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 small 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, business plan 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.
Check out these few steps to help in the planning stages
If you’re like me and find yourself getting antsy during the business planning stages, here are a few things that have helped me stay motivated and take action:
1. Set a deadline for yourself
2. Find an accountability partner
3. Use a business planning tool or template
4. Create a vision board
5. Take small steps every day
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).
What time is the right time?
Anyway, if you’re considering how to start a business or adding a new service offering to your current solopreneur small 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 figuring out how to start a business or just starting a new business: is what you’re thinking of trying a clear opportunity, that will create value for customers who actually want it?
If you’re not sure, or the answer is unclear… it might not be the right time for your small business. You might need to do some more research on the market, on what potential clients would want, etc.
To sum up: if you’re feeling impatient about something in your own business, use that as motivation to take action and move things forward. And if you’re considering adding a new service or product, make sure it meets the above criteria before taking the plunge – it will save you time, energy and resources in the long run.
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.
Listen to me describe it in more detail here:
I 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.