Falling into fear and doubt as you build your business is normal, but there are many things you can do to catch yourself before you fall into what I call the Well of Despair. The Well of Despair is that cold, dark, spinning place filled with fear and doubt like…
“Can I really do this?”
“If this really going to work?”
“I’m putting in so much effort and it feels like I’m not getting anything in return.”
“I’m uncomfortable talking about my business because
I’m not where others think I should be and I feel like a failure.”
First, take heart. We’ve all been there, and back again. And while there are many things you can do to climb out of the Well of Despair or keep from falling into it in the first place, one of the most effective is to simply manage your own expectations about your rate of success. I’m defining success in this case as ‘consistent cash flow’ so here’s a time-tested (over 10 years) timeline to cash flow for your online business.
Knowing this timeline will allow you to manage your expectations, relieving fear and doubt that you’re doing things wrong or that you’re not doing enough. It also allows you to plan ahead so you can move faster through each of the phases OR pace yourself as best fits your lifestyle. The timeline also tells you what to focus on now or what to focus on next.
If you’re implementing the relationship model of building your business, it’s important to be prepared for the time it takes to build your business (this is not a get-rich-quick model, but a potentially highly profitable one with sustainability) and to set realistic expectations of when you’ll start to see a profit from your offerings.
Phase 1: Market and Message
You’ll move through Phase 1 typically within the first 3 months in your building your business. This is when you’re focusing on the problems you solve for your market. This includes discovering and defining the biggest challenges your market struggles with, and researching and/or creating the solutions.
Phase 2: Building Your List
Once you’re clear on who your market is and what solutions you offer to them, you’ll move into Phase 2, which is all about building your list. Currently, we’re striving to attract 500-1500 people to our email list by offering them a free sample of what we do. We start this process right after Phase 1 and focus on building the list as part of our on-going marketing efforts.
Phase 3. Making Offers
This is when you start focusing on how to generate an income with your multiple streams. This is typically done from month 7 onward.
This timeline will give you a sense of how long it can take to get to consistent (or even any) cash flow in your business, as well as stave off any frustration and overwhelm you may feel as you get your online business off the ground or continue to build it. Remember, it takes twice as much fuel for a jet to take off as it does to cruise at altitude. It’s the same in your business. You’re putting in more effort in the beginning but you’ll be cruising later.
Of course this is just a typical timeline. You can always move through it faster or slower, depending on your time and efforts.
I go into this Timeline in a lot more detail with my private clients as well as in our L.E.A.P.™ programs, so if you’d like to learn more, go here.
Where are you in the timeline and what’s your next step? I’d love to know so feel free to leave share your thoughts below…
I’ve personally invested over $100k in my own business education (not including my MBA) and I’ve leveraged that investment into well over a half-million dollars in the last few years.
I’ve said before that I will make my million – in my time and on my terms. And because I’m sensing this strong undercurrent of desperation in many business owners about making 6 or 7 figures, I wanted to invite you to take a different tact:
Ask yourself, what’s the least income you can make right now and still live a happy life?
Not ‘I want to make a million dollars by the time I’m 40’ and you’re 39 now and the most you’ve ever made is $50k. Not ‘I want to make 6 figures by the end of 2013’ and your current monthly revenue is $2k.
So, what’s the least you can make that will take you to that very next step in your vision – not the BIG vision – but just the next bump up?
What’s the least amount of money you can bring in that will give your current lifestyle the boost that will make you smile, that will make you feel and know you’re moving forward, and that will continue to motivate you onward?
You see, I’ve been asking myself the same question lately. And the reason is because I’ve been starting to feel really stressed in my business and frankly I’m not having as much fun as I used to in it either.
And because of a few other things that are attributing to this feeling of heaviness that are outside my business, I’ve been feeling a need to shift things. Just small shifts for now, while allowing the bigger shifts to more fully form without pushing them into fruition until next year.
So here’s my answer to this question and how you can figure it out for your own business too:
Step 1: Get cash clear
Get crystal clear on how much money you really need to live the lifestyle that you’re happy with, not the one you’re striving for (I guarantee when you give up this grip, money will flow more abundantly to you).
This may mean having a conversation with a spouse or partner. Do it. Especially if you are in a financial partnership with someone else, you’re likely not the only one feeling the push and the pressure for more. Do yourselves both a favor and figure out what’s the minimum level for you. You may be able to give up or put aside one or more of your current income streams so you can have more of the time freedom you crave, knowing you still have enough to enjoy your life.
Step 2: Be sure all your eggs aren’t in one basket
If you’re relying on high-end pricing and programs to carry your business, you may be setting yourself up for a financial fall. Your clients and customers are being more and more discriminating about where they’re spending their money – and that’s not going to change anytime in the near future, not while our economic outlook is still bleak.
Be sure to have different ways in which you can serve your market, not just one-on-one. Offer lower priced programs and products to help more people as well as to diversify your cash flow.
Step 3: Build your business around your life
This is a mindset shift for many people. But if you’re in business for yourself, isn’t it so you can design the life you want to live? Not so you can work more, but so you can work less, and still enjoy a great life with the income to support it?
In order to do that, you have to schedule your life first, then your business-building activities around that. This is how I’ve been able to take off almost 3 months every summer for the last 7 years. My business doesn’t suffer; in fact, it grows because of my commitment to this principle.
Figure out how to make the money you want for the next level of your business (again, not the BIG vision, just the next bump up) in the time that is left after you’ve planned the life you want to live first. Then ask for the support or hire the team you need to help you make this happen.
When you put your life first, the time towards what makes you happy, the focus on just the next bump while you tend to LIVING, all the ‘more’ you want (which we all want, by the way – we are all here to grow and to be, do, and have more) will come. This I know for sure.
I’d love to know your thoughts on this – please leave your comments below.
Are you like many business owners who are confused or stuck when it comes to creating a unique, memorable, and authentic brand? If so, you’re not alone. I’ve been there myself, so I understand the frustration of feeling stuck on this whole branding thing.
But once I discovered that if I looked at it from a completely different perspective, that my brand wasn’t just about my business, but about ME, everything shifted.
Creating your brand from the inside out allows you to fully step into your business identity in a truly authentic way. It’s also the easiest way to stand out in the sea of others who do what you do.
So, if you’re stuck, let me give you three things you must be clear on in order to create a truly compelling and unique business brand.
Strategy 1: What results do your clients experience from your service?
One of the exercises I do with my private clients is have them generate a long list of the results their clients get from working with them.
You can easily do this right now. Just complete this sentence 30 times:
“The results my clients get from working with me are ___________________________.”
If you get stuck, here’s my secret: Send this question to your clients so they can tell you the kind of results you’re helping them create!
For example, when I asked my own clients this question, here’s some of what they shared:
“The results I get from working with Alicia are…
– clear, easy to follow instructions on strategic Internet marketing techniques
– insightful advice from a trusted mentor who understands my business
– generous knowledge and expertise, honest feedback and support, focus and direction
– more clarity on which steps to take to experience more alignment with my business/life purpose
– I now see the bigger picture and base my decisions on the ‘whole’ of my business, rather than just the next thing.
– stretching me in ways and areas that I could/would not do on my own
– more clients, more money and more fun in working with my business
– getting me out of my comfort zone so that I discover what is possible when I play a bigger game
– more clarity and awareness around time sucking activities that I am engaging in so that I can STOP doing them
Strategy 2: What are you an expert at?
Once you have a solid and in-depth grasp of the value you bring to you clients and the results you help create with them, you should easily be able to define what it is you’re an expert at.
Complete this sentence: “I’m an expert at________________________.”
Strategy 3: What does your brand promise?
Let’s take it one step further…
Your brand promise is a statement that is pretty specific. It’s true regardless of the program, product or service you may offer. No matter what the program, product or service, it always fulfills your brand promise.
And just to be clear, I’m not talking about your marketing tagline. What I’m talking about goes much deeper than that, to the very core of what it is that you are so passionate about providing to others.
My brand promise is, “I mentor women entrepreneurs to create priority-based, highly profitable businesses in less than part-time hours.”
So, my high-level private and group coaching programs, Online Business Breakthrough Workshop, 21 Easy & Essential Steps to Online Success System™ and LIVE program, L.E.A.P.™ Learning Lab, and the rest of my offerings all fulfill this brand promise.
Here’s one from one of my past clients, Dale Carter at TransitionAgingParents.com:
“I provide trusted information and personal insight to inspire adult children to passionately pursue, for their aging parents, the quality of life their parents hunger for.”
So everything that Dale offers to her specific market fulfills this overarching promise. Dale knows what she is an expert at and that shows up in her brand promise very clearly.
So, what does your brand promise? What is it that your clients can count on you for?
The formula for an effective, compelling, memorable, authentic, fun and fabulous brand is really very simple:
“I get X results for my clients, which makes me an expert at Y, which means they can count on me to provide Z.”
Voila!
I’d love to know your thoughts on this – please leave your comments below.
I know that MANY of you struggle with planning in your business – and I did too…
…until the day arrived when I was so completely exhausted from jumping from the
frying pan into the fire and back again that I lost it (that was one of the two times I
seriously considered throwing in the towel on this whole being in business thing).
Once I collected myself , and recognized there was no way I was going to close
the doors on my business, I decided I had to do things differently going forward
if I ever wanted to not be overwhelmed and exhausted in running my business.
Is this resonating???
If so, I have more to share with you here…
http://aliciaforest.com/strategicbusinessplanningday/
Hey Alicia, I need your help… 🙂
By popular request, I’m putting together a
‘strategic planning day’ for you to help you
suss out 2013, and I need to know your
biggest questions about it.
If you would take a moment to CLICK HERE
and answer my question…
“What’s your biggest challenge with planning
in your business?”
…I would really appreciate it. 🙂
(And if you do, we’ll put your name in the hat
to win a free spot in this virtual retreat!)
I’ll be answering as many of your questions as
I can on my blog, so be sure to CLICK HERE
to send me your single biggest challenge so I can
help you solve it… 🙂
Thanks so much!
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