Last week I shared the story with you of when I “hit a wall” in my business. This has happened several times over the past 4.5 years, and it always reveals one thing to me:
It’s time to do something differently, so I can return to making profit, having more free time, and being happy.
The above three characteristics are what define a good business model to me—-these qualities are my measuring stick of sorts.
And when things get out of whack, boy-oh-boy do I know it:
- I find myself working long hours during the week and even some weekends.
- I find that I’m doing a lot of non-client work (this doesn’t really bring me much joy).
- I find that I’m not very happy when it’s time to actually “go to work.” Something feels off and heavy.
- I find that I’m working a lot—but my bank account doesn’t really reflect the work load I am putting in.
- I find that I’m resentful of what others are creating—because they look like they are having waaayyy more fun than me.
- I find that I’m wishing something was different in my biz…
If you can relate to any of these, it’s time to switch things up. Your business is nudging you, and asking you for a change, but are you listening?
There are three questions to ask yourself when it’s time to switch things up:
First, ask yourself if you are offering services/products you LOVE? And by love, I always ask my clients this: If you HAD to work 24/7 for an entire year, what would you LOVE doing every single moment? (Of course I would never advocate for this drastic scenario; however, I think you will find the answer reeaaalll fast and see if you are truly doing what you love!)
Second, once you find that you are doing what you LOVE, it’s time to think about your pricing and profitability. Are you making enough money for YOU? Notice, I didn’t say: Are you charging what you are worth? Or are you making $xxx amount per hour?
Here’s a fact: You will never know if you are making enough money for YOU unless you have factored in your current expenses (cost to create and maintain programs, cost to pay your team, living and business expenses, taxes, savings, insurance, retirement funds, etc.), your future dreams (vacations, reducing the number of hours you work, that new lake home you desire, etc.), and the professional development fund that allows you to set money aside to learn and grow.
Third, once you are doing what you LOVE and charging what YOU desire, it’s time to think about scaling your business. Now, there’s a lot of crazy-talk being thrown around online right now in terms of the word “scaling”. If you Google it (don’t bother—I did the research for you!), you will find all kinds of complicated plans and models and confusing advise.
To me, scaling is quite simple. When it’s time for you to think about scaling your business, you want to look at three things:
- Your profit: Are you making as much money as you’d like to be making?
- Your time: Are you taking as much time off as you’d like to be taking?
- Your happiness: Are you as happy as you’d like to be?
If you answered “yes” to all of these questions, keep doing what you are doing! And please know, your desires and needs will change—so be open to revising these questions monthly and checking in.
If you answered “no” to any of these questions, it’s time to dive deeper into each category and scale your business so we can get to three great big juicy “yeses”!
Here’s a couple of specific examples, from my own biz:
1 – Two months ago, and 3.5 day work week was good for me. In the past few weeks, I realized that I desired to cut down my work time to three days per week. So I am currently restructuring my calendar and my time and my workload.
2 – Last year the majority of my income (2/3 of it) came from 1:1 coaching clients. 1:1 client work also took up a lot of time for me—b/c when I work with a client 1:1, I work deeply with them. At one point last year, I had 15 1:1 clients. I was making great money, and I was helping them transform their businesses and lives, but I was exhausted. I decided to make a change in my biz model, take less 1:1 clients, and offer other things to create income so that I could have more time back (and be happier).
See how this works? These three questions are GOLD when it comes to scaling your biz! (Print them out and tape them somewhere where you can see them, daily.)
I am hosting a virtual workshop-like program called Scaling Up. It starts in early March, and you can register here. It is chockful of goodness and practical teachings to help you grow in a way that feels really to you.
Resource: Here are the three questions again, this time worded for your daily reflection. Print them out or write them on stickies and post somewhere visible:
Am I making as much money as I’d like to be making?
Am I taking as much time off as I’d like to be taking?
Am I as happy as I’d like to be?