You’ve finally found it …
Your road map to creating your automated, streamlined, and systemized online solo service business. No more guess work!
This resource has been designed to help you determine where you are in your business growth stage. And once you know exactly where you are, it’s so much easier for you to create a plan for moving forward.
You see, many business owners are STUCK! There’s so much they have to learn when it comes to growing their online solo service business, not to mention all the technology that’s available at their fingertips.
So what happens …
… they DROWN in overwhelm, confusion, and frustration!
The solution to these problems is to create a plan … so that you don’t get sidetracked and go off course!
And one of the easiest ways to create your plan is to know exactly which growth stage you are at in your business. Once you are armed with this information it will be so much easier for you to create your plan; you’ll know exactly where you need to focus your time.
You’ll know exactly what to do first, what to do second, what to do third etc.
No more overwhelm, confusion, and frustration!
I have spent the last 13 years running my own online solo service business, and during that time have worked with many clients (from start-up businesses to multiple six and seven-figure businesses).
I have discovered that there is a very specific 3-step process to running a successful, long-term business. I refer to these three steps as the:
3 “Ms” to Online Business Management Success: Manage, Market, and Multiple Streams.
And once you understand the “3 Ms” and how they all fit together, it will be so easy for you to create your plan.
So read this page very carefully … read it multiple times if you have to.
This is the stuff they don’t teach you in business school!
Here are the three steps to online business management success:
- Step 1: Manage
- Step 2: Market
- Step 3: Create Multiple Streams of Income
In just a minute we’ll go through each of the steps individually. I’ll tell you what happens at each step, and I’ll point you to some resources that will help you complete each of the steps.
But first (and this is very IMPORTANT!) … you have to follow the steps in the order they are laid out. No jumping around from step to step!
You see, when you jump around from step to step, trying one thing, and then trying something else …
This is when the frustration and overwhelm set in…
- You’re not taking a systematic, step-by-step approach to growing your business.
- You’re not following a plan.
- And you’re doing a mis-match of different things hoping something will stick!
(Hint: This is what 80% of business owners are doing! No wonder they’re overwhelmed and frustrated.)
So, do you want to be one of the 80?
Or, do you want to follow a plan?
And here’s that plan for you, all laid out.
Are you ready … ?
Step 1: Manage
Building a successful long-term profitable business isn’t about “marketing” your business, it’s about “managing” your business – the marketing comes once you have your management systems in place.
You cannot begin to market your business if
- you can’t find the information you need;
- don’t know who you are marketing to; and
- don’t know where you are in your business.
So this is why in Step 1: Manage we focus on the foundational systems of your business growth. We cover your core business management systems such as:
- eCommerce and payment processing system.
- Get More Clients System.
- Filing Management System.
- Planning your Signature System.
- Identifying your ideal client.
There’s a lot of work that goes into this stage of your business. And many business owners skip right over this stage and jump straight into the marketing. But unless you have some foundations in place first, your marketing is going to be very hit or miss.
So let’s take a look at a few of these core systems in a little more detail…
1. Email & Calendar Management
If you were to say to me, “Tracey, I don’t know where to start when it comes to setting up my systems” this is where I would tell you to start. For many business owners the overwhelm simply comes from the sheer number of emails they receive each day. Coupled with that, is the fact that they don’t know how to organize their time each week, and you have a recipe for overwhelm and frustration. It’s so hard to grow your business when you don’t have the basics working smoothly.
2. Filing Management System
Creating and maintaining a filing system is the very foundation that your business is built on, so this is the next system you need to put in place – an efficient and effective filing system.
With a proper filing system in place you will very quickly and easily be able to find the information you need, when you need it. Plus, once those paper piles are off your desk (or floor) and neatly stored away, you can think more clearly.
3. Financial Management System
Once you know where you are in your business financially, you will be able to much more effectively market your business.
Having up-to-date, critical, financial information available at your fingertips allows you to efficiently manage cash flow and be able to know straightaway if you can take advantage of opportunities that come your way.
4. Contact Management System
After you’ve got your filing system and finances all straightened out, you then need to set about organizing your contacts. This is another crucial area of managing your business. If set up correctly your contact management system allows you to:
- Keep a note of clients, potential clients, and colleagues contact information.
- Easily and effectively follow-up with a prospect.
- Locate critical client contact information quickly and easily.
- Build your business.
An effective Contact Management System is where the money will come from in your business … it’s the fastest path to cash!
If your marketing is hit or miss, check to see if you’ve missed any of these foundational steps before you go any further.
And it’s only once you have all these key systems in place are you then ready for the next step in your business growth … Stage 2: Market.
Step 2: Market
This is where the fun starts …
And is my favorite part of running a business … the marketing!
This is where you create visibility so that clients are drawn to you. You need to let your target market know about your business through creating a customized and automated online marketing system – and you’ll also want to include some offline marketing activities in this stage too. During this stage you’ll:
- Create your automated sales funnels.
- Plan your stay-in-touch system.
- Decide which online marketing strategies are going to work for you, such as hosting your own teleclasses or writing articles.
- Create your “free taste” that you’ll offer in exchange for a name and email address.
Many times I get my clients tell me that they’re “doing all the right things” but they’re just not getting any new subscribers to their newsletter. They’ve tried:
- Article marketing
- Social networking
… you name it!
But they’re just not working – they’re not seeing any results.
Here’s the thing with ALL of these online marketing strategies – they take time! They’re not overnight successes, but if done consistently (i.e. weekly) over the long-term you will see results. And once your information is out there, it’s available for people to find at any time of day or night.
And you need to have a strategy in place if your marketing is going to be effective … i.e. an automated sales funnel so that when you do drive traffic to your website, your marketing system automatically takes your subscribers through your sales funnel and moves them from a subscriber to a buyer.
So, if you think your online marketing strategies aren’t working, don’t give up! Look at your sales funnel and tweak if necessary; it may just take a little time, that’s all.
Once your business has got to the stage where you are drawing potential clients into your business daily, and you’ve reached the bursting point in working one-on-one with your clients, then you’re ready to move into increasing profits and leveraging your time.
Step 3: Create Multiple Streams of Income
And finally, we get to Step 3 – creating multiple streams of income in your business.
Building your solo service business using the multiple streams of income model means that you are not only working one-on-one with your clients but you are also developing additional ‘streams’ of income, i.e. other revenue lines.
The problem with the one-on-one model (and this is the traditional business model that most service professionals work to) is that you are very limited in the amount of money you can earn because you only have so many hours in the day to work, i.e. you are trading time for dollars! With this model there are only so many ways to increase your income:
- Increase your fees
- Work with more clients
- Increase your fees and work with more clients
However, there is a much better way to increase your income and WORK LESS, using the multiple streams of income model. This consists of working one-on-one with clients (working with fewer clients and less billable hours) but with the addition of leveraging your time and creating passive income products.
Passive Income – this is something that you create once, and then sell it via your website for a continuous income flow. Usually this will be a digital product, i.e. a product that once someone has made payment for they are taken to a page to download the product. The product can be a PDF document, such as a workbook or report, and/or an audio file, maybe of a live teleclass. The point is with passive income you spend time creating the product once and making many sales from it. These sales take place via your website, so in fact you are earning income even while you’re sleeping – that’s why it’s such a popular business model!
Leveraged Income – this is slightly different to passive income in that you are still required to put your time into it, and usually takes the form of a live program to a group of people. This can be a teleseminar, telecourse or some other form of teaching or support program. You are required to be present to teach the information but you are doing so to a group of people; therefore you are leveraging your time – one person but many participants.
If you put all these three types of income generation activities together into one solo service business you are creating a multiple streams of income business:
- One-on-one Client Support (fewer clients and less billable hours)
- Passive Income
- Leveraged Income
To create a successful (read: profitable) long-term business you need to follow a plan. Follow the three steps I’ve shared with you here and you will not be tempted to go after the next ‘big idea’; instead you’ll know exactly what to focus on, when to focus on it, and what to do next.