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Evolutionary Business Design

5 Steps to develop your good business ideas

bright ideas

If you’re a creative person you’ve probably generated more business  ideas than you can ever implement.

In your mind your latest idea could be the best thing since sliced bread, but if you don’t put in enough strategic thinking BEFORE you get started, it could just lead you down a deep dark rabbit hole…

This 5 Step Strategy to Develop New Ideas will help you sort the “good ideas” from the “time wasters that look good on the surface” and show you how to get the outcome you really want.

Try this:

  1. Capture the ideas – it doesn’t matter how crazy they might seem – just get them down in a journal of some sort. Use words, pictures, links… anything that sparks off the original idea and intention.
  2. What is the problem that THIS is the Solution to? You’ll need a framework to assess the idea. What is your greatest need – your “Burning Desire” right now? Is it to make more money, to get better customers, to have better structure in your business? Whatever that burning desire is write it down at the top of a page. “I need to make more money” (remember to state exactly how much money that is – e.g. $500 more in turnover each week”) You’re going to brainstorm the strategies.
  3. Take each idea you came up with and run it by the Burning Desire. If the idea can help you achieve that exact outcome, without spending too much money or wasting too much time, then it’s time to develop the idea. All other ideas have been captured in the journal so you can come back to them later. Work on ONE idea at a time – go deep.
  4. If you have more than one idea or strategy, assess the idea for ease of implementation. Ask yourself qualifying questions: “Can it be done, by me (or can I pay someone else to do it)? What tools, people, skills will I need to make it successful? How long would it take to implement? How much will it cost? What return do I want for my time and effort?” Write it down. Can you do a “test run” before you throw lots of money at it?
  5. Start the test run – run it by people who would use it or buy it – get some feedback. Don’t try to develop the idea and build a new product / service / system until you know there is a genuine need or market for it or that people actually want what you’ve created.

How do I know this works?

Because I’m a super-high Creator. Without structure to assess and implement ideas Creator types can create chaos. I know it seems like “hard work” from the outside but if you take a little time to plan it out first you’ll save yourself vast amounts of time and energy and money – and you’ll end up with a much better creation from your brilliant ideas.

Good luck. Let me know how it goes.

What’s the best option to get finance for a start-up business? Re-mortgage, bank loan or other finance options?

The FIRST RULE OF THUMB

Business Coach Mandurah

The rule of thumb before borrowing money from anywhere is: “If this were someone else’s business (NOT mine) would I invest in it and what ROI (Return on Investment) would I expect, over what period of time?”

Banks and Financial Institutions have a built-in ROI to protect themselves, but if you are self-financing you need to have an expectation and a time frame for yourself to know that borrowing money was a good idea and a sound investment.

 

SOURCES OF FUNDING:
1) Getting finance from a bank or other financial institution:
If they are going to invest in you and your business they want to feel confident that you know what you’re doing, that your business idea is sound and that you will be able to pay the money back

They like to see a business plan including a financial plan with realistic financial projections. Banks are usually conservative and risk-averse so you need to have a good track record and have plenty of supporting evidence to back up your idea.

2) Financing it yourself from a line of credit or re-structuring your mortgage.

This can often seem like the easiest way of doing things BUT there is a much lower level of accountability. And that’s where a lot of people fall down – they don’t prepare the detailed business plan, they don’t do a financial plan and they don’t project how they will get a return on their investment on lending money to themselves. Do the same prep work as if you were applying to a bank!

A line of credit that you have instant and easy access to is probably the most dangerous way to borrow of all, unless you are SUPREMELY DISCIPLINED! You need to set firm rules around what the money can be used for and set up a repayment system that you will be accountable to.

And I don’t recommend borrowing from family and friends! It almost never works out or gets paid back..

3) Angel Investors and Venture Capitalists will lend money to start-ups. The risk is higher for them than for banks because they are investing their own money, so the deal is usually constructed on an individual basis.

Venture Capitalists are professional investors, individuals or groups, who may want a bigger slice of the ROI, or they may want a slice of your business or a shortened deadline for money to be paid back. Angel Investors can be individuals or groups of people who look for investments that go beyond monetary return. This is the preferred option to bowing from friends and family.

Raising venture capital is a very deep and fascinating topic, so I’d recommend further research.
I highly recommend Keith Cunnigham’s book “Keys to the Vault” (Keith is the “rich dad” that Robert Kyosaki refers to in “Rich Dad, Poor Dad” – also well worth reading.)

Please be aware that I am not a qualified financial adviser; I am a Business Coach with 10 years’ experience coaching hundreds of businesses. These are my opinions based on personal and client experience and my own research and education. Please seek professional advice from your Accountant or Financial Adviser.

 

Your problem is never as bad as you think it is… 13 strategies to deal with it

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CASE STUDY:

Client walks into a session today overwhelmed, tired, frustrated and crying over money and staff issues

One hour later – session ends, client walks out smiling, energised, enthusiastic – she has a page full of notes, ideas and strategies to work on to get her out of burnout and into bliss over the next 90 days.

It’s not uncommon, a meltdown – it may even have happened to you… once or twice … or about a million times!

So what is the MAGIC we worked together?

Now first I have to say, that what I REALLY like about this client (and why I chose to take her on) is that she said “I take responsibility – it’s my fault. What do we do to fix it?”

Actually she needed to think differently. She wasn’t truly stuck, just feeling a lack of resourcefulness – and her Mojo had wandered off for a coffee somewhere.

We looked at the positives: She has no current debts; she has a business earning income so she has cashflow (but not enough of it) and she has stock and services to sell, people to do the work and a database of clients.

So for the rest of the session we brainstormed ideas…

And came up with over 15 ideas that she can implement in the next 90 days to get her business out of chaos and back into bliss –  to get the money flowing and the team on side.

Here’s some of what we came up with in just over ONE HOUR:

1. She has a database full of current and past customers – which she has NEVER tapped into.

  • We’ll now be working on making contact through email marketing and an online newsletter to reignite the “lapsed” clients and to nurture the current ones
  • She has a Facebook page  and website that need work, so she’ll be adding content and enriching the experience for visitors
  • We’re creating some “irresistible offers” excusive to her best clients
  • She’ll be producing a hard copy newsletter – just one A4 sheet printed both sides to start
  • As well as having the hard copy newsletter in her business premises it will also go to her strategic alliances to promote referrals
  • She’ll be hosting some intimate “bring a friend” in-house events to get more referrals
  • She’ll invite her strategic alliances to speak and partner with her at events – at her premises and theirs

2. There are some money leaks and blockages

  • The team will have weekly sales training to learn how to sell elegantly, delivered by the best salespeople on the team
  • The team will learn how to upsell “would you like ‘fries’ with that”? We’ve identified a number of ‘fries’ in the business
  • She is reviewing her prices – she hasn’t put them up in a long time
  • We identified that money is leaking out of the business because the staff is undercharging or not charging properly. They will be trained to use the POS software correctly.
  • We’ll implement some “house rules” for staff and expect more considerate behaviour
  • She has worked out her “break-even” point -what the business needs just to survive and pay its bills and set targets for what she really wants.

Now, she can’t do all this tomorrow – so her homework is to put these strategies into a timeline for the next 90 Days.

None of this is rocket science – you may have heard it before. But to make it work you need to know which buttons to press and when. And if you’re like me you’ll do way better when someone is either holding your hand or giving you a size 9 boot where it’s most needed. (YES I have a coach – actually two of them… double accountability!)

Look if you know you need this kind of support to get you moving with energy and enthusiasm – and if it’s time to call your Mojo back from coffee break … then you probably should look at the “From Business Burnout to Business Bliss in Under 90 Days” Program.

It’s already started – people are already kicking goals!

CLICK HERE for the details

It’s by application only, you can’t just sign up, so we’ll need to talk after you’ve filled in the application. I need to know that you will work and that you’ll be successful.

Let’s get you moving eh?

Have you used it yet?

You know that thought that keeps popping up after a lovely holiday – no, not the one that wishes you were still on holiday but the nagging little one that tries to get you off your butt – “I really should MOVE IT!”

Well it’s time to listen to it! Use that voice in your head to do something!

Left to our own devices we humans can procrastinate – A LOT! (not that there’s anything wrong with that IF it’s the right kind of procrastination!!! But that’s a trade secret for another time)

And before too long we’re all standing around shuffling our feet and remarking “Gosh is that the date? Where HAS the year gone”…

…all that wasted precious time!

But I don’t want that to be you. Because I really, REALLY want you to do well this year – exceed your expectations in fact!

And I have a trade secret to share…

True confession – I have a coach – actually I have two! TO MAKE ME DO WHAT I PROMISED MYSELF I WOULD DO! And I have a VA who makes sure I do it too! (And helps – quite a lot)

So, just what did you put into practice last year to get you MOVING towards:

  • getting out of chaos and under control,
  • making more money with less stress
  • and working with more of the customers and clients you REALLY want?

Now, I’ve got some good news and some bad news …

I am personally going to work with a handful of “I NEED THIS NOW – IT CANT WAIT” committed business owners to blast your business through the roof in the next 90 days!

I guarantee that before the 90 days is up you will think differently, do things differently and get the specific measurable outcomes you want – with accountability!

The good news is The Business Bliss Program is blasting off – THIS MONTH!!!

The bad news is if you snooze you lose…

You can’t just pay and join my programs… I’m very picky about who I work with. We have to be a good fit together. I have to know that you will keep your promises! As I will keep mine.

APPLY HERE – yes you can read through the details first.

To see if we can work together we’ll have a 10 minute chat and I’ll tell you honestly if I can help you or not.

Sound fair?

But you know, this is not for everybody – if it’s just not what you’re looking for or you might be up to your ears in stuff that is more important and urgent than your business right now…

I get that.

So to keep you ticking along, here are some freebies

1. Download my “The 7 Business Building Tools You’ll Need to Make THIS Your BEST YEAR YET” for FREE here.

2. Watch the Business Bliss video – you can download or watch it here.

Here’s to a BRILLIANT Year!

Cheers,

Pauline

PS – Let’s get this party started! Join here.

PPS My clients are already MOVING – Tracey Loubser said on FB last week: “Nothing like a Coaching call with Pauline Bright to get to back into the “swing of running your own business” after a great holiday – with a polite kick in the BUM to get you more “on the MOVE”!!”

My Gift to You

If you suspect you might be a closet WORKAHOLIC…

…squeezing in just one more task, one more little “nightcap” before you shut down and turn off…

…working weekends again when you promised yourself you wouldn’t…

If the deadly cocktail of broken sleep, problem clients, and money stress is making you doubt your ability to run a successful business…

and you’d really much rather have more…

Confidence,.. Money… Passion… and Freedom…

Then this is my Gift to You…

Click the image below to open my gift…

gift

Pauline Bright