Running a business in 2022 can be challenging. As small business owners, we’re great at doing it all. We’ll handle everything from sales, admin, marketing to fixing the coffee…oh yes, AND we’re doing the actual work of course!
It’s a labour of love – most of us love what we do and we are keen to make a difference in the world. But it comes at a cost. Entrepreneurs also suffer burn-outs because the passion that drives many of us can be a double-edged sword. It’s hard to set sustainable boundaries when you love what you do.
My burn-out happened in a year after I started my second business. I had been working hard to get some big clients in. I was worn-out because I didn’t have a boss who told me to go home and get some sleep, and I wasn’t putting boundaries around my work. So just a few weeks after those big clients signed up to work with me, I got my first (but not last) panic attack. The rest is history as they say.
Fast forward 10 years and I’m now helping entrepreneurs avoid my mistakes. My clients come to me because they are tired of working 24/7 and not getting rewarded accordingly. They put all their time and passion in making ends meet. They are extremely creative and resourceful and wise enough to want to find new ways to grow – without sacrificing their health.
So where do you start?
One of the first steps to get there is defining success. Why? Because only then can we set appropriate goals for the business. For most of my clients, financial abundance is important but mostly as a means to freedom, independence or making an impact in this world.
The next step is getting out of the “time is money-mindset”. Why? Because there are a limited number of hours in the day. Which means a limit to your income.
The solution is passive income. Every business owner I know is great at something and their unique skills can be packaged and sold, not once but many times, over and over again. So one of the keys to building a sustainable business in 2019 is to complement your sellable hours with a product!
How? You need to bank your knowledge!
1. Set aside time to create your personal knowledge bank. Make an Inventory check from your entire career.
2. Match current market needs with your skills – and rate your inventory accordingly
3. Package your knowledge as a webinar, an online course, a podcast, a book or a pdf.
4. Set up an automated sales funnel that finds, hooks and converts your target audience to buyers of your knowledge (product)!
Is there much more that goes into this? Of course! But this is the foundation for turning your unique knowledge into passive income.
So, if you are tired of trading time for money, I’d love to tell you more about this!
Miki x
