There is one pivotal book that every parenting, coach, EFT therapist or small business owner needs to read and that is the eMyth by Michael Gerber. In it Michael explains why most small businesses fail! Essentially Gerber talks about the three types of people needed in every business and when it comes to a small business, the issue is often the person or two person team has to do the lot! The three types of people that are required for all businesses are this:
- The technician – the doer, the provider of the service that you are selling
- The Manager – the person that does the finance, works out the workflow, pays the bills, does the administrative work that comes with a business.
- The Entrepreneur – The big thinker, the visionary, the person that knows where they want to take the business and leads the charge.
When you’re starting off, often your all of these people and the balance can be precarious because when it get’s overwhelming you want to resort to just doing what you love! Being the technician! Letting that paperwork all pile and up and feeling like you can never achieve your dreams can totally railroad you.
That’s why many businesses fail (as outlined in the eMyth book). They often die out because no one is thinking about…
- How do I get the knowledge of my work out to my ideal clients? – marketing
- What’s my cashflow – my incoming and outgoing and where do I put my money?
- Where do I want my business to be in 1 year’s time and how do I move towards that?
It can be completely overwhelming to do all three aspects of a business and often we avoid it because of that.
It’s important that you set yourself a routine that you can commit to and balance it with some downtime. In that routine include:
- Technical time – this is the time you work in your business doing what you love doing – the hands on stuff!
- Admin time – Include time to do your invoicing, chase any debts, get your marketing material out, update your website, write newsletters (with offers and upcoming events) and determine workflows for your processes (finance, marketing, admin etc). Streamlining is the key here – look for improvements all the time and when you can, outsource!
- Entrepreneurial time – review your vision for the period of time that works for you (i.e 6mths, 1 year, 5 years) and visualise what it is that you will be doing and having (and make sure it gives you a sense of excitement – if it doesn’t, then refine it!). Your business needs to hit it’s aims, it’s vision and mission, otherwise why are you in it?
The ratio between the time you spend ON your business rather than IN it (getting hands on) needs to be sufficient enough to keep you moving forward. Sometimes that can be tricky when it’s just you or the two of you! So take your time to work that out and be flexible!
The eMyth book proved to be an eye opener for me and I still fall back on that knowledge after 5 years.
So it’s well worth the investment and it’s easy to read and understand.
In addition to your routine… Know your limits, know your resources and get supported by those who believe in you and want the best for you. Don’t set yourself up for failure by talking to those who think you’re crazy to have left that nice secure job working for someone else. Align yourself with those who are supportive and doing what you hope to be doing! The age of competition is over! There is more than enough room for everyone to offer their own unique service, so don’t get caught up in the idea of competition.
When it comes to your limits, firstly ensure you know your strengths and write them down! This will help anchor in the fact you do have a lot to offer. When it comes to your limits, accept them! Radical I know… but many people think they should be good at everything, and that is just not true. When you reach a limit, get support, hire someone! Get it sorted.
A classic example of this is normally, for many therapists, a website… that techy stuff can be so frustrating! Another area is marketing – writing flyers, newsletters and such. Take it from someone who tried to avoid that for soooooo long, you just have to bite the bullet and do it. My next blog will be about how to do that because the number one mistake that all therapists (especially EFT one’s) do is talk about what you do in your marketing material! The second one is how and where to distribute it.
Your ideal client doesn’t care how you do it, they just want to know what you can do for them! And your job is to get them to find you! So keep that in mind until next time.