Self Employed Success

Something’s in the air!

Everywhere I turn recently, I keep running into seasoned business owners who tell me stories about how they are changing their business model, reinventing the way they do business, modifying the products/services they offer, and shifting who their target audience is.

Some say they’re feeling restless: that they know something is going to change in their business but they’re not clear yet exactly what the new model will look like. They’re exploring all the options to find the new formula that works for them.

Others know exactly the direction they’re moving in and just need to work out an action plan. One colleague said to me, “I’m itching and ready to take action, if only I knew what the right action should be!”

You know your business is morphing. You won’t reinvent it from the ground up, but instead you will take all your knowledge and experience, and redefine your target audience, your offerings, and even your behind-the-scenes business processes.

I see some recurring themes about why people are reinventing their business: they’re ready to go for something bigger, or something that mirrors their lifestyle better. Maybe the economy has hit them, or their industry is changing. I explore the reasons why in this blog post.

Just trust your gut instinct. If you know something isn’t “quite right” with your current business or marketing model, trust your thoughts and feelings on the matter. You may not know exactly where you’re going, but the reinvention journey is a path worth exploring.

I’m interested to hear your comments. Are you reinventing your business, too? Where are you in your thinking about your new biz model?

A colleague sent me this email last year, and I wanted to share it with you, because it affects all small business owners:

“I’ve purchased some of your material and taken a course on masterminding and still haven’t moved forward with creating a mastermind group.

I’ve recognized that part of my problem is moving past my desire for perfectionism and subsequent embarrasement for not “being more busy and effective.” In other words I don’t know how to build a team of people (such as yourself) that can help me till I get into a rhythm.

I am often afraid to ask for help because as a Life Coach who has been building a business for over 2 years, I should have done this by now. My guilt, frustration and embarrassment only continue to keep me in hiding.”

Here’s the answer I sent back to him:

First, let me assure you that I know exactly where you’re coming from. Would it help you to know that the very nature of a small business owner causes these sorts of feelings? You’re not alone. Lots of life coaches (and all small business owners) have these same feelings and situations.

Perhaps you’re putting the cart before the horse? Maybe you will “get into rhythm” by being part of mastermind group yourself first, instead of waiting to be in rhythm THEN starting a mastermind group. A mastermind group, or a coach, will help you to discover where you’re self-sabotaging yourself, help you set a do-able action plan, and help you to be accountable to moving forward. Plus a mastermind group can help you come up with really creative ideas to solve problems, challenges and indecision…ideas you might not have thought of on your own.

Do you know other small biz owners, or other life coaches, who might want to be part of a mastermind group? You could start a free group where you are a member, first, to get the ball rolling.

Another option, of course, is for you to hire your own coach, someone who will not judge you or say “you should be farther along,” but instead someone who supports you and wants only success for you. Are you willing to give up your guilt and frustration, get unstuck, and really move forward? Okay, okay, maybe not “give up guilt and frustration,” but make friends with them and USE them to empower you and put you into progressive action?

I was at a Jack Canfield seminar last month. He said, “If you really want personal growth in your life, do three things: get married, have children, and start your own business.” He wasn’t kidding. Starting your own business will push every button you have. But you will grow in tremendous ways, and as a life coach, you will also help others at the same time.

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I strongly encourage everyone to be part of a mastermind group. You can look here to find a mastermind group, and if there’s not one already available which meets your needs, start a mastermind group yourself.

I’ve created a free, simple, step-by-step ebook on how to start your own mastermind group which will get you on the right path.

If you prefer some personalized, one-on-one attention, find a small business coach (like me!) to help you. I’ve written an article on what you should consider when selecting a small business coach, a checklist for things to look for. Finding a small business coach that fits your needs and personality is very important, so think about what you want to work on with a coach and what personality types you get along with best.

Stop judging yourself, and get the help and support you need to create the business you’re dreaming of.

I’m sure you’ve seen it happen every year: your business slows down during predictable times, like the summertime months or the holiday period at the end of the year.

For the self-employed who rely upon steady cash flow, this can be a disconcerting time. Should you just take a time off until things naturally pick up again? Or should you try to find the needle-in-the-haystack business that might be out there during slow times?

This year, vow to be different! Instead of languishing in no-business-never-land, get off your butt and do something to build the foundation of your business so that natural business cycles don’t affect you too deeply:

1. Clean your office. Go through all the piles of papers and magazines that have been sitting around and get rid of them once and for all. Remember the office organizing mantra: do it, ditch it or delegate it. File all your papers, dust and vacuum your office. Reorganize your desk and your office so that you can find everything you need in 60 seconds or less.
2. Take a mini-break from work. Walk away from your office and enjoy a day or two of renewal and relaxation. Go to a day spa. Take a weekend retreat. Go for a walk in the local park. Breathe.
3. Get ready for tax season. If your business slows down during December, no worries! Use that time to prepare your tax files so that you can whiz through tax season (it’s coming sooner than you expect!). Tally business-related mileage for year. Estimate your last tax payment for the current year (many self-employed people make quarterly estimated tax payments; the final payment is usually due on January 15). Send your final invoices for the current year.
4. Send business holiday cards and gifts. If the slow time falls around the holidays, use them to your advantage. Get into the holiday spirit with your clients by mailing holiday cards and gifts to them. Make specially-discounted holiday offers to clients/customers. Offer them gift certificates that they can give to their family and friends for your services and products.
5. Do your accounting and bookkeeping. Enter all revenue and expenses into your recordkeeping system. Balance your checkbook. Set your budget and revenue goals for next year.
6. Become goal-oriented. Take this down-time to look at your current goals, to see how you’re doing so far and to write some new goals for the next 12 months. Create an updated marketing plan and budget. Make sure your budget includes a cash reserve to cover you during slow business times. Even if this business slow time falls mid-year, you can still spend time planning for the next 12-24 months.
7. Go back to school. List the topics you’d like to study, the classes you’d like to take, or the books you’d like to read, to keep you up-to-date with your industry and business skills. Use your quiet business times to read, study and add to your intelligence pool.
8. Get some personal chores done. Slow business times are ideal to schedule your annual dental and eye exams. It’s also a great time to clean out the attic, garage or basement. Remember, a strong personal foundation helps to propel your business forward.
9. Go shopping. No, not for personal items (though that’s always fun!), but for business items. Have you been putting off buying a new PC, laptop or tablet? Now’s the time to research what’s out there and determine your next computer purchase. Is your office chair uncomfortable? Spend some time at office furniture stores “butt-testing” for a quality office chair that will support you properly. Stock up your office supplies. Buy some music CDs or MP3s to play in your office to inspire you.
10. Spend time with family and friends. When business is busy, it’s easy to sequester yourself away to get all that work done. Now that business is slow, come out of your cocoon and visit with family and friends. They’ve been wondering where you’ve disappeared to!

As you can see, slow business times can be used productively to prepare you for the next burst of business coming your way. Renew your business, your office, your Self, and create a firm foundation for the busy business days ahead! Always ask yourself, “How can I use these days wisely?”

Will you be doing anything for your business during the holidays? I’m looking forward to the “quiet” week between Christmas and New Years Day, when I’ll be working on a new class design.