Starting a business is already hard enough. Then add starting a business as one person with limited time and money, and it’s seemingly harder. Many of us are on the quest to build multiple streams of income whether it’s by starting a business, learning a new skill or developing a new product. No matter what avenue you pick to build your income streams, there are certain things you need to focus on in order to stay afloat when doing all the things.
As a solopreneur, I am on a quest to build multiple streams of income that can be scaled and maintained with “minimal effort”. Scaling the business can be done with leveraging automations and technology or having a very small team to help me with some of the tasks of the business. I had to realize that I can’t do everything in the business to reach this goal and had to level up how I view the tasks in my business thus I created a custom framework to use in my business to ensure I can maintain my sanity.
If you are a solopreneur on the quest to build multiple streams of income, this framework is all you need to achieve that goal while still having time to do more of the things you enjoy doing.
The most important thing about building a business is to have something outside of the business that drives you. Whether that’s spending time with your family, traveling the world, shopping, outdoor activities, whatever that activity is; you want to make sure that that stays at the forefront of your focus. If you don’t take care of yourself and do the things that you enjoy, it will show in how you run your business. I make it a priority in order to experience and indulge in the things I love the most outside of business. Whether that’s traveling with my husband, spending time with family, trying out a new workout activity, or visiting a new spa, it’s important to enjoy those things because they make me happy. When I’m happy, I can thrive even more in my business.
The journey you take your customers/clients is the bread and butter of your business. It is the MOST IMPORTANT part of your business. Envision the journey you want to take your client/customer through from the time they show interest to the moment you receive feedback from their customer survey. Everything in that journey needs to be considered and planned out accordingly. Once you’ve tailored your journey, you can use it in your marketing efforts, which makes it easier to convert a fan into a customer/client. With that journey identified, you can create raving customers/clients and they will recommend you to everyone they know who may be looking for that service that you do offer. Additionally, you’ll know what tools and services you need to bring this vision to life, and can use that in your revenue planning efforts as a business owner. It is indeed the most important part of the framework because it’s repeatable with every customer/client that comes through your business.
Now of course your business can’t run without the back of house being in order. C.E.O. roadmapping is where you will spend the time and take care of the administrative tasks within your business. Identifying your products/services, your revenue goals, doing your bookkeeping, reviewing your current services and much more go into CEO tasks. The most important part of this framework is identifying how much you want to charge for your products and services. When you know how much you need to make a living, you have a baseline of what you need to charge, how many days a week you would need to work and more. Always remember to charge your worth. You are worth the price you charge.
Marketing & Sales
Now that you have eyes on your business, you have to take it a step further and turn the fan into a client/customer. This seems to be the missing link to reaching those income goals. Once you’ve identified how to convert your subscribers/readers into paying clients, it’s easy to start getting the profit you deserve. One of the most common ways to convert a fan into a paying customer is to take them through a funnel journey with the sales funnel. While taking them through this journey, you are also trying to connect with them on a deeper level so they can continue to invest money with you. A typical funnel starts with a freebie, then moves into a tripwire, then an upsell, then to the signature product or service. While this works well for many business owners, there are others who have seen great success by offering one product/service, solving one problem, and connecting with their customers on that level. There is no “right” way, but as a business owner it’s important to find the best way for you and your business.
The next part of the framework is marketing. When you’ve identified the type of business you want, you want to get eyes on that business. Take some time and decide on how you want to use marketing in your business. Whether it’s through direct referrals, social media, email, direct mail, the options are endless. This is also where the fun stuff happens. Creating your brand identity, choosing brand colors, brand photoshoots and many more. There is plenty of information on what the best marketing technique is, but the most important technique is that one that works for you. Different techniques work differently for everyone. Make one technique your focus, master it, then document it when it is to your liking.
Once you’ve identified your processes, the types of clients you want to work with, and how you’re going to serve them, you can start taking an introspective look at your business and see what you can automate and what team member you would like to bring on to your company.
Now you can work this framework the way you need to but, I have designed it to work optimally in this order. Once you know what journey you want to take your customer/clients, you will know what tools and services you need to make that a reality while you’re roadmapping your business as a CEO. Once the numbers are squared away, you can identify pain points and use that as conversion methods when you’re selling yourself. That way, when your one blog post, tweet, or social media post goes viral, you have your back of house in such great order that you can service your customers and hire more help scale your business. See how that works. Give this a try and let me know how it works for you.