Planning a Business – The Foundation
At a recent business retreat I attended, we were asked to “reverse engineer” our year. Essentially, we started with the number we wanted to make and worked backwards. When I first started my business, this was essentially how I handled things: I had a number and worked backwards to figure out what my hourly rate should be.
The problem? I had no foundation.
I had a viable business idea, but I didn’t understand the full value of the business.
The Three Things You Need To Start A Business
1. You need to know your ideal client
Trust me, you don’t want to be everyone’s go-to source for whatever service you provide. Your history, your story aligns you to work with specific clients. Get to know your ideal client — their dreams, their fears, their mistakes, their potential. Interview past clients who have been a joy to work with and find the common threads.
2. You need to know your value
How are you helping people? You might be coaching or teaching or providing a service, but look for the bigger picture. What does working with you help your client achieve? How are you supporting them? What space are you creating for them? This can be unexpected sometimes: you may think your housekeeper is cleaning a home, but the housekeeper is really freeing up your time so you can focus on your genius work or spend it fully with your family. There’s always a significant hidden value to what you do.
3. You need to know your client experience
These days, it feels like every industry is saturated. So how do you set yourself apart? By creating an amazing experience. How do you want to feel when your work is done? How do you want your client to feel? Work on what each step of your work together looks like. Where can you add unexpected value? Construct a memorable experience and you will shine.
I’m prepping my first monthly Notes to Soulful Entrepreneurs and there’s some goodness inside! If you haven’t signed up yet, GET OVER HERE and do that.