Break feast&famine talk
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The document discusses moving from an unstable business model to a more stable kayak business model with multiple income streams. It recommends building the business differently by monitoring trends, listening to clients, and adjusting profit centers based on tracking. The new kayak model involves selling knowledge and expertise packaged in solutions, coaching, and products to put on autopilot.
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Break feast&famine talk
- 1. International Association of Self-Employed Communication Professionals | Solo Pro Academy • www.IASECP.com
- 2. From Feast & Famine International Association of Self-Employed Communication Professionals | Solo Pro Academy • www.IASECP.com to Garden of Possibilities
- 3. The Old Business Model
- 5. The New Vehicle: Kayak!
- 7. 2. Monitor & Track
- 8. 3. Adjust
- 9. Dive Deeper
- 10. 1. A Different Model
- 12. The CEO Mindset
- 14. New Model Multiple profit centers for several income streams. The ride is more stable.
- 17. Use the Revenue Compass
- 23. Repurpose Work & Expertise
- 24. Content is Gold
- 26. 2. Monitor & Track
- 32. Profit Center Performance Summer | 2011 Your Business Income Report A: Services B: Events & Workshops C: Products D: Passive Streams Compass Performance
- 33. 3. Adjust
- 34. Steer Your Boat
- 35. Adjust for Upcoming Trends
Editor's Notes
- Break Free of the Feast & Famine Cycle for Solo Pros in 4 Simple Steps Being trapped in the feast & famine cycle is the most common complaint that professional service-providers have. With today’s technology-drive new business models, it’s absolutely possible to completely break free of this cycle and establish a stable, high-earning solo-based business. Our objective here is to give you an overview of what’s happening and how to transition your solo-pro business from a feast & famine struggle to a fun and stable income-generating business life style .
- What is the ‘Feast & Famine Cycle’? It’s when a business is solely based on providing a service. Here’s the scenario: They work to get a client They work to do the client’s project and stop working to get clients When the project is done, they have no more projects in the pipeline - and no money coming in So they have to go back to trying to get another client. This pattern results in unstable cash flow and taking ‘any’ project for whatever the client is willing to pay. They routinely charge less than they should. They’ve given away their power. They’ve created a job for themselves. Not a business. The solution is to change the mindset that led to the cycle and thinking like a CEO and understanding what you’re really selling and its value.
- The Old-School Business model, people were consumed by “Staying on Track” When people get laid off - they tend to create a ‘job’ for themselves when they start their own business. This is the basic service-based business model. Selling work = dollars for hours. When you worked for a company - someone else found the work and put it in front of you. You did the work and waited for more. When there was no more, you were laid off. Creating this type of business model for yourself is doomed to fail.
- Understand that the Old-School train has crashed and the track is gone. Business is done very differently today. What used to work even 10 years ago does not work today. You need another VEHICLE
- The IASECP Kayak Business Model! Kayaks are small and nimble They can take a hit and roll with it They can go with the flow They can turn on a dime to explore opportunities or to avoid obstacles They can adjust to risk tolerance | Shoot the rapids or stay in calm waters They’re STRATEGICALLY BUILT How do you strategically build a stable small and nimble business? And How do you get there from where you are? That’s what we’re going to cover in this intensive course.
- #1 You need to build your business differently
- #2. You need to monitor what’s going on outside your business and track what’s going on inside your business.
- #3 The you need to adjust as needed Let’s go back and talk about #1
- We’re going to dive a little deeper now.
- #1 Build your business differently The first step is to get into the right mindset You need to shift from a ‘freelance’ mindset to a ‘CEO’ mindset.
- A technician mindset is like just having a car radio. It’s one small component that’s value entirely dependent on whether someone wants to play the radio. If no one is in the market for a radio - the technician is out of luck. The put all of their eggs in one basket. The technician just does the work in front of them at the time. This is where people get stuck and trapped in the feast & famine cycle.
- Switching to a CEO mindset from a ‘technician’ - or ‘job’ - mindset is the key. The CEO mindset has a ‘whole car’ at their command. They have an entire range of systems (business models or profit centers) that they can draw from. If clients are not buying a radio at the moment - you’ve got air conditioning or power steering to sell them. The CEO looks at the entire business as a whole and can see (monitor) the different profit centers. Thinking in terms of Profit Centers liberates you from the feast and famine cycle. You don’t create more work - you simple re-purpose it and deliver it in a different way.
- Selling services depends entirely on clients and what they’re willing to spend. This old business model focuses on the ‘service’ not on ‘you’. When you’re just selling the service, you compete with all the other providers of that service. The client only has price to decide on - so they go for the lowest. There’s very little difference to having a job except that you also have to do: Marketing Invoicing / billing Administration tasks And the work…. You need a better - more stable - VEHICLE.
- Profit centers create income from different areas. For example, if a copywriter sells their time as a copywriter and as an editor - they’re working in the same profit center: 1-to-1 services. That’s an unstable business model because it depends on whether a client is in the market to pay for those services. A more stable business model for a copywriter might include: Selling copywriting services Teaching a copywriting course Selling copywriting templates or checklists Being an affiliate of copywriting software or some other form of passive income. Each profit center creates income from different sources. People buying services might be different than people taking courses or those buying DIY tools.
- The age of the generalist has passed. It’s important to be clear on exactly what you’re selling and to be very niched in your target. Think vertical rather than horizontal.
- Don’t sell the service. Sell your knowledge and expertise. It’s what sets you apart. Clearly niche your target market and define the ideal client.
- Like the walls of a building, the quadrant will help bring stability to your bottom line.
- Just like working with any expert: Your 1-on-1 services should be the most expensive way to work with you.
- A group event gives access to you for far less money for clients If you’re hourly rate for services is $150, and you do a 2-hour workshop for $50. The client gets a deal. They get access to your knowledge & experience But if there are 10 in the class - you earn $500! You get a deal. Added bonus: you only create the material once and give the class many times
- Information products allow you to sell your knowledge, experience, and skills outside your local area. OR you could automate parts of your services and create packages that way Hint: Repurpose the class material from Quadrant B to make a product.
- There are many ways to work affiliate programs You can promote (or recommend) products made by other experts that you have an affiliate agreement with Or you can create your own affiliate programs and have others promote your products and services to their people Just be clear on what your selling to who
- Here’s a few things to consider when you’re creating your Quadrants…
- Recycle work and your expertise Don’t try to create the wheel each time Be the expert in your area and leverage that in different ways
- It’s really your knowledge and expertise that people are buying. Hint: There’s way too much information floating around. Leverage your expertise on what to do with that info.
- Don’t try to be the expert at everything. That’s not possible and will hurt your credibility. Leverage other experts to broaden your offerings. Collaborate, joint venture
- #2. You need to monitor what’s going on outside your business and track what’s going on inside your business.
- Understanding what’s happening outside your company can help you know what do to next Things today change very quickly. You want to be on the front of the wave - not behind it.
- Connect to your tribes - targeted groups of ideal customers Be present. Ask Questions. Create the Solutions
- If clients would rather have physical material than digital - deliver that. If they want podcasts - do podcasts If they want video - do video Be flexible and nimble
- Keep track of how well each profit center is doing. Doing a quarterly check up will help you plot your business’s course.
- Reviewing the Matrix of how well each quadrant is doing - along with what the current trends are will help you know what to adjust.
- Maybe established clients aren’t spending money on services right now Current trends show that 82% of people that have been laid off are starting their own businesses. They need your Knowledge and experience. Shift your energy from focusing on providing services, to teaching and leading others either through workshops and seminars or with products, templates or packaged service solutions
- Our gift