By Aaron Kaplan
Whenever I start coaching new clients, I always ask them to articulate their underlying “why” and their ultimate intentions in the most compelling and clear way that they can. For my entrepreneurial clients developing their businesses, I have found that they start businesses for different reasons. Some clients have always dreamed of working for themselves. Some have pursued a hobby that they have decided to turn into a business. Then, there are other clients who want to structure their work/life balance in order to be at home with their families.
For me, starting my own coaching and speaking business was a combination of different reasons. One, I’ve wanted my own business, and, I wanted to call my own shots, work the hours I wanted to work, not answer to anyone, and make as much money as I wanted. Whatever your personal reasons are, there are many different definitions for success as there are reasons for starting a business.
Figure out what success in business means to you (before you begin!).
When you think about being successful, what does that mean to you? There are too many sole proprietors who are miserable. They probably never defined what success meant to them as business owners and when you don’t know what to look for you may not know when you’re far from it (or close to it.) List the reasons you either got into or are getting into business. Then, write down the things that would make your business feel successful (a dollar amount, a feeling, a passion fulfilled, etc.) If you’re already in business, how far are you from these measures of success?
Get clear on what you want your business to look like.
It’s important to write down the everyday details of your business as you ideally envision it to be. This is especially helpful if you haven’t started your business yet. How many hours do you want to work? Describe your work environment. Who are your customers? What is your monthly or yearly income? Spend time writing down the vision of how you want your business to operate; what you want it to look like. When you have a clear idea, you know what to work for. Those are what we call goals and goals are more attainable than anything vague.
What do you need to make per month (minimum)?
Tally all of your monthly fixed expenses, disposable income needed, etc. Figure out what you need to survive and then what you need to live on comfortably. Then take into consideration what you’re making now if you still hold a full-time or part-time job. This should help you with a dollar amount you need to get from new customers.
Include realistic, measurable, and tangible goals.
Many entrepreneurs start businesses without thinking about what they’re shooting for. They lack specific short-term goals or well-defined long-term goals. When I work with my entrepreneurial clients, this is one of the first questions I ask them. It is important to get clear on the details of the business you want to build, even details of the short-term. It takes a few months for the momentum to kick in, so do not get discouraged too quickly.
Set a maximum number of customers you can handle without losing your sanity.
It is tempting to take more customers than one can realistically handle. Although it seems like a good problem to have, you are actually doing yourself and your customers a disservice when you run out of time, mental capacity, and energy to serve every one of them the way they want to be served. Worse, things start falling through the cracks and you can begin to look unprofessional.
When you identify your intentions before you start your business, you have a much better chance of growing it more quickly than you would without a plan or with a vague idea of what you want to do.
Aaron Kaplan, Founder/Director of The Kaplan Project, LLC can be contacted by phone at 832-831-9451, by email at [email protected], or visit the website at www.thekaplanproject.com.
