I recently spoke with an online business owner about the
creation of her ideal service business. She wanted to
establish a practice with a higher-end clientele who can
easily afford to pay her fees. She said that she had a hard
time visualizing what a high-end successful practice looked
like, because she had never seen one. I responded by
telling her that she knew exactly what that kind of
business looked like because it was her ideal business --
and the vision of that looks very different to each online
business owner.
For some online business owners, the ideal online business
might be one in which the owner is spending much of her day
working with 1:1 clients, interspersed with a few
information product sales. For others, the ideal day might
consist of implementing Internet marketing strategies to
sell many information products, and only a small amount of
time spent with high-fee 1:1 clients. The bigger vision to
wrap your head around is how do you want to spend your day
-- your week -- your year -- your life? How much money do
you want to make? How do you want to spend your time --
with family, traveling, completing hobby projects, in
relaxation, or working in your business?
There are no right or wrong answers here. The great part
about being a self-employed service professional is that
you have the freedom and the tools to create the perfectly
designed business for you -- to become a lifestyle
entrepreneur, or lifepreneur, in which your life and your
business work together in harmony so that you have adequate
time and energy to devote to both . And, if that vision
changes at some point, you can make changes accordingly.
For my business, that vision includes working many days in
my bathrobe, spending time on the phone with hand-picked
clients in 1:1 sessions where I get as energized as they
do, writing content for additional information products,
designing additional revenue streams for my business,
enjoying a relaxed lunch while watching Samantha Brown's
travels on the Travel Channel, and spending time with my
fiancee when his schedule allows. You won't find me taking
lots of exotic vacations or throwing wild parties or
bragging about the new expensive car or house or clothing I
just purchased --that's not a part of who I am. I love the
creative process I find through my work, and I find my work
to be fun, so I treat my business as others might treat a
treasured hobby. Flexibility is also important to me, as
is being able to conduct ALL aspects of my business from my
home office. I find myself becoming annoyed at even having
to go to the Post Office to check my mail!
If your business isn't developing the way you initially
thought, take a long, hard look at your business vision and
check to see how close you are the picture of your ideal
business. Syndicated columnist Maureen Dowd says it best:
"If you settle for less than you deserve, you'll get even
less than you settled for." So, If you hate the travel
component of your business, brainstorm ideas of how to take
your information to your target market from your home
office. If you're burned out from working with 1:1
clients, strategize the possibilities of working with them
in a group setting. If you want to take more time off,
assess some passive revenue possibilities for your
business. If you hate in-person networking events,
discover where your target market hangs out online and
develop relationships there.
Running a successful business isn't easy -- if it were,
everyone would be doing it. And, it doesn't happen
overnight -- many "overnight successes" have 5, 10, or more
years of work that contributed to that "overnight success".
You deserve a full, thriving business -- don't settle for
less! To make sure your online service business is on
track, conduct a regular checkup of your online business,
including:
1. Your service fee structure. Begin with the end in mind
here in terms of what amount of money you need to live on
for the year in way you'd like to or are accustomed to
living and determine what you need to charge to live your
life in this fashion. In a service business, your time is
precious and should not be squandered. What is the client
value of working 1:1 with you? Are you charging adequately
for that privilege?
2. Your passive income strategy. What percentage of your
business income do you want to derive from passive income
streams? Have you devoted time during the course of your
work week to develop these passive income streams?
3. Your invoicing and payment policies. Are there multiple
ways clients can pay you (check, cash, debit/credit card)?
When do you expect payment for a contract? How do you
deal with late payments?
4. Your hours of operation. Are you working around the
clock, or do you leave time for yourself to enjoy your
life? What about vacation and family time? Are there
procedures for dealing with clients who want you to work
outside your scheduled work hours?
5. Your ideal client profile. Include descriptive
adjectives of the characteristics of your ideal clients as
well as more statistically-oriented details, such as what
industry they're in, what do they read, where do they hang
our on- and off-line, what professional associations do
they belong to, how much money do they make each year, what
are their most pressing business management concerns. Do
your current clients fit this profile? If not, you need to
clean house and find clients that are a better fit for you
and your business.
6. Kind of work you love to do. Don't waste your time
with tasks that aren't fun or don't tap into your special
talents/gifts that come easily to you. Do what you do
best, and delegate the rest.
Once you've reviewed these checkpoints, create an action
plan that helps you move forward toward your ideal business
vision. The president of the college where I once worked
had this motto he established for all the administrative
staff, "If it is to be, it is up to me." You are the
creator of your destiny, of your business, of your quality
of life. If you are to have a successful online business,
it is up to you to do it in the way that works well for
you, brings you joy, and permits you to make a decent
living in the process.
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Online Business Resource Queen (TM) and Online Business
Coach Donna Gunter helps independent service professionals
learn how to automate their businesses, leverage their
expertise on the Internet, and get more clients online. To
claim your FREE gift, TurboCharge Your Online Marketing
Toolkit, visit her site at http://www.OnlineBizU.com . Ask
Donna an Internet Marketing question at
http://www.AskDonnaGunter.com .