I’m currently evaluating and planning to offer a new service to my target market for my law firm, and it almost feels like going back to square 1 of starting a solopreneur business - except I already have another service offering on the go that does quite well.
But as things flattened out a little with my first service offering and I was looking for other opportunities, I realized there was a great one I wasn’t taking advantage of.
I don’t do so well with the slower, planning phases. Doing product research, market research, create your compelling offer, decide on sales channels, etc.
Some of it can just be slow, and especially with sales outreach, you’re often at the whim of your clients.
It’s a weakness of mine, but (I think) also a gift? Because being impatient tends to spark action, so I’ve learned to turn that impatience into added motivation and action.
So if you’re finding yourself in a slower phase of things, or impatient about something, or anxious… try and channel that to move things forward. Or heck, even channel it towards something else that will benefit you as a person - the gym, a new diet, etc. (I just started up on keto again and I love it).
Anyway, if you’re considering going out on your own or adding a new service offering to your current solopreneur business, I wanted to cover when would be the right time to do so.
I think you need to look for a few main factors/criteria, and because there are so many steps to take in creating a new offer, you shouldn’t spend time, energy and resources on creating one unless it’s the right time and for the right reasons.
Here are the factors I look for, in no particular order:
you don’t have a service offering or product yet (duh…)
you’ve hit the maximum market share for your current offering
there is a clear opportunity
you would be creating value for customers/servicing a true need
it falls within the confines of your current company (unless you want to start a separate one)
The above isn’t a checklist… it’s more of a list of things to consider if you’re stuck or considering offering a new service.
If you’re just starting: is what you’re thinking of trying a clear opportunity, that will create value for customers who actually want it?
In my case, I felt like I was hitting the upper limit of market share for my first offering, had optimized a lot of it and done it so much that it was kinda boring (and easy to outsource), and I found a clear opportunity to offer a followup service to previous clients… it was an easy decision.
Anyway, hope this sheds some light on the topic and if you’re struggling with your new service offering, shoot me an email on my list and I’ll do my best to help.