My business is growing rapidly, which I know is a good problem to have. I just don’t know which area to focus my expansion on first. ~Busy Business in Manhattan
I picked this question not just because it’s something that inevitably every successful entrepreneur deals with, but also because it’s something I’m dealing with myself these days. Growth is good, but also fated. In the infancy of such an undertaking everything is shiny and new. Every little step it takes and every new client makes you beam like a proud mama, but like every baby it grows, and GROWS. Suddenly, your life is spinning and each day you have new experiences, ideas, and well, stressors. Let me share with you what I’ve learned about bringing up a business…
Follow The Money
If you ever find yourself scratching your head as to which brilliant idea you should pounce on first….focus on the thing that makes you the most moola. Look at all of your revenue streams (private, duet, mat class, products) and determine which are bringing in the big bucks. How do you find out such things Ms. Lindsay? Tracking and analytics, my dear. Mindbody software has reports that are helpful, or if you use Quickbooks that’ll work too. If you have yet to invest in business or accounting software (the former I recommend immensely) start keeping track on a spreadsheet or notebook. While numbers are pretty banal, they are the key to a successful decision. If you don’t know what is making you money you can’t mirror that. Conversely, you can spend a good chunk of cash on a new offering or idea only to see it fail horribly. Your now empty pocketbook could have been avoided if you just kept simple records.
Map It Out
A wish without a plan is just a dream (simply click to tweet;) Jumping into a new idea just because it gives you butterflies in your belly does NOT constitute great business decision. Write out the full idea and then seek advice. Clarify your ideal client for said offering and then poll or survey them specifically. You’ll either gain insight on how to tweek your idea to make it fit or even the foresight to trash it and head back to the drawing board. The best news is this fact finding mission doesn’t have to be costly. Use a free survey service like Survey Monkey to send your questions out professionally. Consider offering an incentive for filling it out like a discount or even the chance to win a free session.
Move Forward Fearlessly
In the end, all the preparation in the world will not guarantee a happy ending. “Luck is what happens when preparation meets opportunity” You’ll still need to test drive your idea with toes and fingers crossed, (maybe even pray a little) and then…let it go. There are no promises in business and in life, but being prepared for when the luck finds you will assure you are ready for your turn! Move forward fearlessly, and know that entrepreneurs all over the world are doing the same thing!
Need more clarity figuring out which way to grow your business? Book your FREE 30min session with me here. I can help you raise your baby biz just right!
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