[This is part of the Side Business Series: From Extra Income to Full-Time Business]
There are four stages of business growth: start-up, growth, maturity , and decline. I think the hardest stage, and probably the one most of you are struggling with, is the start-up stage. This is natural: it is tough to start something new. I would like to share with you 7 tips I have learned to accelerate the growth of your side business.
1. Understand your business – This seems like a no-brainer, but this is deceptively difficult and multifaceted. I will be covering a lot of these during this side business series.
- What business are you in?
- What products and services will you sell?
- What is your unique value proposition?
- Who are your ideal customers?
- What is your business model?
- Will you have employees?
- How does your business fit with your life plan?
- Who are you competitors?
- What sets you apart from your customers?
2. Understand your weaknesses – I have stressed the importance of building a business around your strengths, but it is also critical to understand your weaknesses. Businesses require many roles and talents. You will not possess all of those talents and skills. Therefore, you need to know what you don’t know.
3. Hire your weaknesses – Once you know your weaknesses, you can hire the right people to help you out. When I launched my side businesses, I realized immediately that I suck a web design and coding. Therefore, I contracted with Michael Soriano and Jessica Carpel Kupferman to help me with my design work. I also hired an accountant to help with my business taxes. I also hired my friend Cliff Ravenscraft to help me start a podcast (more to come on this one).
4. Learn what you need to know - There is so much to learn when starting a business. I guarantee that you don’t know everything. Once you identify the topics you need to learn more about, start reading relevant books, attend classes, and talk to experts. The faster you learn, the faster you will accelerate your growth.
5. Hire a coach (or two) – Given that I am a coach, I really think that coaching can help any aspiring business owner. Even though I am a coach myself, when I started SoloBizCoach.com, I started working with two coaches–Pam Slim and Justin Lukasavige. Since I was new to the coaching world, I wanted to accelerate the growth of my coaching business by hiring people who have already built successful coaching practices. By the way, if you are interested in hiring a coach, please email me at fred@solobizcoach.com to set up a free consultation where we can find out if my coaching is right for you.
6. Talk to your peers - Many people are scared to talk to their peers because they see them as their competition. This is a very limiting mindset. My peers are not my competitors: they are my collaborators. I have learned so much from my peers. They have been invaluable to the growth of my business.
- Amy Harrison has taught me a lot about copywriting.
- I have enjoyed learning about design and branding from Pamela Wilson.
- Marcus Sheridan, John Falchetto, Gini Dietrich, Srini Rao, and Ingrid Abboud have taught me a lot about building online relationships.
- Karyn Greenstreet has been extremely generous with her time in giving me some tips for growing my coaching business.
- I have learned a ton about social media from my friend Mark Schaefer.
I wouldn’t be where I am today without the help of these people, and this list just represents a tiny fraction of the people who have helped me starting SoloBizCoach.com.
7. Execute – This last tip is the most important tip I can give you. You have to execute. Start doing. Many of us have a tendency to plan and plan, but planning will not grow your business. You need to execute. As Larry the Cable Guy says, Get er done!
I hope that these tips help you to accelerate the growth of your side business.
[Photo by Michael Kuik]
Fred, this was great bud. I learned about some new people whose sites impressed me quite a bit. I think you’ve done a tremendous job showing how to draw from the powers of others through networking and relationships. There are tons of talented folks on the internet. But none of them are a ‘do all know all’. That’s why we must learn the diverse ways in which others can help us (and we can help them), because they are many.
Loved this man and as I said the other day, you’re blog and brand is really looking great.
Marcus
Marcus Sheridan recently posted..The 13 Best and Most Powerful Blog Header Designs on the Internet
Thanks for the kind words Marcus. You have been such an important part of my networking.
Haha, you can never have too many coaches.
I’ve had many over the years.
I love tip #7, Fred. If you’re not executing nothing is happening. It’s all for nothing unless you take action.
Justin Lukasavige recently posted..Best Business Card Design [How To]
You are so right Justin. You have to do it.
Hi Fred,
I love your approach to online relationships. Yes we are all in business here but this doesn’t mean we don’t talk to our peers and about our peers.
A few weeks ago someone sent me a DM asking why I was RTing another coach. THey found it weird. I said because perhaps this will help someone find a coach which suits them. I know I don’t appeal to everyone, nobody does, and this is a great way to help others.
Thanks for the kind mention among blogging giants like Marcus and Gini !
John Falchetto recently posted..Witchcraft, being authentic online and other tales
Geez, John. Thank you.
It is so funny that you mentioned a DM like that. I recently had a conversation just like that. You are so right about helping someone find a coach right for them. Coaching is so much about finding the right coach.
Superb post Fred! I appreciate the thought and work that went into this.
Thanks Mark. And, thank you for you help.
This question is highly under rated “How does your business fit with your life plan?” Seems like so many people build a company without thinking about how it will fit into their life. After all, a business that just takes up our time without enriching our life is probably worse than a job. A job we can leave at work…our own business…not so much.
Steve | ROI detector recently posted..Get 400,000 "likes" for your Facebook Page
Hey Fred – thanks so much for the shout out! I’ve learned plenty from you also particularly when it comes to sharing and writing content. I also love your drive and commitment to what you do, it’s really inspiring.
I just realized the website input field said optional. I bet people never forget to include that!
Anyway, solid stuff, as usual man. I haven’t spent much time here, but I really like what you’re putting out so I’ll definitely be around more.
I’ve been finding, more and more, the importance of narrowing things down like.. business models, and ideal customers. I try to keep a balance between going very detailed, and keeping it simple. Seems to be working well so far.
There’s definitely something to be said about understanding your weaknesses, and you said it. I’ll add that for a guy like me, that likes to try a bunch of crap, all the time, I end up getting good at things I was once weak at. BUT.. some things, are better off outsourced or paid.
Sweet post.
Hi Ryan,
Thanks for stopping by. I definitely hope to see you around more!
I checked out your site, and saw that we are neighbors. I am from Lansdale, PA, just south of the Lehigh Valley.
I can’t wait to get to know you better.