Are you doubting whether it is a good idea to expand your portfolio of services offered or to focus on the one you already have and it works?
Are you debating delegating some tasks to a virtual assistant or even outsourcing a professional to help you with the design of your brand, or do you still do it all yourself?
Is it a good time to explore new markets?
What other ways to promote your business can you get to reach more customers?
Interesting questions, right? And the answer is even more: IT DEPENDS. Yes, it depends on the stage you are in, the moment of the life cycle of your business that will make a decision like this totally appropriate and strategic, or on the contrary, it only makes you lose time and sometimes money that you leave to win (or directly lose) because it is not an appropriate moment.
So how do you know when is the ideal time to make a decision in your business? We are going to see here 3 basic (and simplified) stages that your business can go through and the most successful decisions (and those that don't) for each moment in this cycle.
Phase # 1 - Construction & Creation for the startup of your business
This is the first phase of your business, the first step you must build to have your professional business running. It is usual for this first stage to last from 3 to 6 months up to even a year. This depends on how much time you can dedicate to your new professional practice, if you have many other occupations (for example if you have a full-time or part-time additional job, or if you are raising your children, or have a relative in charge), if you know exactly what steps to take, if you are clear about what you want or have to explore your interests and desires, if you have the help of a mentor, etc.
Here everything is to be done, so it is good for you to know what are the essential decisions that you will have to make at this stage: identification of your target market and ideal client, research on it (what characteristics does it have, what does it need, what urges it, if it is willing and have the means to invest), what “key” product or service can you offer to satisfy a need in this market, how to design this product / service so that it is really attractive and attract the attention of potential buyers, define positioning strategies in the market, strategies and channels for attracting potential customers (how are you going to reach them, and how are they going to reach you to express their interest), sales strategies, definition of rates and special prices, monitoring of prospects and customers,how to establish the delivery and follow-up of this “key” service with the clients who have bought you.
Just as these decisions are imperative, there is another huge set of decisions that is best put off for the next stage. For example, the creation of new complementary products and services to the one you already have and have defined in the previous point. Exploring new markets.
Phase # 2 - Stabilization and growth of your business
This is the stage of your business that begins when you already have your professional practice in place, a market and a defined ideal client, a service or product that covers one or several needs of that market, promotion and attraction of clients in a systematic way (not It means that everything is automatic, but you are not improvising in this area), strategies to talk and be able to offer your services to potential clients who are interested in them, follow-up strategies for prospects and clients, and a quality system to deliver your services to clients that effectively add to your portfolio.
This is a stage for working hard and consistent with what you already have. I recommend that you don't start exploring new ideas, new markets and new products for now. It is tempting, I know, it is one of the most interesting things in a professional business but you have to know that this is the time to get the most out of what you already know, what you have already implemented and what is in your business in March.
Maybe this stage takes from six months to a year. Or maybe you've even been around for a year and still aren't ready to make the leap to the next. Why rush?
An important clarification… you can continue to grow in your business without having to change levels. You can have more clients or better clients. You can have more income, more free time. You can include some small innovations but the basic structure of the business is the same. If you are comfortable with this level then you are not stuck. Careful with this. Because going to the next stage takes time, energy and many times you feel like the construction stage again. So you must be sure that you do it for the right reasons and not just because of inertia or because other businesses seem to have done it and now it's your turn.
Phase # 3 - Growth of your business through a level change
This is a stage that should not start before you feel that your business is fully stabilized. What does it mean? The wheel is spinning week by week. Potential clients come frequently and you become more demanding and selective in order to achieve better clients and serve all of them (because honestly more and more potential clients arrive and what you want is to work with the best ones).
Then it may happen that you want to make changes in your professional practice, or you want to start doing different things. Not out of necessity but out of taste. For example, you may want to start working fewer hours, without this having an impact on your income. So maybe it's time to delegate some low impact tasks (but usually those that if not done, the wheel will stop turning once the inertia is over).
Another possible decision is to change the structure of your business model and start offering Premium programs and if you did not do it before (high rates, less dedication per customer, and therefore it is not for everyone). Or maybe you have the possibility, if you are a coach, coach or similar, to reduce individual programs and start with group programs.
What you have to take into account at this point, whatever the decision you choose to make, is based on these two important points: first, your business must be spinning. If not, you will not have enough inertia to add more activities without impacting the business you have today. Second, you have to know that any of these decisions requires more work than you had before. Didn't we agree that we were going to make these decisions to have more free time and work fewer hours? Right, but first you have to put together the new structure to delegate, or for new services, and that takes time and work. And of course, without impacting the base of your business, because otherwise you would put the stabilization of your business at risk.
So, is it essential to leave stage # 2 of stabilization and go to stage # 3 of growth due to a change in level? The answer will depend on your interests and ambitions. But don't be in a hurry. Do it when you really feel that you want to grow differently, that everything you've already done has already bored you a little and you want to do new things. If you do not feel stagnant, it is better to start enjoying a little more than what you have in your business today, instead of facing new challenges that can complicate your day to day when you are not prepared for it.
