206 The 5 *Essential Components* of Running a Successful Business. Are you prepared?
Solo Episode with Kelsey: The Essential "Starting 5" of a Successful Online Business
Are you thinking of starting or growing your own business?
If so, it's important to be prepared for the challenges that come with running a successful business!
In this podcast episode, I'll share the 5 essentials that every business owner should focus on BEFORE promoting and marketing themselves.
Enjoy!
Click here to listen…
Let’s break down the 5 Essential Pillars…
What Has Your Life Taught You?
As human beings, we face challenges and triumphs on an almost daily basis, and these naturally educate and equip us with resiliency.
Once you discover what your life's experiences have taught you, you'll begin to understand exactly what you are here to share with others.
Consider these your unique superpowers!
Here are some prompts to get your wheels turning...
What challenging and/or extremely positive life experiences have you encountered that have made you into the person you are today?
Describe the various jobs that you have worked in the last 10 years and write beside each one a really important lesson or experience that you took away from it
What books have you been reading/listening to over the past 6 months & why have you been enjoying them?
When you watch YouTube, NetFlix Documentaries or listen to Podcasts... what are the topics you love to hear about?
Name a business owner, entrepreneur, or influencer that you admire. Also, write down what you love about their business?
Can you draw any conclusions from your answers to the questions above?
2. Craft Your Vision Statement
Are you ready to learn about something that always differentiates the successful entrepreneurs from those who quit, give up, or go out of business?
It's a very simple concept, yet difficult to cultivate!
It's VISION!
What is vision?
Well first, I want to tell you what it's NOT...
Vision is NOT about the salary you’ll make. It’s NOT about how many products you’ll sell.
It is NOT what you are doing now....
It IS what you're going to be doing in the future! Vision is the bolder quest, the North Star.
The thing that drives you, even when you don’t want to get up in the morning to do the work.
The thing that makes you want to be better than the day before.
Vision is what you're going to do in the future, no matter what, and no matter how your business evolves (because it will evolve, believe me!)
Here are a few tips:
Vision provides direction & it describes what you want your business to achieve in the future.
It’s more about the “what & why” of you business (different from a mission statement, which describes the purpose of an organization and more about the “how”)
It's okay if your vision evolves over time. It WILL evolve!
When reading over your vision you should be able to imagine yourself doing it every single day for the rest of your life (it needs to inspire the future you!)
Try to write a statement that's unique, captivating & inspiring. It leaves people wanting more.
A vision statement is like a photograph of your future business. It gives your business shape and direction. You need to write something... anything... or you risk getting lost along this journey!
To get started on crafting your vision, write a series of "I believe" statements around what you know to be true about life & business, as it relates to your business.
3. Business Plan Basics!
Who is going to pay for what you are selling?
You've got an idea, you've got a vision, and now it's time to explore some basics of business planning.
For the purpose of this workbook, I want you to think about what it will feel like to make your first (or next sale) to the absolute perfect customer (your dream customer!)
Who are they?
In order to sell & market to your audience like an expert, you have to stop thinking like you and turn yourself into your customer.
Drill down to 1 specific person to get clear on who they are, so that you can speak to them in a way that they connect with!
Ask yourself:
What do they do for work?
How much money do they spend on things similar to what you're selling?
What are their likes & dislikes?
Describe their lifestyle.
When are they online?
How do they shop?
What do they care about?
What do their weekends look like?
What do they do on weekdays?
What is their career path?
What do they worry about
What problems doe s your product, service or experience solve
What results will your Dream Client get from your offer?
What’s your Expected Income?
The price of my offer will be (write down a high / low estimate):
I can sell this many per month: x 12 is how many I can sell per year:
# sales in 1 year x price = projected revenue
4. Tell people about your business! Don’t be shy!
This idea of yours could really become a business or an extra income stream for you! I hope you're as excited as I am.
I truly believe that if you've come this far in the challenge, you will accomplish amazing things in this lifetime.
You're driven, passionate and you certainly know what it takes to get shit done! Congrats. Not everyone is as committed as you are.
Here's the thing though.... your business is NOT all about you. It's about your customers, clients and students!
It's about the partnerships you create, the network you build and the people who talk about you when you're not around.
In order to be wildly successful with this venture, you need to walk, talk & share your business with anyone who will listen! If you're not the biggest advocate of what you're creating, we need to pause here...
Whether it's talking about your experience, networking to grow your tribe, reminding people to book calls with you, asking for customer feedback so that you can improve, or asking for more money or support as your business flourishes... you cannot stay quiet about this idea of yours forever!
I want you to be a walking-talking experience of your services in the early days of your business.
You need to start sharing your idea & business vision with anyone and everyone who will listen, right away!
You need to start building community around your offer and enlisting support & guidance around your business.
You need to tell people what you're up to in order to hear their feedback and refine your systems (just don't let their opinions derail you!)
I understand that some of you are introverts, but it's important to overcome that while you're launching (unless you can hire a salesperson, manager or spokesperson right away...which most of us can't!!)
Let me be clear that we are NOT asking for approval when we share our idea with others.
We have already given ourselves permission to build our most visionary lives!
We are simply taking action by sharing our idea with those who can help us get this business going (all while boosting our own confidence and clarity).
Ready, set, share
Still not convinced that Sharing Your Idea is Essential?
Did you know that it's possible to speak (or type) ideas into existence.
Call it manifestation, call it asking the Universe for what you want, or call it ACTION... sharing your idea with others is how you gain momentum, find early success and continuously generate interest and sales leads.
Let me share some examples of how you can share your idea & intentions...
Tell someone in your office that you're looking to connect with people in (insert industry here) and ask if they know anyone
Send an email to someone who has already created what you want to build, and ask them 3 very specific questions
Update your LinkedIn profile to let people know what you're working on and/or studying
Set up some "interviews" with the types of clients you'd like to work with & ask them if they would enjoy a service like your
Create a survey using Google Forms and send it to 10 prospective customers - ask them what they like and dislike about your idea, whether or not they have feedback that could help you build the idea out further, what they think your unique capabilities are, any advice or connections they can offer, etc.
Host a free workshop that shares a sneak peak of your offer Email friends and family to let them know you have a new business
Message someone on Instagram, Facebook, LinkedIn etc. who is doing something similar to you, and start building a relationship with them
Browse the Reddit small business or entrepreneur section and post your idea
Take someone with more knowledge than you on a coffee date
Write your elevator pitch for your offer and share it with your closest friends and family
Tell our Visionary Method Community what you're up to
Join Facebook Groups that focus on your industry and ask for advice Send the idea to your current audience, newsletter list, etc. as a teaser and see what they think - and modify based on their response
5. Lights, camera, A-C-T-I-O-N!
Are you willing to take the necessary action to get your business ready for launch?
Are you willing to invest in yourself and in a coach who can share their tools, systems & resources that will fast track your success?
Are you willing to be a forever student (entrepreneurship means always learning & always growing)
Are you willing to shine bright, even when it feels easier to dim your inner light?
Are you ready to be vulnerable & share your story with others?
Are you ready to be the biggest advocate of your business & brand, before anyone else cares?
Are you willing to rise up, fall down, rise again, fall again, and then rise higher than you ever thought possible?
Are you willing to experience high-highs and low-lows as you navigate this amazing journey of building a beautiful business?
If so, you’re ready to take action every single day to make this business a reality!
Mentioned in the show:
Intro To Online Business - 5 Day Email Challenge (Free!)
Wim Hof
Ice Plunge Ash
Scott Harrison from Charity Water
Where to find out more about Kelsey & Visionary Life: