks completed along with your marketing tasks and your content creation. It’s enough to make your head spin, right?
Daily Task List
Creating a plan of action or a daily task list will keep you organized and focused from the moment you sit down to do work. You know exactly what has to get done, without question. You’ll know when you need to write blog posts, when to send emails, when to do your billing, and when to schedule your client calls. I’ve been using Todoist for a little while now and I find it really helpful and easy to work with.
Make Yourself a Client
As much as you want a full coaching calendar, leave some space for yourself to complete your administrative tasks. Running your business is equally as important as caring for your clients, so make your business tasks a priority, including your content creation. Blocking time is a popular way to schedule longer tasks, such as blog post writing or email marketing. Set aside an hour or two, write up those posts or emails, get them scheduled, then move on to the next list item. If you block enough time, eventually you’ll start having two or three (or more!) pieces of content ready to publish at any given time, which will relieve some stress.
Eliminate Writer’s Block with a Content Creation Plan
No more sitting at the computer to write a blog post only to stare at a blank screen with no thoughts. Schedule some time on your calendar to plan out your writing, video recording, or other content creation; not only when you’ll get this done but what topics you’ll discuss. Create an editorial calendar and make note of important topics or themes. Is there a big event coming up in your city or in your niche? Write about it. Interview panelists and speakers. Become an affiliate for those companies sponsoring the event. Are you planning the launch of your signature product? Schedule special content around the launch date.
Outsource Your Content Creation
If creating content isn’t your strength, hire a copywriter to do it for you. But keep in mind, you still need to have a plan or an editorial calendar. This way your writer has firm deadlines to meet and you will have a stress-free outsourcing experience.
Want Some More Help with Planning?
If you’re tired of “flying by the seat of your pants” when it comes to creating a plan, click here to schedule a call with me. It’s all about working smarter, not harder when it comes to creating content and good habits.
Did you know that money is the number one cause of stress, both in personal life and in business life? That fear of not having enough income to pay monthly expenses is real, especially when you add in the responsibility of supporting a family and the families of those who are working on your team.
One way to alleviate your money woes is to pay attention to your pricing, both for coaching programs and for products. Instead of just randomly picking prices out of thin air, think strategically and figure out your financial sweet spot.
Never heard of this term before? Your financial sweet spot is that monetary figure where you can live comfortably, pay your bills, and still invest back into your company. This figure will depend on many factors, including the cost of living where you’re located, but will serve as your overall income goal.
Now examine each of your coaching programs and products and research how much your market is willing to pay for these products. Is there a way to bundle multiple products together for an even higher price? Ask your audience directly what they want and can afford or make a beta offer on a new product or bundle with a higher price and see if it’s well-received.
Another way to bring in more income as well as new prospects is with group coaching. This option is ideal for those who want your expertise but who can’t afford private one-on-one sessions. Even though each individual would pay less than a client in private coaching, you’ll still make more per hour because you’ll have more than a single person in your group.
Do you have upsells for those clients who purchase coaching packages or other products? An upsell is simply another product offered exclusively to those who make another purchase. While this can be a free bonus product, it’s perfectly acceptable to charge for your upsell product. Upsells work best when the price is considered a bargain and when the offer is relevant to the customer.
Another way to achieve your financial sweet spot is to create a membership or a mastermind group that clients can graduate to when they are done with their sessions. Membership groups are generally billed on a monthly basis and members have access to your original content and you. Masterminds are generally more high-end than membership and cost more per month. The big difference, however, is the mastermind members are all experts in their own right and you all gain knowledge from each other. Membership members simply want to learn from you and may not feel they have enough success to help others yet.
I’m holding a webinar titled, “5 Steps to a Stress-Free Business” and we’ll talk more about this financial sweet spot. Implement that financial thinking with the other four steps and you’ll be on a path to a more relaxed way of doing business. I want you to find the joy in your business again so follow the link to reserve your seat.
Businesses of every type, need a business plan. Don’t think you can skip by on this important step because you have a service based business instead of a physical product. Every business can benefit from a business plan.
Here are some steps you can take
Focus.
When you create a business plan you need to focus on the reasons for the business:
Who do you want to serve?
What do you want to provide?
When do you want to start?
Where will you set up shop?
Why do you want to start such an endeavor?
How will you meld all these things together to create a prosperous business?
These are the primary reasons why you’re going into business and they should always be at the forefront of your mind when making decisions.
Something else to focus on is your big dream. How much money do you want to make over the next 5 years? Do you want to sell multiple products or have several locations? Everyone’s big dream will be different but you should write it down as part of the plan.
Plan.
Think of your business plan as a mountain. Your mission statement is at the base of the mountain while your big dream is at the peak. Everything in between is what you need to plan and these steps should also be incorporated into a business plan.
What products do you want to create?
How often do you want to produce a product?
How can you implement some passive income or affiliate income into your business?
Are there any speaking engagements or online summit opportunities that will expand your reach and your followers?
What can you add to your sales funnel for those not yet ready to commit to coaching?
Action Steps.
This is where your planning steps are broken down into smaller, actionable steps. Instead of just saying I want to write a book, break the process down further.
How much time can you dedicate each day to writing?
Do you want to self-publish or find a publisher?
You’ll need to hire an editor and someone to design the cover.
These are actionable steps that can easily be crossed off your to do list once completed.
Don’t be thrown off here, it can sometimes seem overwhelming. You don’t need to plan 5 years’ worth of action steps at one time. The idea is to plan a year at a time, keeping your focus in mind, so that the action steps become a pathway or a blueprint to your big dreams.
I think it’s important to plan the year ahead, I suggest you prioritize the time needed to put together a clear and detailed business plan for the next 12 months. This will help your business as well as your personal life because you will have more time for family, friends or whatever it is you choose to do in your off time.
