5 Foundations That Will Set Your Business up for Success
5 Business Strategies That Work
When I started my entrepreneurial journey I struggled to figure out where to begin. There were so many things to consider and so much work to be done. I felt like I was throwing spaghetti against the wall and like I was just going in circles.
Even once my business was up and running I was constantly second guessing myself and what I was doing. I struggled to know what my next move should be. I knew that I didn’t 100% love my business and that it wasn’t going as well as I’d hoped but I didn’t know what the problem was and what to do about it.
I figured out what was missing and developed a process around figuring out my business essentials to have a clear path to move forward on. I started testing it out on others and it helped them get clarity and figure out their business strategy too.
I call it my Foundational Five™ - the five essential strategies that all entrepreneurs and businesses need to have figured out in order to be set up for success. Here they are:
Find Your Sweet Spot
Identify Your Core Clients
Write Your Meaningful Mantras
Set Purposeful Pricing
Always Research & Refine
These five business foundations have been so powerful that I’ve built my entire business around it. This article walks you through each of the Foundational Five™ so you can implement them into your business as well.
Free Accompanying Guide to Figure out Your Foundational Five™
To accompany this article, download my free step-by-step checklist to be guided through the details of these five essential foundations to set your business up for success.
Download your free guide below.
1. Find Your Sweet Spot
Figure out what you really want and how to apply your unique awesomeness to things you care about in order to succeed.
Finding your Sweet Spot is about getting at the core of who you uniquely are.
If you build your business around your Sweet Spot you are much more likely to succeed, feel your work is meaningful and fulfilling, and feel happier and more satisfied.
Your Sweet Spot is where three things converge:
Your unique skills
Things you care about
What you want in life
If you can get crystal clear on these things, then everything else in your business will become easier.
To learn more about how to find your sweet spot, read my article, Find Your Sweet Spot to be a Successful Entrepreneur or listen to my guest podcast episode on Going Solopreneur. Each of these things includes a free downloadable workbook to walk you through this process.
2. Identify Your Core Clients
Identify who you really want to work with and base your marketing around what their needs are that you solve for.
Identifying your Core Clients is about making your business more impactful and effective by focusing on a niche customer.
If you try to build your business to serve everyone, you will be relevant to no one.
No one wants to hire someone that dabbles in a little bit of everything. They want to hire an expert. In order to become an expert you need to specialize in working with a particular type of client that has a particular kind of need.
By doing this, you’ll be able to optimize your messaging, marketing, and offerings to wow the customers you really want to work with, making you more well-known and bringing in more client leads and referrals.
To do this you’ll want to
Figure out who your ideal client is
Learn what their unique needs are
Innovate solutions for those needs
Make them aware that you have a solution that will make their life better
Make these clients core to your business, continually learning and improving
Focusing on a core client is perhaps one of the most important things you can do in your business.
To learn more about how to build your business around your core clients, read my articles, Identify Your Ideal Client and Before Creating a Marketing Plan, do Customer Journey Mapping. Each of these articles includes a free downloadable workbook or template to help you implement these things into your business.
3. Write Your Meaningful Mantras
Get clear on the why and how of your business to help you make decisions, stay motivated, and get everyone on the same page.
Mission, purpose, vision, and values can be extremely powerful tools in your business.
Developing and writing down these meaningful mantras helps you get crystal clear on the what, who, why, and how of your business. Then they ensure you stay on track through the chaos of managing and growing a business.
Here are the four meaningful mantras in a nutshell:
A mission statement is what your organization does and for whom.
A purpose statement is why your organization exists.
A vision statement depicts the kind of future to which your organization aspires.
Your core values are the culture of your organization.
If you’re struggling to figure your business out, start with these. Trust me.
To learn more about developing your meaningful mantras and see best in class examples to inspire your own, read my article, Mission, Purpose, Vision, Values: The What, Why, & How.
4. Set Purposeful Pricing
Move beyond hourly pricing to be more compelling, be viewed as an expert in your field, increase your earning potential, and enjoy life more.
If you feel like you’re trading time for money in your business or having a hard time closing the sale, then it’s time to reevaluate how you package and price your services.
Once you know your Sweet Spot and your Core Client you can use that information to productize your services. This essentially means that instead of just charing an hourly rate, you offer a set value at a set price. It demonstrates to your clients that you’re an expert because only an expert knows what they’re doing well enough to be able to package and price the process up front. It also makes it easier to market and sell because your ideal client can immediately determine that what you offer solves their need and they aren’t guessing at how much it’ll cost.
The magic number in the amount of packages to choose from is three, like Goldilocks. Here’s how it works:
$ Lowest priced option: This is your budget option. The medium priced option with the non-essential things removed.
$$ Medium priced option: This is your bread and butter - what you hope to do about 80% of the time. It’ll be the one chosen most often my your customers. Having a higher and lower priced option makes this one more attractive. Sometimes it’s easiest to figure out this one before your lower and higher priced option.
$$$ Highest priced option: This is your VIP option with all the bells and whistles. It should be priced to make it worth your while. Very few people will choose this but it makes the middle option - your main offering - more attractive.
You may also choose to offer a standalone offering first. This is something that every new client starts with before the packages above. It has an easy-to-swallow price and gives them an opportunity to try you out and warm you up to your higher priced offerings. This is useful if you need to start with the same first step with all clients anyways and know that this first product will not only be helpful to you, but will also deliver value for the client even if they don’t sign on to your larger packages.
Offering your services in this way makes marketing and sales so incredibly easy. It also adds clarity for the client to your process, thereby preventing scope creep and delivering a better client experience.
To learn more, read my article, The Secret to Pricing Like an Expert.
5. Always Research & Refine
Get equipped to learn from your core clients and experiment in your business so you’re always at the top of your game.
Market research is key to business growth.
Once you’ve identified who your ideal client is, you should take time to learn about them and their needs so you can build your business around crafting a solution uniquely for them.
Then every time you work with your Core Client, use it as an opportunity to learn and improve, gathering info and asking for feedback. Your customers and the marketplace are always evolving and your business must evolve with it. By thinking of every client engagement as an opportunity to learn, you’ll always stay at the forefront of what they need and thus, your industry.
Here are just some of the benefits of continually learning and improving by being a student of your client.
Improve your business and create an amazing client experience.
Better package, price, and market your services.
Overcome hiring barriers.
Better relate to your ideal client in your messaging.
Find more ideal clients.
To learn more, check out these articles and free downloadables:
10 Things I Ask Every New Client (includes a free download of copy-and-paste questions to use with your clients)
Client Feedback Questions free downloadable copy-and-paste questions
KEY TAKEAWAYS: Foundational Five™
Here are the five essentials things to figure out to set your business up for success in a nutshell:
Sweet Spot: Figure out what you really want and how to apply your unique awesomeness to things you care about in order to succeed.
Core Clients: Identify who you really want to work with and base your marketing around what their needs are that you solve for.
Meaningful Mantras: Get clear on the why and how of your business to help you make decisions, stay motivated, and get everyone on the same page.
Purposeful Pricing: Move beyond hourly pricing to be more compelling, be viewed as an expert in your field, increase your earning potential, and enjoy life more.
Research & Refine: Get equipped to learn from your core clients and experiment in your business so you’re always at the top of your game.
Free Guide to Figure out Your Foundational Five™
This step-by-step checklist walks you through the details of these five essential foundations that all entrepreneurs and business owners should figure out in order to set their business up for success.
Download your free guide below.
Book a Clarity Session with me to uncover and solve for the number one thing holding you back. You’ll also get my recommendations for the opportunity areas within your Foundational Five™. If you want more support to hammer out the details of these five business strategies, I offer follow-up packages to work through these with me one-by-one.
I’m Stacy, an entrepreneur, strategist, and adventurer dedicated to helping you craft your dream business out of your skills & passions. Why? Because I think you should love your life and that’s kind of hard to do if you don’t love your work.
You are meant to do important and amazing things in this world and I’m here to help you do just that.
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