Bite-sized lessons in building an online business that feels good.
The Digital Product Kickstart Kit: Your guide to creating and launching a digital product that sells.
I help online entrepreneurs (like YOU!) launch and relaunch digital products and podcasts to reach more people, grow their audience and become the go-to geniuses in their industry
This is part 2 of an episode that I released earlier this week where I focused why it's so important to have an intentional business model that takes into account your long-term vision, your offer suite and your pricing. Welcome to part 2 where I'm sharing another 4 ways to help balance your profit *and* your lifestyle.
– Why building systems in your business—right from day 1—is crucial, and 4 key areas to systemise.
– How delegating specific tasks in your business can contribute to both profitability and freedom.
– My 5 top tips for effective delegation—even on a tiny budget.
– The importance of regularly reassessing your business model and signs it's time to pivot or adjust your offers.
– How balancing your short-term cash flow with your long-term vision using cash injection campaigns can boost your revenue.
In this episode, we're diving back into the crucial topic of designing a business model that not only generates profit but also supports the lifestyle you desire. If you missed Part 1, where we discussed the importance of having a long-term vision, mapping out your offer suite, and pricing strategies, I recommend queuing that episode up for a listen after this one. Now, let's continue with more strategies to create a balanced and sustainable business.
The first point to address in this episode is the importance of building systems in your business. You might think that systems are unnecessary if you're just starting out, but the sooner you put them in place, the better. As your business grows, so will your responsibilities, and having systems in place will prevent you from becoming overwhelmed.
Systems not only help streamline processes but also make it easier to onboard new team members, maintain consistency in your client experience, and free up your time to focus on growth. For example, rather than manually handling tasks like bookkeeping or invoicing, investing in tools like Xero or QuickBooks can save you valuable time. Similarly, automating your content creation and client onboarding processes can drastically reduce your workload.
Some key areas to systemise include:
Even if you're just starting out, consider delegating tasks that aren't the best use of your time. Hiring a virtual assistant for just a few hours a week can make a significant difference. Administrative tasks, content creation, tech support, and customer service are all areas where you can delegate work.
Here are a few tips for effective delegation:
As your business grows, your business model will naturally evolve. Regularly reassess what’s working and what’s not. This will help you stay aligned with your long-term vision and adapt to market changes. For instance, the needs of your audience might change, or a particular offer might no longer be relevant.
Don't be afraid to retire offers that no longer serve your business or to test new ones. Start small by experimenting with new offers in a low-pressure, “what if” way. For example, consider running a short, three-day campaign to test a new offer with a special bonus.
One of the biggest challenges in business is balancing the need for short-term cash flow with your long-term vision. Often, the steps needed to achieve your long-term goals require sacrificing immediate income. For instance, you might need to turn down an extra client to focus on building a new course.
Here are two strategies to help manage cash flow while building your ideal business:
To wrap up, assess your current business model against your long-term vision. Identify gaps in your offers, pricing, and systems, and pick one area to optimise this week. Whether it’s refining your offer suite, implementing a new system, or delegating a task, start taking action now.
Remember, your business model will evolve, and that’s okay. What’s important is to keep your long-term vision in mind and make adjustments as needed. Start taking imperfect action today to build the business and lifestyle you desire.
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I help online entrepreneurs (like you!) to build a profitable online business that keeps growing even when they're offline.