Every consultant has had the feeling: the conviction that your own private service practice is your true calling. Your passion quest. Yet, the mundane details of actually running a business make even the most inspired business person ask whether the choice was the right one?The monthly budget. The humble billings. The everyday drudgery of start-up entrepreneurs.
These modest beginnings lead many to question their own value.
So how can you develop a six-figure service practice without taking on too many clients or pricing yourself out of the market?
In the service professional industry especially, the ‘emergence' phase is the riskiest period. We all can feel a lot of stress when trying to establish our reputation and achieve high profits. Burnout is an ever-present danger. The blazing speed of today's work culture adds to the feelings of guilt.
It's time to escape the guilt and master your business potential.
The secret to Six Figure Success is a strong business foundation and a great reputation. In my work with clients, I have identified a series of tactics to build on the business foundation and reputation mantra. The methodology I use is tried-and-true and will produce financial results when worked into your business action plan. These things take time, but a consistent, systematic approach to these milestones will produce revenue.
Six-Figure Income consultants are experts in their specific areas. They know their strengths and how brand them. They are disciplined and are focused on becoming the preeminent experts in their field. And they follow their hearts.
It's all about passion. Yet, how do you turn passions into profits?
With my exclusive 8 Strategy Approach from my Six Figure Success class, entrepreneurs and service professionals learn how to develop a profitable and rewarding business. Follow these 8 Strategies to turn your passions into profits:
1. Manage life first, then business.
You are the key, the brand, the business. If you don't recognize this early on, you aren't being true to why you started your consulting business. Develop your business to support your lifestyle, rather than allowing the pieces of your life to fall around your business. Continue to honor your values and define the mission for your life and business. Incorporate your values into your business vision. It's the foundation for taking the work you're passionate about to the next level.
A common issue for small business owners, particularly in service-oriented businesses, is burn-out. Before you do anything else, write out what you want for your life ?both personally and professionally. Next, write down what you value in a successful life, perhaps an ample income, more time with family, two days off per week, the extra time to travel. A values-based business comes from working towards your goals while staying committed ?truly committed ?to your values. For example, if your goal is to spend more time with your family, don't work an 18-hour day!
Organize your work week to honor your values. Personally, I value long weekends. So I do all my administrative and marketing work on Monday's. I coach and develop programs and passive revenue Tuesday through Thursday. Fridays I take off. Of course, during busy times I can use Fridays to complete extra work.
2. Clearly define a powerful business vision.
One of the most profound statements I have heard is from Lewis Carroll's Alice in Wonderland . Alice reaches a fork in the path and meets the Cheshire Cat. She asks him which way to go. The Cheshire Cat asks, "Well, where are you going?' Alice doesn't know. The Cat wisely says, "Then it doesn't very much matter which path you take.'
The same applies for business: you need to know where you are going before you can get there. Ask yourself: in three years, what do I want my life to look like? What do I want my business to look like? And how will my consulting business support me in my life?
3. Develop a results-based plan.
What are the results you want? When do you want them? Break the plan down into attainable chunks using the SMART (Specific, Measurable, Action-Oriented, Realistic and Timely) goal-planning system. Use a one-page business plan. I highly recommend using Jim Horan's One Page Business Plan Book. (www.onepagebusinessplan.com) Commitment to your dream just isn't enough. You must take action to succeed. Create a plan with results-based outcomes. For example, don't just jot down "Make Calls Introducing Business.' Instead, create a plan that has results in a specific time: "Call ten influencers in my community and secure lunch with 70% of them to introduce my business and create a commitment of support by December 1.'
4. Develop a financial plan that supports your vision.
To develop a six-figure income, you must identify financial goals above and beyond basic budgeting. This includes researching Errors & Omissions insurance and potentially incorporating your company to protect your assets. Include a marketing budget with growth-oriented opportunities such as info products and speaking. Also, as you plan for the growth of your company, include the expenses ?such as hiring additional staff or vendors ?that will enhance your success.
Stay tuned for part two. Steps five through eight.