Tipping Point

Photo/Erica Marshall www.muddyboots.org

I talk to so many people who are a tipping point in their business:
They are working as hard as they can to fulfill the needs of their customers and they're really happy that things are going well. They just don't know how to get to the next level

What that next level looks like can vary:

• Servicing more clients
• Making and selling more product
• Expanding to new markets
• Selling higher price-point items/services

It's always an educated risk to try something new, moving to the next level. Of course the key word here is Education. You need to alter your original business plan to incorporate these changes.

Let's say that you're flat-out, doing what you do. You can only make as much money as there are hours in the day. That is, if you're the only one doing the work. But, if you have someone else help, you that means that you're going to take time out to train that person to help you. How can you do that??

If you re-evaluate your work-flow, perhaps you can get someone to help you get orders out at a reasonably low cost and that may be the same person that you train to assist you. We used to have a word for this and it was apprentice.

One of the biggest reasons people do not train someone new to help them move to the next level is TIME. How can they possibly take the time to do this, when they are already so tapped out? I know it's not easy, but it needs to happen. Re-working your plan on a weekly basis, a DAILY basis is what needs to happen to get your through this time to that next level. Even if you have a service-based business, look at all the things that are eating up your time and not bringing in income. If you have someone else do those things, you have a pretty good chance of moving forward.

In our heart of hearts we often doubt if we can really pull it off. If we no longer have the excuse of time and not enough help, will be really be able to build our businesses to that next level? The weight is suddenly all on you. It can kind of be like writer's block. The writer gets a grant to work on a book for an entire year and what if nothing comes to them? What if they can't produce?

In this place of tipping point, our success very much depends on what we believe we can or cannot do. That's natural. With a sensible plan to get to that next level you have a really great chance of getting there. And, there will new next levels after that and you will know from your experience of this one that it can be done. You will remember what it was like, talk yourself down from your fears and move forward with a bit more fortitude.

Like a child, a fledgling, we can all expect growing pains, and I think that's just part of the process. Pain doesn't mean that something's wrong, it may just mean that you're growing and changing.

Is it a New Business or The Old Business in New Clothes?

And why does that matter?
Old, new, revamped, re-branded.
How do I know when I have a new business?

For a change, I'm going to answer that one first from an accounting perspective:

• Does it have it's own expenses?

• Does it use different staff?

• Does it have a different client base?

So let's say that you answered "yes" to the questions above. Next comes:

• Do I have enough time for another business?

• Am I already doing this but not considering it another business?

• Will it be more complex if I pull this thing out into another business?

• Can it wear "training wheels" for a while longer so I can figure all the other questions out?

In most ways I could say yes and no to the above questions. All of them will depend on what else you have going on. I've seen folks add another business that was as high-powered as the one they started with and it was always a fight for attention. I've seen folks that have that split in a really comfortable way. I've also seen the first business completely fade after the second one is started and vice verse.

The bottom line is "Do not attempt this without professional help".
You will need legal and accounting help for sure to figure out where all the lines are and how to play safely within them for each entity. You will want to know how to organize the entities, and like with a doctor's opinion, feel free to get a second one.

Just like a relationship, your idea may be the next fabulous thing for your life, or it could be a distraction from making your primary business really work. If your first business is not functional, why would your second one? Yeah, a little tough love is needed here for the short-attention-span-impaired amongst you. Starting a new one when you're not in love with the old one anymore should done after a lot of soul-searching.

Don't let me steal your thunder though. This new business may be exactly what you need, and what happens as a result will be a surprise to us all! Look at the questions above and when you're ready, reach out for some help answering them.