The following is a summary of a challenge I gave to a person in need of both money and direction. First, a little background on this person:
- She is unemployed and has been so for over a year
- She has knocked on doors, worked the internet and asked her contact base for support but so far, no luck.
- She is reaching the end of her savings
- She is well versed in her field and has tried to market several different skill sets to different small businesses with little success.
- She is hesitant to ask for support because she can’t afford a business coach and doesn’t want a “hand out”.
- Simplify talents; make a list of skills that have a wide appeal. ( I will work with her throughout this entire process).
- The next step is to prioritize the skills in three different areas: identify need, the time it takes to deliver the service, and the benefit it provides to the target market.
- Once the focus has been established and one service has been selected, then the financial aspects are evaluated. This includes the amount of money needed to maintain the business (in this case it’s personal survival needs as the business has no overhead), and a quick analysis of what other businesses are charging for this type of service.
- A short term marketing plan is next on the agenda. The major restriction on this plan has to be one of cost. It has to be developed so that it can initially be implemented at virtually no cost until the business establishes itself. During this step, a company name has to be selected.
- Systems are next on the agenda; how to handle and schedule incoming requests for service and the development of a working budget and bookkeeping system to measure progress.
- A 45 day action and accountability plan has to be developed and implemented. This may require much more discipline than most people are used to.
- I am suggesting that the business day starts and ends in my office. That will allow me to add support as needed and to enforce the accountability.
- My fee in this process will be an ownership position in the company and I will get my fee only out of the profits generated.
This type of focused action with support will work only if the participant is willing to work. I don’t make such offers unless I am confident that there is a need for the service/product. I am waiting for her answer by the end of the week. This will be a real test of character and a decision that will govern her future success.
You have to leave the city of your comfort and go into the wilderness of your intuition, what you’ll discover will be wonderful, what you’ll discover will be yourself Alan Alda
Nick J. Petra CFP Do you need a chance at success? E-mail me at firstname.lastname@example.org
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