When building any business you have two choices. You can jump in feet first and make mistakes that will cost you money and leave you frustrated. Or you can take a systematic approach and learn to build your business the right way.
Some people learn best by trial and error. That takes time, which Baby Boomers like us can’t afford to waste.
The smarter approach to building a sustainable business that rewards you for your time and expertise is to get some solid mentoring from a source you can trust. It’s much easier to follow a proven business model than to wing it.
Lucky for us, we can find answers to everything we ever want to know online – often for free. Digging around for information this way presents a challenge because at first you don’t know what you don’t know. The answers are out there, but it’s up to you to try and knit the pieces together to form a coherent business model.
Local Internet Marketing University not only offers the how-to’s, but the why’s.
5 Self-Assessment Questions to Ask
1. How can I use my unique experience and perspective to serve my target audience?
Most of us have made several career moves by now. So whether you’ve worked in Construction or Finance you know the terminology and the challenges those industries face acquiring new business. This applies to any industry. The more you know about an industry the more confidence you will have when you are presenting your services.
2. Which services can I easily master?
You want to be able to deliver predictable results. Think of low cost, easy to implement services that have a high perceived value. For example, marketing videos have a huge perceived value yet can cost relatively little to produce. Of course, you need to understand why video marketing works and what types of videos work best. You’ll also need to learn how to write a script and how to distribute the finished videos.
3. What’s my overall strategy for earning the income I need?
Ideally you will want to develop long term relationships with businesses that are willing to pay by the project. Even better is charging a fee plus a percentage of new business. This keeps you on your toes and allows you to take some calculated risks that the client doesn’t need to approve.
4. Who are my ideal clients?
Clients who have a high customer value (i.e builders, medical professionals) are an obvious choice, which is why you’ll have no shortage of competition. Larger customers with more infrastructure are less apt to micromanage you. Plus, they typically have a marketing budget in place.
My ideal clients trust me to do what I do best with little interference. As long as they’re getting a good ROI!
5. Do I want to work with lots of little clients or a hand full of larger clients?
Doing one-off jobs for family owned businesses could be a business building strategy – if you have a system for getting new clients all the time. Remember, if you’re always selling you’ll have to hire someone to execute. Also, the more clients you have the more personalities you have to manage, and the more organized you’ll need to be.
Follow Your Instincts
You’ve invested a lifetime acquiring skills that made you successful. It just takes a small mental shift to see the value that your perspective can add to local businesses who need your help. Once you have made that shift it’s a matter of investing a little more time learning how to build your dream business.