Opinions expressed by entrepreneur Shareholders are their own.
There are three common reasons why people do not start their own businesses.
Lack of clarity.
I think another reason might be that they don’t feel like it. But if this is not the problem, and you want to start a business, I will quickly remove other barriers to entry indicated. The best part? You can do this without learning any new skills or creating a fancy website.
All you have to do is implement one or all parts of my Business Action Thinking Model.
It is a straightforward process for you to monetize your knowledge as an entrepreneur or side business. You will be surprised to know how quickly you can start a business based on the experience you already have or can develop in a short period of time.
Reading this article should take about seven minutes and you can be ready to start making profits in as little as one week.
Do a self-inventory
The first step is to take a self-inventory of all the jobs you’ve held in your career. This includes paid roles as well as volunteer opportunities. You may find it helpful to review your resume or LinkedIn profile.
Next, write down all the tasks you did during those roles and assign them to the different jurisdictions.
- Zone of Inefficiency: You don’t do these tasks well.
- Jurisdiction: You can do these tasks but you may not enjoy them and other people are better at doing them.
- Zone of Excellence: You are very good at these tasks and they bring you success. But, you may get bored with them.
- Genius Zone: You absolutely love doing these tasks and you’re great at them.
Next, take a look at the tasks in your areas of excellence and genius and decide what you would like to offer as a professional service provider.
It is okay to offer more than one service, but they should be complementary to each other because you will be providing both services to the same audience. For example, lead generation and email marketing can go well together. Email marketing and dishwashing wouldn’t be either.
From here, you will need to select the audience you want to provide these services to. If possible, I suggest focusing on an industry you already know. This will help you build on your past experience and eliminate imposter syndrome.
Now, put it all together:
I am offering (the services you have selected) to (the audience you have chosen)
For example, “I offer email marketing and lead generation services for startups.”
There you go – you’ve already defined the IPO and the audience. You are now ready to select which part(s) of the ACTION model you would like to utilize and launch your business.
Related: Why developing self-awareness is key to managing your time
Tax audits can be intimidating, but business audits can reveal valuable areas of opportunity and improvement. Providing audits (based on the tasks you previously selected from your genius or franchise area) is the most non-invasive way to generate revenue since you are not responsible for any of the associated next steps.
Even if you never jot down the process to make sure you complete the tasks you set out in an efficient manner, you probably already have one in mind. For example, an email marketing expert might know that effective lead generation involves providing value against your audience’s email address, and an eye-catching header is needed to capture their attention.
Your audit will cover all associated best practices and identify areas for improvement.
Document the step-by-step process that the company or individual must follow in order to efficiently perform the tasks described in the service offering.
Consultants are often seen as the primary professionals for any business that needs help. They provide expert opinions, analyzes, and recommendations to organizations or individuals based on their own expertise.
Sticking to the same example – an email marketing professional – this expert can advise businesses on how to create an effective email marketing strategy that aligns with their overall business goals. It is important to provide more customized input and provide industry-specific examples of success, but you can follow the same process described in your audit to develop a winning campaign plan.
Decide how you will provide consulting services including how to communicate (email, phone, in person) and how often.
Related: How to start a consulting business: 3 steps to book your first sales call
Although they may sound similar, there is a vast difference between coaching and counseling. Consulting deals with helping companies develop strategies, while coaching is more focused on helping people develop the skills needed to implement these strategies.
In this example, an email marketing expert can teach company employees different techniques for writing emails. Keep in mind that this can be done through a series of group workshops or one-on-one training.
Document the step-by-step process associated with completing the tasks you are training people for. To save time, consider creating educational videos with tools like Loom.
Based on what you have learned through the previously mentioned services, you may conclude that the company does not have the right tools, team, or resources to reach its business goals.
Fortunately, you can be of great value by helping to implement and integrate these missing pieces. This can include anything from hiring new employees to finding the right vendors and partners.
List the tools and resources that companies or individuals can use to achieve the desired outcome as they relate to your service delivery. If possible, form an affiliate relationship with these third parties so that you can generate additional revenue by proposing them.
Related: 10 work tools to do all your heavy lifting
With continuous retainer, you can offer advice and services based on your area of expertise. You don’t have to have pre-defined deliverables but it is important to be responsive and available when your customer reaches you.
Going back to our email marketing expert example, this could include a quick review of outgoing email or the help of a writer who can’t figure out the email subject line.
Document examples of specific questions and activities that you can help with on an ongoing basis. This should include both daily and long-term tasks.
By design, this is the most flexible part of the model. Everything you come up with depends on the organization, its goals, and the creative ways you can help them reach the desired outcome.
You will often benefit from this approach after, after You have worked with a company in some capacity. The reason is that you have already developed a relationship of trust and have a clear understanding of their operations.
Examples could include hosting a podcast on their behalf, creating educational content for their audience or even speaking at events as a company representative.
Think of something new!
You now have a clear plan to take ACTION and invest your knowledge.
With no startup costs and the ability to leverage your existing skills, this model democratizes entrepreneurial access by removing previous barriers to entry. And as a caveat, you can start or stop anywhere in the process – just start!
special request from me
I’m currently working on some exciting new projects to support existing and emerging entrepreneurs (stay tuned), and it will mean the world hears your ideas first hand.
If you have four minutes to spare, I’ve created this very short survey and your responses will help shape my work vision.
And by completing the survey, you will also be entered to win a Lume Cube Edge Light. A feature-packed desk lamp specifically designed to enhance your look on video calls and live broadcasts.
Thanks in advance for your help!