Working from home – or any place in the world – is becoming a new standard of dream life. Social media influencers show their laptops and margaritas on beaches, but it’s not all rosy! So before you quit your 9-to-5, telling your employers what you really think about them, burning that bridge, make sure you have a proper plan and strategy to launch your business in 2024.
That’s what this blog article offers you – a complete guide to planning, strategizing, and taking action.
According to the New York Post, the average American spends 19 days a year commuting to work. That means if you could avoid your commute, you get yourself almost a month of vacation in saved time, year after year.
How can you build your business in 2024 so you can save all the literal days you spend in your car commuting to work, and also decide how often you can go on holiday? And how how often you travel, even while working, since you’ll be able to work from anywhere with an Internet connection?
This guide will teach you how to plan, strategize, and take action for success.
Find simple and helpful advice on starting your coaching or consulting business in 2024. Learn about cost-effective approaches and strategies that can help your business grow. Subscribe to my CALL TO ACTION newsletter for personalized, hands-on insights that can guide you on your journey.
Facing your fears empowers you instantly
Most people are unwilling to take the risk of starting a coaching or consulting business, because they’re too fearful of failing. But like more than one effective leader (starting with FDR) has said, in this case, “The only thing you have to fear is FEAR itself.”
A great way of overcoming fears is to face them honestly. It’s scary at first. But after you look at them straight on, you see they’re not as intimidating as you supposed. They never are! Especially when you take action immediately after facing them.
So let’s look at some “scary” statistics. Let’s face them head on. And see them for what they are. Because they might otherwise keep you stuck in your job and stuck with your current life for years, even decades of little to no progress.
On Zippia.com, Caitlin Mazur shares that 22% of startups fail in the first year and 50% of new businesses fail in the first five years. So, according to these statistics, you have a 50% chance of escaping your 9-to-5 and succeeding.
A 50% chance is pretty good. But remember, this is a statistic. And it doesn’t take into account having up-to-date, actionable information. It also doesn’t take into account the level of commitment and support that a business owner has.
Even so, a 50% chance is not that bad.
We can find nearly the same numbers in a European Commission report- where 50% of new businesses fail in the first five years.
Facing this “fear of failure” based on a 50% chance, you can see your chances are pretty good. And if either report had selected for businesses that were well planned, with a good strategy, and run by someone who takes action consistently, and who has the benefit of up-to-date information and support? You can be the chances would be much greater than 50%.
The news gets even better. A CB Insights report shows that we find 50% of Unicorn companies (private companies valued at $1B+ each) in the US. Additionally, in the Statista report from December 1st, 2022, we can find information that the world currently has 590 unicorns globally.
What’s my point here?
It’s that the vast majority of these $1B companies are not “first-time startups.” This has clear and encouraging implications. Most successful companies were founded by serial entrepreneurs – meaning, people who keep trying.
So even if you failed with your first, second or third business, you still can succeed. The only real failure is to fail to take action.
These fears just about evaporate totally when you consider one final thing – The Internet allows launching a business in weeks. Even days. And the choices are endless. Most any kind of business – and especially coaching or consulting – can be done online. It’s actually less expensive, easier, and more effective to start a coaching or consulting business online.
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Avoid these problems, and you avoid failure in your coaching or consulting business
As part of my coaching and consulting business, I have met and talked with literally hundreds of millionaires in the US, Europe, and China.
Not one of them said that building a successful business for the first time was easy.
But also, not a single one said that they had an exceptional talent or privilege.
What do they say let them succeed? They say the only way they succeeded, the fundamental reason, was they took action consistently and didn’t give up.
They also pointed out some key aspects of business that need to be taken care of in order to grow and to not fail.
So in this section we look closer at the top reasons why small businesses really fail – so that you can these cause of failure from Day 1.
Cash flow
Over 80% of new business owners have cash flow problems. This is a common problem. You need to plan your budget yearly, quarterly and monthly. And to make sure that your products and services will help you not only cover business expenses but also allow you to thrive personally.
Is that easier said than done? Maybe. But it’s also not very hard to do. Here’s how:
If you are a service provider and expert, do NOT compete on price. Ever. Trying to be the lowest-cost option in a marketplace marks you as “the cheap one” and it limits your cash flow. Competing on price, especially as a coach or consultant, is a virtually guaranteed way to make your business fail due to cash flow problems.
Instead, make sure you create a High-Value (High-Ticket) offer.
That can be 1 on 1, group coaching, or an advanced masterclass.
This way, you achieve higher cash flow. You can build up cash for inevitable slower periods in any given quarter or year. This also allows you to reinvest in your business and to hire a professional coach and team to help you grow.
At first create only a prototype, not a full product
If you’re creating a course or other product, never create the whole thing first,. Instead, create a prototype. A small bit of it. Maybe the first 2 or 3 modules. Then try to sell it.
If you get interest (meaning sales), then you know you’re not wasting your time to finish building the course.
But if you don’t get any sales from some meaningful traffic to your sales pages, then you know you must make changes to your offer, your product, your copywriting, etc. You can focus on discovering how to sell it effectively. You can focus on finding out what is the one thing perhaps holding your course back from going viral or scaling.
(But you haven’t wasted time creating the entire course first, you see. This is the way all professional course developers operate. No savvy, experienced course developer, coach, or consultant creates an entire product first. Instead, we prototype.)
This keeps you from creating an entire course, or producing thousands of physical pieces of something, if yours is a physical product, before you are sure about market needs.
Make sure you find what a market needs, and supply it
Lack of market need is recognized in over 40% of businesses that fail. It is the second biggest reason why businesses fail.
That’s why savvy business owners test ideas first. Find clients before you launch, ask them for opinions, and check their results.
Even if you feel that you can create a genius product or idea, the market can have a very different view. It happens to the best business minds in the world. It also happens to new business owners.
Testing the market appeal of a prototype allows you to adjust quickly, pivot, and meet market needs much faster than if you created an entire product without that market feedback.
How not to run out of cash
Running out of cash is slightly different from cash flow problems. They’re related of course. But cash flow problems as describe above are when your business doesn’t have enough cash to grow.
Cash flow problems are like a person who doesn’t have enough oxygen or enough food. They can struggle along. But they can’t thrive. Eventually the business owner, exhausted by the daily struggle of cash flow problems, gives up.
But running out of cash is business death. If you can’t pay your Internet hosting bill, your website disappears.
So you might think of it as more extreme version of the cash flow problem.
And the solution is very technical, in a way. You must simply know how much you’re earning, and know how much you’re spending.
How many times do you spend more than you earn? Open Excel (or get a piece of paper) and list all your bills and expenses. Make sure you fully know how much your business costs and how much you need monthly to cover it.
Trying to do everything yourself – or lack of the right team
Lack of the right team is a factor 23% of companies that fail.
From Day 1, build relationships with clients or business partners, and look out for people who can support your business. If someone is ready to join your business immediately, you should have some questions. If someone is perfect, why are they not working right now? What are references from previous employers? Sometimes we want to believe that business can be so accessible and that just the right people can find us and support our vision. But the truth is that finding the team members happens sporadically.
On average, we need to hire five times or more to find a perfect fit for a particular position. Building a team is a big part of a successful business; we should always see it as an investment.
To find the right team, rely on freelancers of course first. There are several reputable freelance markets where you can find experts to help you on a gig basis for virtually anything you need. Two of them are Upwork and Fiverr.
Psychological or emotional fears
Emotional and psychological fears of starting a business are both the most unreal and yet the most real fears holding us back. They’re real in one sense: maybe you have a fear of selling, and that’s real – it keeps you from selling.
But on the other hand, such fears can also be faced, and quickly conquered by taking action.
Emotions are valid to take seriously. But limiting emotions shouldn’t be just accepted as unchangeable. People change all the time. And in my experience, I can say that businesspeople (especially new ones) drop such fears by honestly admitting the fears to themselves, and then taking action to change it.
Do this simple exercise right now.
Get a piece of paper and write down all your fears about starting a coaching or consulting business.
Next day in the morning, read them. As you read them, rate how realistic each is on a scale of 1 to 10.
Next, write down a practical way to beat each fear (or avoid it, if it’s something like cash flow problems).
Finally, prepare a plan that can help you handle each fear.. For example, if your anxiety is that you are afraid of selling, “get five books or courses on improving your sales skills.” Or “hire a sales representative.”
There is always a solution to any challenge. Get this growth mindset, stay practical, and take action. Don’t let your fears stop you from achieving your dreams of freedom from 9-to-5, freedom to earn more, freedom to travel more, or whatever your dreams are.
If you want to escape the regular 9-5 job, start reading this blog. It's called "Your Blueprint For Getting Away from the 9-to-5 Grind."
Write down your story and connect all dots…
Since you know what to pay more attention to so you lower the chances of your business failure, let’s focus on your story. Customers love brands that have real people behind them.
Why?
Because people trust people. People like people. And with cheap marketers flooding the Internet with AI content, being a real person who is visible to your clients as real human being is more important and more powerful than ever.
Plus, if you are planning to hide behind your brand, later on, you will spend a crazy amount of money on adding a face to your brand like big sports clothes companies do. If we follow the most successful brands, they all have a real person who promotes them. Why is it so important? People love stories. So connect with your customers by sharing your origin story.
Why did you start this brand? Do you have a mission or vision? People love to support brands with missions and those who want to make a change and impact. Become one of those brands by sharing your story and inspiring others.
Unlock the secrets of high-ticket sales with Sales Camp! 🚀
Get ahead of the game with our interactive virtual camp - your blueprint to finding, qualifying, and closing clients.
Build your first prototype program, service or product
Create your prototype service or product as soon as possible, and go to the market. (Do NOT create the entire product. Professionals don’t do that. Instead, we prototype and test the market to find the winning prototype first.)
Please don’t ask your close friends or family members to buy, or to give you feedback. They want you not to be disappointed and probably don’t know about launching businesses (unless they are experts in that).
Instead, go to your potential customers, and give them products or services at a beta price – or even for free. But it’s a more accurate test if you ask for real money in your offer. Make sure as they buy your prototype that you engage with them, so that you can get valuable insight from them. This is extremely important, far more valuable than any money you make at this time, because it allows you to tailor your product 100% for your target market. This will enable you to sell 10x or even 100x than competitors who don’t know what the target audience truly wants.
Unlock the secrets of high-ticket sales with Sales Camp! 🚀
Get ahead of the game with our interactive virtual camp - your blueprint to finding, qualifying, and closing clients.
Sell your prototype
One pro tip that I have learned from many successful serial entrepreneurs is this: Sell your product or service to your dream client.
I don’t mean, right here, to imagine your dream client and craft your offer for them. (Although that’s a key idea for success too.)
Instead, I mean go straight to your real dream client from the beginning, and try to sell to them.
That’s what I did with my interactive walkthrough 3D app for exclusive real estate. I went to one of the biggest developers and asked them to invest in that project.
I was shocked when they offered me a multi-six figure payment, when I had assumed I couldn’t get even 1/10th of that. (I was so new! But now I know that being new is no barrier to making huge sales and providing huge value.)
If you’re not sure how to get in front of your dream client, take action by making a plan to figure it out. It’s not so hard, I can guarantee you. They are real people. They have real needs that they want met. And they have real money to pay you. They are on the Internet. You can reach them.
And you need to know how to get in front of your ideal clients in order to build a six-figure business.
After you do get in front of them, there is no failure. Even if they say “no,” you’ll learn why. You’ll have more information for the next one.
So collect all valuable feedback from your dream clients and work on your product or service, in order to make it extremely high-value in that market.
Even if you have “imposter syndrome” and some doubts about your offer or product? It doesn’t matter. If your clients don’t know who you are? It doesn’t matter. Anything can be sold, with the right presentation – even a new product from a new coach or new consultant.
What matters is marketing and sales. What matter is taking action.
After that, providing services that make a real difference is the best long-term strategy for the sustainable growth of your business.
If you're aiming to kickstart your coaching or consulting business in 2024 with smart, cost-effective, and scalable strategies, my CALL TO ACTION newsletter offers personalized, practical insights that can guide you every step of the way.
Create a business investment plan
Creating an investment plan right before you start might sound strange. After all, the business doesn’t have any money coming in yet.
But you will really appreciate that decision when it’s time to pay taxes. Nothing feels worse at tax time than winning at business all year long, only to have to borrow money to pay taxes on your business income.
You’re setting yourself up for success. That means you’ll earn a lot of money. So you need to plan for various levels of success.
I remember how stressful the end of the year was when I made way more than I planned even in my best-case scenario. I had to invest money last minute to avoid paying massive taxes.
If you want a good cash flow, managing your finances is essential. I use a simple yet effective method gleaned from various business finance gurus. You can adapt this to whatever stage your business is in.
Here’s an extremely helpful and valuable plan for handing your business finances successfully:
A full 20% (or any amount you pay in taxes) goes straight to the tax account.
This 20% can be used for short or long-term investments. For example, if you are starting a business, you might start looking for rental apartments on Airbnb if that’s part of your investment plan. You can begin with rented apartments.
Investing in real estate and stocks will help you optimize your tax if you are longer in business.
The other 80% you split into two accounts – one private account for you, and one business account for your business.
You can make this division as 50/50 or 60/40 (any percentage that works for you). It depends on how much you make and want to reinvest into your business.
Money from the private account can be your salary. I learned from Napoleon Hill to pay yourself first. It is excellent advice and helps you survive challenges in business.
Your business account you can split into smaller accounts as follows (to avoid cash flow problems):
60% business running costs (salaries, software, office, equipment, investments, etc.)
20% savings (can be used as backups during slow times, so you will never be out of cash)
10% for education & mentorship – This a crucial one for your success, as not even the best athletes or business people succeed without coaching
10% entertainment (travel, crazy shopping, entertaining partners, or donating to foundations)
If you follow this plan, you will always be safe and feel calm about your business finances.
It’s vital to invest in yourself, so your business can grow as you grow. Dedicating 10% to entertainment is a must-have that many forget. We run businesses to have freedom and fun, and to make a difference. Use this money to make this world a better, more enjoyable place.
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Set up your social media
Social media may sound like a time-waster, but it’s crucial to rapid growth. Get in front of the right people and attract your dream clients. Before officially launching your new product or service, set up your socials for success.
Choose a leading platform
Make sure to choose your leading platform with care. Your leading platform can be YouTube, a Podcast, or a blog. Only these three platforms allow your business to build long-term relationships with your ideal client.
If you’re an expert, share your expertise and invite people to your mailing list to nurture them. If you love the camera, go with YouTube. If you love sharing stories and interviews but are more camera-shy, start with a podcast. In the long run, all these platforms can also become sources of income.
Once you choose your leading platform, plan high-value content and share it once a week. Don’t go with five content pieces a week if you have difficulty delivering one piece per week. In my experience, providing one high-value content weekly is enough to build a six-figure business, but you have to be consistent.
Unlock the secrets of high-ticket sales with Sales Camp! 🚀
Get ahead of the game with our interactive virtual camp - your blueprint to finding, qualifying, and closing clients.
What platforms should you choose after selecting your leading platform?
Now is the time to set up platforms like TikTok, Instagram, Facebook page etc. On these platforms, you will share shorter pieces of content from your leading platform that can lead to your website. The main idea behind is to collect emails from your ideal clients and build a solid personal brand. People who will see you should immediately recognize you as someone specializing in your niche. For these secondary platforms, just repurpose content from your leading platforms.
You can hire a content repurposing team to change your long-form content into smaller pieces and share it through social media platforms. Don’t try to deliver content to all social media by yourself. It’s almost impossible. Instead, it’s better to focus on 1 or 2 platforms, master them and grow, and once you have a team to support it, look for more platforms.
If you are looking for content repurposing services, you can check out my services (ads on section - content repurposing)
Make sure people can easily message you and get in contact. Add Calendly links, or easy chats with your sales team if you are a service provider. Add links in bios, profile info, email footers, and YouTube descriptions. If your prospects want to know more about your service, they can then quickly contact you or someone from your team.
Launch with beta-testers
Beta testers can also be your first clients. Make sure to outline your service and pitch your idea. To encourage people to work with you before your brand becomes well-known, you can offer beta prices or special terms only for the beta group.
I think it’s better to offer special, better terms (for example more access to you), than to cut your price too far. Remember: cash flow is crucial to business success.)
During this time, you will discover your niche, what you love in your business, and what you need help with. The first group of clients will also be your brand ambassadors. Ask them for video and written testimonials and offer a commission for recommending new clients to your business.
Plan everything and follow the plan
Running a business can be difficult, but with a plan in place, it can become immediately more manageable. A plan is crucial because it makes the execution of your ideas more straightforward and efficient. It also helps you stay focused on what matters most for your business. Let’s take a look at some of the benefits of having a plan for your business.
Identify goals and objectives: Having a plan allows you to identify your goals and objectives for the future. This will help you narrow down which areas need to be prioritized and what strategies can be implemented to reach those goals.
One of the most creative things that I ever made was creating my own planner that is perfect for managing several companies and launching new projects without sacrificing family time. I was pregnant and wanted to have it all while having time for myself.
You can check out my planner here:
More money and more free time: The results? I’m setting up detailed plans so when I hit my home office, I’m opening my planner and know exactly what to focus on. More money and free time are guaranteed. Start planning ahead so you will never be overwhelmed again.
Structure: Having a plan is essential when running any kind of business - big or small - because it provides structure, clarity, accuracy, focus, accountability and tracking capabilities that are needed for an organization’s success. When creating a plan for your business, make sure it includes goals with measurable results along with timelines that provide deadlines for each person involved so that tasks can be completed efficiently without sacrificing the quality or effectiveness of output from employees/team members. With proper planning and execution of plans, you can experience growth over time while avoiding many potential pitfalls along your journey.
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Create a self-development plan
Goals are the foundation of success. A self-development plan is a roadmap to get from where you are today to where you want to be tomorrow. It’s an actionable plan that helps keep you focused and organized so that you can achieve your goals. Whether it’s personal or professional, a self-development plan will help you get there faster.
Back then, in my early twenties, I was always focused on getting new clients, winning big projects, and earning more money. My focus was on numbers rather than on my skills. No surprise that I ended up in debt.
If you want to achieve specific results, you need to ask yourself what skillset is required and who you must become.
Because here’s the thing – just “having more clients” can take you nowhere. It all depends on the quality of clients and the revenue they can generate. But o the other hand, learning the skills of closing high-ticket clients and building relationships helps you build a sustainable business.
How do I work on my self-development plan? I use a simple yet effective workbook that you can get for free here
Monetize your knowledge
As a CEO or future business owner, you have the knowledge and experience that can help you bring in new revenue for your dream business. Knowing how to monetize your knowledge is essential to optimizing your business operations and increasing profits. Let’s look at three strategies that can help you do that.
Consultation and coaching services
The first strategy to monetize your knowledge is offering consultation and coaching services. This means providing advice or expertise on a specific topic or problem to an individual or organization in exchange for payment. Offering consultation services allows you to leverage the experience you already have in order to make money. For example, if you are an expert in marketing, you could offer consulting services on creating effective marketing campaigns for clients.
Creating content
Another great way to monetize your knowledge is by creating content related to the topics you specialize in. Creating content allows you to showcase your expertise as well as engage potential customers who may be interested in what you have to say. You can create content such as blog posts, videos, podcasts, e-books, webinars, and more. This type of content will increase your website’s traffic and give customers an insight into what kind of services or products they can expect from your company.
Creating online courses
Finally, consider creating online courses related to topics within which you specialize. This is a great way to reach more people and make more money simultaneously. You can use platforms such as Udemy or Teachable to create online courses that teach users something new while also giving them access to valuable resources like templates and worksheets that they may need when starting their own businesses or launching new projects. Plus, these platforms make it easy for customers to purchase courses - making it hassle-free for both parties involved.
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Grow your audience
Growing your audience is an essential part of any business. With an engaged fan base, making a profit or launching any market program can be easier. But how do you grow your audience, especially when just starting? Here are four strategies to help you reach more people and create a successful business.
Utilize Social Media Platforms
In today’s digital world, social media platforms are one of the most powerful tools for connecting with potential customers and expanding your reach. You can use platforms such as Instagram, Facebook, Twitter, and LinkedIn to promote your brand and connect with new people who may be interested in what you have to offer. If you are an expert, I suggest creating a Facebook group where you can share your expertise, collect emails and invite guest speakers.
Leverage Email Marketing
Email marketing is another excellent way to grow your audience because it allows you to stay in touch with current customers and reach out to potential ones. You should set up an email list where users can sign up for updates on new products/services or special offers from your business and then use email campaigns (newsletters) to keep them informed about your company’s latest news. The best way to collect emails is to ask about email when people join your Facebook group or share freebies in exchange.
Develop an Engaging Content Strategy
Content marketing is one of the most effective ways to grow an audience and increase engagement. It involves creating content such as blog posts, videos, e-books, podcasts, webinars, or even infographics that provide valuable information about your product or services to potential customers. The key is to produce high-quality content that will draw in readers and keep them coming back for more. This strategy takes time and effort but can pay off big when executed correctly. If your content is poor … your business is poor. That’s how it works. If you’re starting and can’t afford a social media content strategist, try Tailwind. Tailwind is an app for scheduling content for Pinterest and Instagram.
Collaborate With Other Brands or Influencers.
Partnering with other brands or influencers can also help you expand your reach and get more eyes on your product or service. Think about ways you could work together, such as engaging in cross-promotion campaigns or hosting giveaways, in order to mutually benefit both parties. This strategy can help you tap into new audiences while strengthening relationships with existing audiences at the same time.
Delegate everything outside your zone of genius
Taking on every task can feel like the most cost-effective approach, but it’s important to remember that delegating outside your zone of expertise is essential for success. To ensure you generate quality leads and make successful sales, invest in marketing professionals who will help you meet client demands regularly. Make a wise decision now; this could prove invaluable later.
If you are looking for a great platform to delegate small tasks, check out Fiverr or UpWork.
How to Grow and Scale Your Business Effectively
Growing a business isn’t easy. It requires dedication, hard work, and an effective strategy. After all, you can’t just throw money at a problem and expect it to resolve itself magically. For your business to scale successfully, you need an actionable plan to help you achieve the results you want. Here are some tips for growing and scaling your business effectively.
Focus on Quality Over Quantity
The first step in growing and scaling your business is to focus on quality over quantity. This means creating high-quality products and services that address customer needs. Doing so will attract new customers and encourage existing customers to keep coming back. As the demand for your products or services grows, so will your customer base - which is exactly what you want when trying to grow and scale your business.
Develop a Plan.
Another key step in scaling your business is developing a growth plan that outlines how you will get from point A (where you currently are) to point B (where you want to be). Your plan should include specific goals as well as strategies for achieving those goals. Additionally, ensure that your project considers any potential challenges or obstacles you may face along the way. That way, if something unexpected does happen, you won’t be caught off guard.
Invest in Technology.
The next step in growing and scaling your business is investing in technology that can help streamline processes and increase efficiency. For example, automated systems like customer relationship management (CRM) software can help you manage customer data more effectively while providing useful insights into customer behavior patterns and preferences. Additionally, automated systems can save employees time by automating mundane tasks like invoicing or filing expense reports, allowing them to focus on higher-value activities instead. I love Streak; we also use it to manage sales for our clients.
I hope this article encourages you to start your coaching or consulting business. Even though the market may seem oversaturated when looking at people with real business experience (not only marketing tips) you have so much to offer! And it’s in fact not saturated and never will be, because there are from 12 Million to 24 Million businesses online worldwide, and the numbers are growing all the time. Thousands of new businesses are started every day, and they all need a coach or a consultant to succeed. So start 2024 with your new business and change other people’s lives.
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Sell more,
Martyna Boss