Have you recently left a corporate role to start your own business?
Despite your success in corporate are you struggling to achieve the same level of success in your own business and are wondering what is wrong?
Are you working so much harder for a fraction of what you were making before?
Do you sometimes wonder if it would be easier to just go back to a job? Well here is the thing, if you answered yes to any of those questions, you already have a “job” – and you work for the worst boss ever – YOU.
“What got you here won’t get you there.”
You are a genuine expert in your craft, and have a lot of business experience behind you. Shouldn’t you have the “business” part of being in business down pat?
Nope. You can’t expect that at all! Why? Quite simply, – you aren’t an expert at being an entrepreneur. This was a humbling lesson for me also!
I find with my clients and other entrepreneurs who have made the same shift, this is a lesson they need to learn in order to be successful.
A Common Pitfall
While there are many new things to learn, today I am addressing a common pitfall that I see with “corporate escapees”.
Instead of creating a business for themselves, they create a job for themselves, as a freelancer.
Signs you have a “job”
• Your clients set “your pay”
• Your clients dictate when you work, what you work on, and where.
• Discomfort discussing money with clients
• Your clients have access to you whenever they choose with multiple ways to get hold of you
• You charge by the hour / retainer/ on the client’s schedule
• You do a lot of work for free because you have used up your “hours” but you know the work needs to be done
• You rely on referrals from your current clients or new work from them regularly
• You are afraid to say “no” to a clients request
• You don’t feel that you have control on your time and income
• You hide your true essence out of worry what your clients may think
It doesn’t matter what your modality is – if you recognize any form of the above in how you relate and work with your clients, you have inadvertently created a business model that resembles a job, and limits your income and freedom.
How Can You Change It?
I understand in those early days when every penny counts, and your main focus is cash flow, it’s tempting to do whatever it takes to please your clients. This pace cannot be sustained, as in addition to the time you spend working with your clients, you need to pay attention to marketing, admin, finances, etc.
The first step in creating a cash rich business that fits your lifestyle is making the decision to shift your mindset that you are the CEO of your business and that you will no longer allow your clients to dictate your time and schedule.
And here are the practical steps you need to implement right away:
• Get clear on your brand and your voice
• Identify your ideal clients within your target markets
• Stop charging by the hour and instead package your expertise
• Create strong, yet customer centric boundaries with your clients
• Implement business and financial structures and then look to delegate as soon as possible
• Create a profitable business model that suits your desired lifestyle
• Market your business 30 minutes every day.
Being an entrepreneur requires a whole different set of emotional and practical skills than you are used to. Remember the longer you stay in an employee mindset, the more challenging it will become to really build a business that provides you with the time, money and freedom to create the life you desire.
With 25 years' experience leading 6-figure to 9-figure companies, she strategically partners with entrepreneurs to help them focus on sustainable & scalable business growth, so they can create a highly profitable and luxurious business and life.
Passionate about helping women earn what they are worth and build their wealth, so that they can realize all of their dreams and desires. She brings together her vast business knowledge with the deep inner work needed to help entrepreneurs identify blocks, step out of fear and overwhelm, raise their wealth consciousness, and move forward towards their goals with measurable, tangible results.
She is a featured Expert and regular contributing author for Today’s Innovative Woman Magazine, and is profiled in Canada’s 2014/2015 Distinctive Women Magazine