11 Turnaround Strategies to Revitalize Your Solo Business

Transcription

1 11 Turnaround Strategies to Revitalize Your Solo Business Class Handout Strategy #1: Turn a Hobby into a Business What s it about? Take a hobby or passion outside of your core business and see if you can monetize that knowledge. Can be a full- time business or a part- time venture Jyl Ferris: Andy Hayes: & Find a well- defined market that others are addressing already. Create a different (but clear) twist to a broader market. Uniquness is key. But it must be unique in a relevant way. Make sure the market has a pressing need or challenge. Look for topics with high level of emotion around the subject. Find a market that s willing to pay for the products, services you want to provide. Make sure you re passionate about the topic. But don t let your passion blind you. Have a savings cushion or other income streams to support transition. Set a budget and a timeline.

2 Strategy #2: Reinvent Yourself by Taking a Broader Look at Your Skills Figuring out what your core skills are and determining other ways to apply them. Providing other services that are a variation on your core skill. Can also mean providing the same services to a totally different market. Barbara Coates: Jennifer Campbell: Engage in serious soul- searching and brainstorming Mind map to better indentify your core skills and how else you could apply them. Example: Copywriting - > research, interviewing, writing, editing, selling Example: Organizing - > bookkeeping, online organizing, mgmt, phone work Example: Marketing consult - > connecting businesses with great service providers Make the intention to find some answers. Then let it simmer. Strategy #3: Position Yourself as the Expert in Your Field What s it about? Becoming a recognized authority in your field. Marketing your knowledge and skills in a way that positions you as the leading expert in your business the go to professional.

3 Jeremy Schultz: Ed Gandia: Decide how you re going to position yourself and make sure it s viable (meaning, will prospects get it? Will they care? Is it clear enough?) Get your message out there: Write articles, blog, write a book, seek publicity Change your website, marketing materials to communicate this new message Become a Recognized Authority in Your Field in 60 Days or Less by Bob Bly Strategy #4: Employ Smarter Marketing Tactics Exploring and experimenting with different marketing tactics to attract more and better- quality prospects. Deborah Corn: Pascal Depuhl: and Take a hard look at how you ve been attracting prospects to your buisiness. What s been working? How much time/money does each effort require? How effective is each based on time/money required? What are others doing? Look beyond your profession Are you depending on only one or two tactics? Are you trying to do too much? Commit to trying 1 or 2 new approaches over the next 6 months. Focus on promoting smarter, not necessarily harder.

4 Strategy #5: Teach your Skills Teaching others your craft. Teaching the business- building aspects of your profession. Teaching one or more of your core skills. Can be a stand- alone practice or it could be part of a strategy to diversify your income, your contacts and opportunities, and your expert status in your industry. Jennifer Basye Sander: Brandon Smith: What skills do you have that others would like to learn? What angle (or twist) could you give that information to make it more attractive? What markets would be interested in learning that info? Do you want to handle it all (plan and run the whole thing) or would you rather teach for an established institution that can handle most of the back- end work? Teaching is not for everyone. Great way to boost your income, flexibility, options, opportunities.

5 Strategy #6: Add Diversity to Your Clients and Projects Diversify the number/types of clients and projects you pursue. It s NOT about diversifying your income streams. It s about having a more diversified client and project base. Mary Mihaly: Pam Foster: and Don t put all your eggs in one basket. What other markets are hiring freelancers in your field? What other types of projects are clients hiring for? Talk to your peers. Think outside the box. What do you want to do more of? How can you use certain markets/skills to essentially bankroll your work in another market you truly enjoy but one you can t live off of entirely? Will you need a separate website? Different messaging and marketing? Strategy #7: Carve Out a Niche Position yourself as the go- to freelancer in a particular industry or a particular skill or project type. The opposite of the previous strategy.

6 Nelson Ruiz: Gordon Graham: Is there an industry you ve worked in that s growing? Is there a particular type of project that s currently in demand yet not being served by enough competent freelancers? Is there an industry or niche that s hungry for experienced freelancers? Be careful how narrow you go. Look at your background, experience, track record? How can you bring value to an industry or a project based on that experience? How can you communicate that credibly and in a way that will be relevant to that audience? Build a website and create marketing communications that clearly state what you re about, what types of companies you work for, and why you re different. Strategy #8: Start a Side Business Creating one or more secondary income streams. Can be out of a hobby, passion, specialized knowledge or experience Diversifies your income streams, adds more stability, helps you develop different skills, can sometimes evolve into your main line of work. Caution: most people underestimate the work involved and overestimate how quickly a sideline will turn profitable.

7 Jennifer Reich: Tom Nessen: & Is there a market for this? How could I be different? Do I know the business already or can I partner with someone who does? Passion does not automatically translate into handsome profits. Don t just look outside of your main line of work. Look within as well. What knowledge/strategies/systems could you turn into workshops, physical products? Pay attention. There are opportunities everywhere. Trust your instincts and nudges. Strategy #9: Go to Hungrier Markets Taking your skills to other markets that are willing to pay you higher fees. It s a severely underused strategy. Pat Baird (nutrition & health spokesperson/consultant) Becky Blanton: Look at your skills more broadly. What else can you do? What other industries or markets would need those skills? Go to markets or industries that already get it. Understand where the budgets are moving to (where clients are spending $) Reposition yourself and your message so it resonates with a new audience

8 Strategy #10: Take a Unique Approach to a Very Traditional Profession Looking at different (and better!) ways to practice your profession. Either by offering a different type of service, developing a very unique specialty, packaging your services differently or approaching the work in a unique way. Mark Zaifman: Traci Ellis: Look at your skills more broadly. Understand where the budgets are moving to Reach out to the market so you can better understand what customers true pain points are what they re really trying to accomplish. How can you help them? Look at how competitors are providing these services. What are they missing? Is there a disconnect between the way they re doing things and the way an important segment of the market wants to buy these services? What don t YOU like about the way your industry practices the profession? How would you change it? Is there a niche market that would respond positively to a new approach, a different set of services, a different message? Be willing to go with the flow and see where it takes you.

9 Strategy #11: Follow the Flow Realizing that ultimately, it s how you react to unforeseen circumstances that determines your overall success. Shel Horowitz: Michelle Gamble-Risley: Set goals and plan, but let go occasionally. Take inspired action. Don t be too quick to turn down offbeat opportunities. Get over the fear of failure